XPEL Announces Q2 2010 Results
XPEL ANNOUNCES Q2 2010 RESULTS
SAN ANTONIO, TEXAS, August 31, 2010…XPEL Technologies Corp. (TSXV: DAP.U) announced today results for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009.
Ryan Pape, XPEL’s CEO, stated, “In the first six months of 2010, we have maintained net income profitability. We experienced a decrease in revenues over the prior year resulting from timing differences related to large international orders. We are optimistic that we will continue to see revenue growth from international markets for the balance of the year.”
Q2 2010 Financial Highlights Include:
- Continued Positive Net Income
- 15% Reduction in G&A Expense
For the Quarter Ended June 30, 2010:
Revenues. Revenues decreased 9% to $1,015,463 from $1,111,378 in Q2 2009. Installation, kit, and material sales decreased by 10.2% from Q2 2009. As a percentage of revenues, installation, kit, and material sales decreased to 57% from 58% in Q2 2009.
Cost of Sales. Cost of sales remained stable at 44% as a percentage of revenues.
Expenses. General and administrative expenses decreased 15% to $398,882 in Q2 2010 from $469,488 in Q2 2009.
Net earnings/loss. The Company had net earnings of $42,417 for Q2 2010 as compared to net earnings of $64,908 for Q2 2009 with earnings of $57,698 from continuing operations. When adjusted for non cash items, the adjusted net income for Q2 2010 was approximately $52,265 as compared to adjusted net income of approximately $87,295 for Q2 2009.
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 six months of 2010, we have maintained net income profitability. We experienced a decrease in revenues over the prior year resulting from timing differences related to large international orders. We are optimistic that we will continue to see revenue growth from international markets for the balance of the year”) 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.
Chief Executive Officer
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)