XPEL Announces Q2 2011 Results
XPEL ANNOUNCES Q2 2011 RESULTS
SAN ANTONIO, TEXAS, August 29, 2011…XPEL Technologies Corp. (TSXV: DAP.U) today announced results for the three months ended June 30, 2011 as compared to the three months ended June 30, 2010.
Ryan Pape, XPEL’s CEO, stated, “We are excited to see substantial revenue and net income growth in the second quarter of the year. We believe the industry is recognizing the strength of our product set and the fact that we continue to have the best value proposition in the industry.”
For the Quarter Ended June 30, 2011:
Revenues. Revenues increased 45% to $1,477,389 from $1,015,463 in Q2 2010. Installation, kit, and material sales increased by 75% from Q2 2010. As a percentage of revenues, installation, kit, and material sales increased to 68% of total revenues.
Cost of Sales. Cost of sales increased as a percentage of revenue to 50% from 44% in Q2 2010.
Expenses. General and administrative expenses increased 12% to $447,993 in Q2 2011 from $398,882 in Q2 2010.
Net earnings/loss. The Company had net earnings of $206,693 for Q2 2011 as compared to net earnings of $42,417 for Q2 2010. When adjusted for non cash items, the adjusted net income for Q2 2011 was approximately $213,547 as compared to adjusted net income of approximately $52,265 for Q2 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 believe the industry is recognizing the strength of our product set and the fact that we have the best value proposition in the industry”) 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.
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)