XPEL Announces Q3 2011 Results
XPEL ANNOUNCES Q3 2011 RESULTS
SAN ANTONIO, TEXAS, November 17, 2011…XPEL Technologies Corp. (TSXV: DAP.U) today announced results for the three months ended September 30, 2011 as compared to the three months ended September 30, 2010.
Ryan Pape, XPEL’s CEO, stated, “We continue to see significant acceleration in revenues through increased adoption of XPEL Protection Films and the XPEL Design Access Program software from professional installers around the world.”
For the Quarter Ended September 30, 2011:
Revenues. Revenues increased 46% to $1,693,140 from $1,160,767 in Q3 2010.
Direct Costs. Direct Costs of sales increased as a percentage of revenue to 55% from 50% in Q3 2010.
Expenses. General and administrative expenses increased 19% to $481,674 in Q3 2011 from $404,046 in Q3 2010.
Net earnings/loss. The Company had net earnings of $189,234 for Q3 2011 as compared to net earnings of $81,590 for Q3 2010. When adjusted for non cash items, the adjusted net income for Q3 2011 was approximately $192,537, as compared to adjusted net income of approximately $93,461 for Q3 2010.
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 continue to see significant acceleration in revenues through increased adoption of XPEL Protection Films and the XPEL Design Access Program software from professional installers around the world.”) 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)