ICP Solar Announces Fiscal 2010 First Quarter Financial Results
Company Expects to Reach Breakeven within Second Quarter
MONTREAL, QUEBEC, CANADA – June 15, 2009 – ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer, manufacturer and marketer of proprietary solar panels and products, today announced financial results for its first fiscal quarter ended April 30, 2009.
Highlights for the Quarter
* Sales were $1.4 million for the fiscal first quarter, up 60% sequentially versus the $0.9 million reported in the fourth quarter of fiscal 2009
* Gross profit was $0.4 million, equating to 29% of sales, versus a gross loss in the fourth quarter of fiscal 2009
* SG&A expenses declined 36% in the quarter ended April 30, 2009 versus the first quarter of fiscal 2009 and were down 19% sequentially from the fiscal 2009 fourth quarter. This amounts to an annualized reduction of over $2 million versus fiscal 2009, beating prior expectations.
* ICP Solar also recently announced the hiring of Laurie McCabe as Business Development Manager for Monitoring and Metering, and the Company saw high demand for its products at Intersolar – where it booked a number of GreenMeter® orders
“ICP Solar continued to show steady improvement in its operating results this quarter and remains on track for strong performance in fiscal 2010,” said Sass Peress, CEO. “Sequentially, our sales grew 60% even as the global economy remained weak, and we reported a gross profit margin of 29%, which we expect will rise further in the quarters to come. Following our well-attended presence at Intersolar in Germany, we also have no doubt that our solid order backlog will post additional gains going forward as more individuals and organizations come to understand and appreciate the innovative, practical, and money-saving benefits of our patented GreenMeter® technology. The certifications we’ve received in Australia and California are but the first of many we anticipate having worldwide.
“ICP Solar is seeing improving demand trends across its business lines, and we are working on several new product initiatives which we will begin to roll out this coming quarter. In the meantime, the Board and I remain committed to the success of the Company and are optimistic about the remainder of calendar 2009. We are keeping a tight control over cash usage – as evident from our lower SG&A – and have secured sufficient financing to carry us through our expansion plans this year and beyond. ICP Solar has the brands, the people, and the technology to grow into a leading supplier of solar-powered solutions, and we expect to reach breakeven during the second quarter of fiscal 2010.”
Financial Results
Revenue for the first quarter of fiscal 2010 was $1.4 million, as compared with $1.9 million for the first quarter of fiscal 2009, reflecting the global economic impact on timing of product shipments; revenue increased 60% sequentially from the $0.9 million reported in the fourth quarter of fiscal 2009. Gross profit was $0.4 million, versus a slight gross loss in the fiscal 2009 fourth quarter. The Company's operating loss for the quarter was $(0.7) million versus $(0.9) million in the prior year period and $(1.3) million in the fourth quarter of fiscal 2009, with the decrease primarily due to lower SG&A expense. The Company posted a comprehensive net loss for the first quarter of $(6.0) million, or $(0.17) per diluted share, compared with a net loss of $(0.9) million, or $(0.03) per diluted share, for the first quarter of fiscal 2009. Results for the current period include approximately $5.2 million in non-cash charges related to the Company’s warrants and convertible debentures.
Conference Call
ICP Solar will host a conference call at 10:00 a.m. Eastern on June 15, 2009 for the fiscal first quarter ended April 30, 2009. During the call, Sass Peress, CEO, will review the company’s operations and financial results. The telephone number for the conference call is 800-938-1123.
Non-GAAP Measures
The Company uses certain non-GAAP measures to assist in assessing its financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-GAAP measure used for assessing financial performance is net income (loss) before interest, income taxes, amortization, financing costs and non-cash charges ("Adjusted EBITDA"). |
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