you're looking to 2011 only? To get a good picture of H2O look all the way back and you would see this is a company focused on growth. 2011 was too much backlog for the sales they could process thru' and they kinda knw that but the sales in that 2011 backlog had some of the sales they made duding the late 2008-2010 dead time and these were difficult sales that had low magins. The stated back in last summer they where going to tackle the backlog so that sales backlog and sale would have less lag. I think you fail to see anything but the completion of this one job which is actually quite good for them. Looks to me you're digging for a negative from a company that has done amazing. Again, though, you would be disappointed with a backlog of about 14 million and a new system  processed sales of 14 million + chemical etc of over 3 million + H2O Innovation India? Oil isn't their only customer but it also doesn't look to be on the decline either.  Anyway, good luck to those that do actually own shares in this well run and focused company

Wednesday, November 14, 2012   

For the third time in a row, H2O Innovation rewarded three times in the 2012 Deloitte Technology Fast 50™ program

Quebec City, November 14, 2012 – H2O Innovation Inc. (“H2O Innovation” or the “Company”) has been rewarded three times in the 2012 Deloitte Technology Fast 50™ program, renewing the success of its two previous years. H2O Innovation ranks 34th among the Deloitte Technology Fast 50™, which recognizes the 50 fastest growing technology companies in Canada, based on the percentage of revenue growth over five years. H2O Innovation also wins, for the fourth year in a row, the prestigious Deloitte Technology Green 15™ Award, an award created in 2007 to showcase 15 Canadian companies that are leading the way to create major breakthroughs in the field of green technology. Finally, H2O Innovation ranks 260th on Technology Fast 500™, Deloitte’s ranking of 500 of the fastest growing technology media, telecommunications, life sciences and clean technology companies in North America.

http://blogs.wsj.com/canadarealtime/2013/03/25/as-western-canada-oil-output-climbs-so-will-shipment-by-rail-study/

http://missoulian.com/news/local/imperial-oil-to-start-bitumen-extraction-at-canadian-oil-sands/article_f766e91c-99b4-11e2-bae0-001a4bcf887a.html