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H 2 O Innovation (2000) Inc, Canada Profile H 2 O Innovation (2000) Inc designs, develops and markets a package of products and services for the treatment of drinking water and wastewater using membrane filtration systems, biological procedures and physical treatment alternatives that are environmentally friendly. Through a series of acquisitions, the company has developed two complementary technological platforms: membranes, and, biological processes. H 2 O Innovation's water treatment portfolio serves the municipal, industrial, food, native communities and tourist sectors.
H 2 O Innovation saw its sales for fiscal 2003 increase 41% compared with the previous year, with the total surpassing C$4.8 million. The increase in sales was mainly attributable to the acquisition of Groupe OxydH 2 O and to the expansion of the product line by the integration of certified technologies for wastewater treatment. While the acquisitions boosted sales, they negatively impacted the company's gross margin. H 2 O Innovation said it had to complete a number of existing Groupe OxydH 2 O projects with weak margins, resulting in the consolidated gross margin remaining unchanged from the previous year's 25%. The company said a re-valuation of the tendering process was expected to lead to an improvement in this area in the near-term. Selling expenses decreased from 22% of sales in 2002 to 17% in 2003. The improvement resulted from a new remuneration structure for staff, as well as the elimination of jobs in this area following a company reorganization. The impact of the latter change is expected to be felt more during the current year. H 2 O Innovation posted a net loss for the year of C$2.6 million compared with a deficit of C$1.8 million in 2002. This included one-off expenses relating to the purchase of Groupe OxydH 2 O, including the settlement of a legal dispute, as well as deferred development expenses for its CMS project.
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