XPEL Announces Q3 2010 Results
XPEL ANNOUNCES Q3 2010 RESULTS
SAN ANTONIO, TEXAS, November 30, 2010…XPEL Technologies Corp. (TSXV: DAP.U) announced today results for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009.
Ryan Pape, XPEL’s CEO, stated, “We are pleased we grew revenues 17% over the previous year in the third quarter while maintaining net income profitability. We continue to see our XPEL Protection Film sales increase as a portion of our total revenue and we expect that trend to continue into 2011 as we evolve the product line and more installers become familiar with our offering.”
Q3 2010 Financial Highlights Include:
- 17% Increase in Revenue
- Continued Positive Net Income
- 7% Reduction in G&A Expense
For the Quarter Ended September 30, 2010:
Revenues. Revenues increased 17% to $1,160,767 from $994,250 in Q3 2009. Installation, kit, and material sales increased by 32% from Q3 2009. As a percentage of revenues, installation, kit, and material sales increased to 63%.
Cost of Sales. Cost of sales increased to 50% as a percentage of revenues due to increased installation, kit and material sales.
Expenses. General and administrative expenses decreased 7% to $404,046 in Q3 2010 from $434,103 in Q3 2009.
Net earnings/loss. The Company had net earnings of $81,590 for Q3 2010 as compared to a net loss of $638,904 for Q3 2009 with earnings of $67,628 from continuing operations. When adjusted for non cash items, the adjusted net income for Q3 2010 was approximately $93,461 as compared to adjusted net income of approximately $92,070 for Q3 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.(“We continue to see our XPEL Protection Film sales increase as a portion of our total revenue and we expect that trend to continue into 2011 as we evolve the product line and more installers become familiar with our offering”) 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)