Xebec Adsorption (TSX:XBC, StockForum), provider of biogas upgrading, natural gas, field gas and hydrogen purification solutions for clean energy and crude-derived fuel displacement markets, released results for their 2013 third quarter with revenues dropping from $3.7 million in Q3 2012 to $1.9 million.
The company declared a net income for the quarter of $0.5 million or $0.01 per share compared to the net loss of $0.6 million or $0.02 per share generated during the matching quarter in 2012.
According to the company's press release, “Xebec's gross margin for the third quarter of 2013 amounted to $0.5 million compared to $1.1 million for the same period in 2012. The decline in revenues versus the same period last year is mostly explained by the decrease in the gas purification product line.”
Xebec didn't fare so well over the nine-month period either with a net loss of $1 million or $0.03 per share versus a net income of $2 million reported for the same period in 2012.
With $0.6 million cash in hand and $0.7 million due to be paid against $1.2 million in long-term outstanding debt before the end of the year, Xebec bids farewell to company director, Patrick Palerme.
Share price dropped 9% on the news to $0.05 per share.
Presently there are 39,363,867 outstanding shares with a $1.97 million market cap.