XPEL Announces 2009 Results
XPEL ANNOUNCES 2009 RESULTS
– Full Year Net Income from Continuing Operations –
SAN ANTONIO, TEXAS, May 3, 2010…XPEL Technologies Corp. (TSXV: DAP.U) announced today results for the year ended December 31, 2009.
Ryan Pape, XPEL’s Chief Executive Officer, stated, “Over the past year, excluding the non-cash loss on the sale of our Canadian subsidiary, we have achieved net income profitability from continuing operations for the first time as a public company. In 2010, we will focus on revenue growth, expansion of the product line and continued profitable operations.”
2009 Financial Highlights Include:
- Full Year Net Income from Continuing Operations
- Completed Sale of XPEL Canada
- 40% Reduction in General and Administrative Expenses
For the Fiscal Year Ended December 31, 2009:
Revenues. Revenues increased 2% to $3,834,565 from $3,747,860 in fiscal 2008. Installation, kit and material sales increased to 57% of total revenues. Revenues for fiscals 2008 and 2009 reflect continuing operations only.
Cost of Sales. Cost of sales decreased as a percentage of revenues to 42% from 50% in fiscal 2008.
Expenses. General and administrative expenses decreased 40% to $1,647,276 from $2,730,648 in fiscal 2008.
Net earnings/loss. The Company had a net loss of $566,412 with earnings of $141,046 from continuing operations as compared to a net loss of $3,917,926 for fiscal 2008 with losses of $1,985,225 from continuing operations. When adjusted for non cash expenses, the adjusted net income was approximately $256,927 as compared to an adjusted net loss of approximately $1,742,804 for fiscal 2008.
About XPEL Technologies Corp.:
XPEL Technologies Corp. is the worldwide leader in the electronic delivery of automotive aftermarket products, utilizing the Internet as an integral component for its design, manufacturing, distribution and customer relationship strategies. The Company’s DAP software utility offers Dealers the industry’s most efficient and productive tool set to better serve customers with “best-in-class” solutions in real-time. XPEL has clear advantages over the competition through its expansive proprietary library of installation-friendly paint and headlight protection and window tint products, coupled with a unique web-based remote manufacturing and distribution software, superior installation training curriculum and world-class facilities, with established and growing sales channels. Additional information can be found on the company website at www.xpel.com.
Certain statements contained herein.(” In 2010, we will focus on revenue growth, expansion of the product line and continued profitable operations “) 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)