BURNABY, BC, May 12 /CNW/ - Icron Technologies Corporation (TSX Venture:
IT), the developers of ExtremeUSB(R), today released financial results for the
first quarter ended March 31, 2009.
Highlights for First Quarter of 2009:
- Julian Elliott was appointed as Interim President and Chief Executive
Officer of the Company to lead it through its next stage of
- Revenues of $2,214,979, representing a 0.6% increase over Q1 2008;
- Posted a record increase in product margins to 56.3% from 48.4% in Q1
2008 and 48.8% in the fourth quarter of 2008;
- The Company incurred an adjusted net loss of $280,403, excluding
restructuring expenses of $357,489 and expensing of $154,330 in
non-recurring engineering charges related to the delivery of the
- Under Canadian GAAP the Company posted a net loss for Q1 2009 of
$792,222 compared to a net loss of $105,744 for Q1 2008;
- Announced a partnership with InFocus to enhance USB Connectivity of
InFocus' digital projectors;
- The Company showcased its innovative PC to TV Connectivity solutions
at CES 2009;
- Ray & Berndston were retained to lead the search for Icron's
"Given the difficult economic climate, we're satisfied with Icron's first
quarter financial results. Although lower than our strong Q4 2008, Q1 revenues
came in at expectations. We are pleased that gross margins remain strong, and
that expenses remained in line with plan, net of one-time restructuring and
ASIC development charges. We exited Q1 with a solid backlog, good cash
position, and remain cautiously positive for the balance of 2009," said Julian
Elliott, interim President & CEO.
Mr. Elliott continued, "We continue to invest in future growth through
enhanced R&D and marketing expenditures, which we believe will pay off in the
future. Going forward, it is imperative that we continue to execute well in
order to achieve this outcome."
Revenue amounted to $2,214,979 for the three months ended March 31, 2009,
compared to $2,201,017 in the same period of 2008, an increase of 0.6%.
Customers are continuing to transition over to new USB 2.0 Ranger 2101
and 2104 product lines which provide the customer with twice the distance of
legacy USB 2.0 products at USB 1.1 prices. The Ranger 2101 and 2104 products
generated combined sales of $582,303 during the first quarter.
Gross margin amounted to $1,247,521 in the first quarter of 2009,
compared to $1,065,607 in the first quarter of 2008. Our gross margin
percentage increased to 56.3% for the three months ended March 31, 2009,
compared to 48.4% in the same period of 2008. The increase in margin is
attributable to higher average sale prices for legacy products and a
favourable sales mix of higher margin products manufactured in Asia. In
addition, the Company has successfully repaid the maximum funding to the
National Research Council (NRC) at the end of 2008 and is no longer required
to pay 2% of gross revenue which had a positive impact on margins equivalent
to 2% of gross revenue.
Our net loss amounted to $792,222 or ($0.04) per share, in the three
months ended March 31, 2009, compared to a net loss of $105,744, or $0.00, in
the same period of 2008. This includes restructuring expenses of $357,489 and
expensing of $154,330 in non-recurring engineering charges related to the
delivery of the Company's ASIC. Excluding these one-time charges, the Company
incurred a net loss of $280,403, or ($0.01).
For complete financials please visit www.sedar.com or www.icron.com.
Tuesday, May 12th, 2009, 4:30 PM EST, 1:30 PM PST
Icron Technologies will host a conference call to discuss the Company's
quarterly financial results on Tuesday, May 12th, 2009 at 4:30PM EST, 1:30PM
PST. Participants are asked to call (800) 591 7531 or (416) 644 3429
The conference will also be broadcast live over the Internet and archived
through the following link
Click on this link or copy to your web browser to listen online.
About Icron Technologies Corporation
Icron Technologies is a visionary leader in high performance USB bridging
and extension solutions for commercial and industrial markets worldwide.
Icron's USB extension and bridging products are deployed in a wide range of
applications including: digital home connectivity, industrial automation,
medical imaging, aerospace, and KVM extension. Icron's patented ExtremeUSB(R)
technology extends the range of USB 1.1 / 2.0 over Cat 5, Wireless, Fiber,
Powerline, Coax and Phone lines, at distances of up to 40km. ExtremeUSB
technology is available in a variety of formats including technology licenses,
OEM modules, developer kits, as well as branded and private-label products.
Icron is a publicly traded corporation and trades under the symbol "IT"
on the TSX Venture Exchange. For more information on the company and its
products, please visit www.icron.com.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release -- including, without limitation, statements
regarding financial estimates and future plans and objectives of Icron -- are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in
For further information:
For further information: Icron Investor Contact: Julian Elliott,
President & CEO, email@example.com, Phone: (604) 638-3924