XPEL Announces 2013 Results
- 67% revenue growth versus prior year
- 89% pre-tax net income growth versus prior year
SAN ANTONIO, March 31, 2014 /CNW/ - XPEL Technologies Corp. (TSXV: DAP.U) today announced results for the year ended December 31, 2013.
Mr. Ryan Pape, President and Chief Executive Officer of the Corporation, said, "We are very focused on growing revenue and are pleased with the results of the full year and fourth quarter. We were able to overcome the seasonality of the business and drive sequential revenue growth in the fourth quarter over the third quarter. Our increased marketing and consumer awareness initiatives worked well at the end of last year and we plan to continue them throughout 2014."
For the Fiscal Year Ended December 31, 2013:
Revenues. Revenues increased 67% to $17,898,812 from $10,670,838 in 2012.
Direct Costs. Direct Costs of sales increased as a percentage of revenue to 68% from 66% in 2012.
Expenses. General and administrative expenses increased 45% to $3,702,819 from $2,560,836 in 2012.
Net Income. The Company had net income before taxes of $2,034,268 as compared to net income before taxes of $1,077,207 in 2012. The Company had net income of $1,320,268 as compared to net income of $1,162,207 in 2012.
Complete financials are available at http://www.xpel.com/relations/ or on SEDAR.
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
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such 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.
XPEL Technologies Corp.
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