TORONTO, Sept. 28 /CNW/ -- Organic Resource Management Inc. ("ORMI" or "the Company"), today announced the financial results for the three and twelve-month periods ended June 30, 2009.

Q4 2009 Highlights:
-   Total revenues of $3,281,000 compared to $3,855,000 in Q4 2008
-   Gross margin of $1,306,000 compared to $1,303,000 in Q4 2008
-   Net income of $28,000 compared to a net loss of $1,286,000 in Q4 2008

"We are pleased with our performance during fiscal 2009, as we continued to position ORMI to benefit from the emergence of anaerobic digesters ("ADs") as an environmentally responsible way to dispose of organic residuals and generate renewable energy for Canadian consumers," said Charles Buehler, Chairman and Chief Executive Officer of ORMI. "We currently have long-term agreements in place with four farm-based ADs. By April 2010, these ADs should have the capacity to generate approximately two megawatts of electricity - enough to power 1600 Canadian homes."

"The passing of Ontario's Green Energy Act has sent a clear signal that renewable energy is a priority for Canadian governments, businesses and consumers, and we have worked diligently to position ORMI as a leader in the field," continued Mr. Buehler. "During fiscal 2009, we also signed an exclusive contract with Loblaws Inc., a Canadian leader in sustainability practices, to convert food residuals from certain Loblaw stores into biogas renewable energy. We are excited for the year ahead, as we will continue to build our AD capacity and maintain our focus on recycling organics for the production of renewable energy."

"Beginning this fall, we will increase our marketing efforts, primarily through the introduction of our "From Leftovers to Lights(R)" promotional campaign," added Mr. Buehler. "This initiative is designed to elevate the profile of the ORMI brand, while helping our customers to gain recognition for choosing to ensure their organic residuals are processed in an environmentally-responsible manner."

Financial results

Total revenues for the fourth quarter of 2009 were $3,281,000 compared to $3,855,000 for the same period last year. This decrease was due to the sale of ORMI's non-core business assets during the second quarter of 2009. Excluding the non-core business, comparative revenues for the quarter were 6% higher than last year.

Net income for the fourth quarter of fiscal 2009 was $28,000 compared to a net loss of $1,286,000 for the fourth quarter of 2008. Last year's net loss included an impairment charge of $1,383,000 relating to the write-off of goodwill.

Total gross margin for the quarter ended June 30, 2009 was $1,306,000, approximately equal to total gross margin of $1,303,000 for the fourth quarter of fiscal 2008.