XPEL Announces Q1 2010 Results
SAN ANTONIO--XPEL Technologies Corp. (TSXV: DAP.U) announced today results for the three months ended March 31, 2010 as compared to the three months ended March 31, 2009.
Ryan Pape, XPEL's CEO, stated, "In the first quarter of 2010, we achieved net income profitability and have begun to experience revenue growth. We will continue to focus aggressively on improving sales and profitability in the coming quarters. As 2010 progresses we have identified additional opportunities to expand our product distribution and enter new strategic markets. We will maintain a cost-effective and conservative approach to growing the business."
Q1 2010 Financial Highlights Include:
- 23% Top-Line Revenue Growth
- Positive Net Income
For the Quarter Ended March 31, 2010:
Revenues. Revenues increased 23% to $1,002,159 from $814,417 in Q1 2009. Installation, kit, and material sales increased by 45% from Q1 2009. As a percentage of revenues, installation, kit, and material sales increased to 61% from 52% in Q1 2009.
Cost of Sales. Cost of sales increased as a percentage of revenues to 47% from 37% in Q1 2009 due to increased sale of our bulk film products.
Expenses. General and administrative expenses increased 7% to $416,262 in Q1 2010 from $388,248 in Q1 2009.
Net earnings/loss. The Company had net earnings of $30,876 for Q1 2010 as compared to net earnings of $20,651 for Q1 2009 with earnings of $29,626 from continuing operations. When adjusted for non cash items, the adjusted net income for Q1 2010 was approximately $47,517 as compared to adjusted net income of approximately $51,351 for Q1 2009.
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Selected Quarterly Information Statement of Operation For the Quarter Ended March 31, 2010 (Expressed in United States Dollars) |
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| Three Months Ended | ||||||||
| March 31, | ||||||||
| Note | Â | 2010 | Â | Â | Â | 2009 | Â | |
| (unaudited) | ||||||||
| Revenue | ||||||||
| Installation, kit and material sales | $ | 612,931 | $ | 423,297 | ||||
| Design access fees | 350,536 | 360,484 | ||||||
| Other income | Â | 38,692 | Â | Â | 30,635 | Â | ||
| Total Operating Revenues | 1,002,159 | 814,417 | ||||||
| Â | ||||||||
| Expenses | ||||||||
| Cost of sales | 469,202 | 300,026 | ||||||
| General and administrative | 416,262 | 388,248 | ||||||
| Interest on long-term debt | 2,839 | 7,897 | ||||||
| Loss (gain) on sale of capital assets | - | (318 | ) | |||||
| Amortization of property, plant and equipment | 12,049 | 13,173 | ||||||
| Amortization of intangible assets | Â | 70,931 | Â | Â | 75,765 | Â | ||
| Total Expenses | 971,283 | 784,791 | ||||||
| Â | ||||||||
| Net earnings (loss) before income taxes | ||||||||
| and discontinued operations | 30,876 | 29,626 | ||||||
| Â | ||||||||
| Income tax | Â | - | Â | Â | - | Â | ||
| Â | ||||||||
| Net earnings (loss) from continuing operations | 30,876 | 29,626 | ||||||
| Â | ||||||||
| Loss from Discontinued Operations | Â | - | Â | Â | (8,975 | ) | ||
| Â | ||||||||
| Net Earnings (Loss) | 30,876 | 20,651 | ||||||
| Â | ||||||||
| Deficit at beginning of period | (8,209,256 | ) | (7,642,844 | ) | ||||
| Â | Â | |||||||
| Deficit at end of period | $ | (8,178,380 | ) | $ | (7,622,193 | ) | ||
| Â | ||||||||
| Â | ||||||||
| Earnings (Loss) per Share | ||||||||
| Â | ||||||||
| Basic and Diluted - from continuing operations | 0.0012 | 0.0012 | ||||||
| Basic and Diluted - from discontinued operations | Â | Â | 0.0000 | Â | Â | Â | (0.0003 | ) |
| Basic and Diluted | 0.0012 | 0.0008 | ||||||
About XPEL Technologies Corp:
With distribution channels in Europe, Asia, Middle East and Australia, XPEL Technologies Corp. is the worldwide leading supplier of automotive survival products. XPEL manufactures and provides automotive paint and headlamp protection products and tools and is the developer of the Design Access Program software. XPEL sells its products directly to consumers and installer partners, providing them everything they need to develop a thriving paint protection business. In addition to its expansive line of products, the Company offers installation training and marketing support, making it the premier source for dealers and installers of paint protection products. XPEL is publicly traded on the TSX Venture Exchange. Additional information can be found on the Company's website at www.xpel.com
Certain statements contained herein.(" In the first quarter of 2010, we achieved net income profitability and have begun to experience revenue growth. We will continue to focus aggressively on improving sales and profitability in the coming quarters. As 2010 progresses we have identified additional opportunities to expand our product distribution and enter new strategic markets. We will maintain a cost-effective and conservative approach to growing the business") are considered "forward-looking statements." These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management. Because "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, price competition, the inability to obtain additional capital, loss of key personnel, unavailability of leased facilities, technological changes, service interruptions, equipment failures, customer attrition, general economic conditions, relationships with vendors, government supervision and regulation, changes in industry practices, the inability to settle legal disputes, and other factors.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.