Pure Technologies Credits Libya for Improved Performance

Pure Technologies has announced that its results for the nine-month period to the end of September has been positively impacted by an equipment shipment worth $10.7 million made to the Man-made River Authority ("MRA") in Libya, under an existing 2010 contract.

Total revenues were $43.1 million compared to $28.5 million last year, an increase of 51%. Equipment sales (39% of total revenue) increased by 196%, largely due to the equipment shipment made to Libya in the first quarter.

Monitoring and technical support revenue (9% of total revenue) grew by 47%, reflecting an increase in monitored pipeline distances in both the Americas and Libya.

At September 30, 2012, a total of $16.3 million was outstanding from the MRA, Libya, which includes new receivables of $8.4 million on delivered products and services.

(Source: Pure Technologies)

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