Wavefront Announces Third Quarter 2015 Financial Results

EDMONTON, ALBERTA--(Marketwired - July 29, 2015) - Wavefront Technology Solutions Inc. (Wavefront or the Company) (TSX VENTURE:WEE)(OTCQX:WFTSF) a technology provider offering fluid delivery processes to oil and gas producers that are widely effective methods for maximizing reserves in mature field revitalization (Improved or Enhanced Oil Recovery or "IOR/EOR") as well as increasing single well productivity through more effective well workovers and stimulations announces its financial results for the third quarter ending May 31, 2015.

The financial highlights for the reporting period are as follows:

• Total revenues for the nine months ended May 31, 2015 amounted to $3,766,363, which was a decrease of $626,381 compared to the comparative period that reported total revenues of $4,392,744. During this period the Company however, was able to increase international Powerwave IOR/EOR revenues by $353,502 and Powerwave stimulation and workover revenues in the United States by $34,020 over the comparative period in 2014.
  
  
• Total revenues declined by $285,838 for the third quarter (i.e., three months ended May 31, 2015) over the comparative period in 2014. The decline in quarterly revenues from the comparative was largest in the Powerwave workovers and stimulation (i.e., $521,166), whereas Powerwave IOR/EOR increased by $207,757 and Tubing Pumps and Bailers increased by 47,053. The largest revenue gains were in international Powerwave IOR/EOR where revenues increased by $452,962 for the three months ended May 31, 2015 over the comparative period of 2014.
  
  
• Throughout the fiscal year Management has focused on reducing operating expenditures dollar-for-dollar to any reductions in revenue and manage capital expenditures to those that are absolutely necessary and/or linked to near term revenue generation. To this end Management was able to reduce nine month ended May 31, 2015 expenses, excluding non-cash impairment charges, by $960,485, a 53.3% increase over the revenue reduction of $626,381. In addition, for the third quarter (i.e., three months ended May 31, 2015) Management was able to reduce expenses, excluding non-cash impairment charges, by $457,838, a 60.2% increase over the revenue reduction of $285,838.