XPEL Announces 2010 Results
XPEL ANNOUNCES 2010 RESULTS
Full Year Net Income Profitability
SAN ANTONIO, TEXAS, April 28, 2011…XPEL Technologies Corp. (TSXV: DAP.U) announced today results for the year ended December 31, 2010. The company achieved full year net income profitability for the first time as a public company.
Ryan Pape, XPEL’s Chief Executive Officer, stated, “We are very excited about last years performance and we believe the continued profitability, alongside substantial improvements to our balance sheet and additions to our product portfolio will pay great dividends in 2011. This is really a milestone moment for the company.”
For the Fiscal Year Ended December 31, 2010:
Revenues. Revenues increased 7% to $4,129,964 from $3,834,565 in fiscal 2009. Installation, kit and material sales increased to 60% of total revenues.
Cost of Sales. Cost of sales increased as a percentage of revenues to 46% from 42% in fiscal 2009.
Expenses. General and administrative expenses decreased 6% to $1,570,535 from $1,678,976 in fiscal 2009.
Net Earnings. The Company had net earnings of $425,810 for fiscal 2010 with pre-tax earnings of $224,748 from continuing operations as compared to a net loss of $566,412 for fiscal 2009 with pre-tax earnings of $141,046 from continuing operations.
Adjusted net income is calculated by beginning with pre-tax earnings from continuing operations and adding back non-cash expenses such as amortization of property, plant and equipment of $54,902 and amortization of intangible assets of $276,011 and then reduced by the amount of research and developments costs capitalized for 2010 of $276,259. The adjusted net income for fiscal 2010 was approximately $279,402 as compared to adjusted net income of approximately $238,395 for fiscal 2009.
About XPEL Technologies Corp:
XPEL is the leading supplier of automotive paint and headlamp protection films with over 70,000 vehicle-specific applications and a worldwide network of trained installers. Additional information can be found on the Company’s website at www.xpel.com
Certain statements contained herein.(” We are very excited about last years performance and believe the continued profitability, alongside substantial improvements to our balance sheet and additions to our product portfolio will pay great dividends in 2011. This is really a milestone moment for the company.”) 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.
XPEL Technologies Corp. (TSX VENTURE:DAP.U)
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)