DENVER, CO--(Marketwired - Apr 15, 2014) - Vista International Technologies, Inc. (
For the fiscal year ending December 31, 2013 the Company saw revenues increase by roughly 17% over the previous fiscal year, topping $801,000. The increases in 2013 were mainly due to the presence of gasification revenue from the construction of the Company's pilot WTE project, which were not present in 2012. Cost of revenue for the Company's continuing operations declined 19%, or roughly $131,000 from the year ago period, as cost cutting measures continued to help operating results in the tire segment. Overall, gross profit rose 168% to $173,200 for 2013.
Operating expenses for fiscal year 2013 rose to approximately $597,000, up from $249,500 in 2012. The majority of operating expenses incurred in 2013 were the result of common stock grants used as payment for one-time services, such as setting up the company's European operations. Excluding these one-time stock grants, operating expenses actually fell to $160,400. The decreases in recurring operating expenses were due to the continued reduction in corporate overhead and are a direct result of the Company's efforts to streamline operations.
Overall, the company's net loss from operations rose to $423,700, up from $184,900 in 2012. When the stock grants mentioned above are factored out, the Company posted an operating profit of roughly $12,800 for fiscal year 2013. CEO Tim Ruddy commented on the results. "We felt that 2013 marked an important turning point for the company in a number of areas. We began construction on our first next-generation Thermal Gasifier unit for our pilot project, continued to expand our customer base for our tire operations in Texas, and reduced both our cost of revenue and recurring operating expenses by significant margins. We believe that these results have prepared us for a strong start to 2014 as well."
For more information on Vista or this release, please visit www.vvit.us, or call 303 690 8300.