XPEL Announces Q1 2011 Results
XPEL ANNOUNCES Q1 2011 RESULTS
SAN ANTONIO, TEXAS, June 28, 2011…XPEL Technologies Corp. (TSXV: DAP.U) today announced results for the three months ended March 31, 2011 as compared to the three months ended March 31, 2010.
Ryan Pape, XPEL’s CEO, stated, “We are pleased to see revenue and net income grow for the first quarter of the year. We saw growth in most product segments, and are even more excited to see the growth accelerate significantly towards the end of the quarter.”
For the Quarter Ended March 31, 2011:
Revenues. Revenues increased 6% to $1,063,065 from $1,002,159 in Q1 2010. Installation, kit, and material sales increased by 5% from Q1 2010. As a percentage of revenues, installation, kit, and material sales remained at 61% of total revenues.
Cost of Sales. Cost of sales increased as a percentage of revenue to 48% from 47% in Q1 2010.
Expenses. General and administrative expenses decreased 7% to $387,646 in Q1 2011 from $416,262 in Q1 2010.
Net earnings/loss. The Company had net earnings of $86,205 for Q1 2011 as compared to net earnings of $30,876 for Q1 2010. When adjusted for non cash items, the adjusted net income for Q1 2011 was approximately $101,044 as compared to adjusted net income of approximately $47,517 for Q1 2010.
Complete financials are available at http://www.xpel.com/relations/.
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 pleased to see revenue and net income grow for the first quarter of the year. We saw growth in most product segments, and are even more excited to see the growth accelerate significantly towards the end of the quarter.”) 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)