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BURNABY, BC, April 3 /CNW/ - Icron Technologies Corporation (TSX Venture:
IT), the developers of ExtremeUSB, today released financial results for the
fourth quarter and fiscal year ending December 31, 2006.
- Record Q4 2006 revenues of $1,828,377, representing a 26.4% increase
over Q4 2005;
- 2006 Year-End revenues at record $6,337,818, representing a
39.5% increase over the same twelve-month period in 2005;
- Posted income for Q4 2006 of $137,853, as compared to $15,163 in the
same period of 2005;
- The net loss from operations for 2006 totalled $285,399 compared to a
loss of $473,354 at the end of 2005. Using a non-GAAP measure by
excluding restructuring charges the Company posted income for the
year of $20,027.
- The Company ended 2006 with cash balances of $4,405,526 compared to
$4,718,282 in the same period of the prior year;
- During the fourth quarter the Company generated $316,638 in positive
cash-flow from operations.
- During the fourth quarter the Company repurchased a total 211,000 of
its own shares bringing the total number of shares repurchased during
2006 to 442,500.
- Initiated development on a Wireless USB 2.0 product based on industry
standard 802.11g chipsets for release in early 2007.
- Formalized partnership with Inova Semiconductor for a combined Video
and USB extension solution, which is currently shipping to Industrial
Remote Terminal manufacturers in Germany.
- Announced a partnership with Global Interface Technologies of Japan
for Icron's ExtremeUSB technology for integration with its wireless
- The Company successfully moved its facilities to a larger office to
accommodate future growth.
"2006 was certainly a roller coaster year for Icron. We had some great
success and recognition early in the year, followed by some unfortunate
partner activities in the middle which led to some internal restructuring in
Q3," commented Robert Eisses, President & CEO. "However, by the end of the
year, we were back on track, announcing our recently released WiRanger Cable
Free USB Hub, delivering a solid financial performance and focusing
development on evolving our core ExtremeUSB technology in the form of an ASIC
for 2007 and beyond."
Icron's traditional wired extension business continues to grow at
impressive rates, as we continue to enable our customers and partners to
extend USB in more and more applications. For 2007 the company will continue
to focus on expanding its distribution for its packaged and OEM products in
North America, Europe, Asia and other markets. We also plan to engage with
more partners and customers with wireless USB solutions on a variety of RF
Icron is in a strong financial position with the necessary resources to
fund its operating and capital requirements and to execute on its growth
Revenue amounted to $1,828,377 for the three months ended December 31,
2006, compared to $1,445,993 in the same period of 2005, an increase of 26.4%.
USB 1.1 sales were strong during the quarter as they increased 36.0%, to
$1,198,164 from the $880,859 recorded in the fourth quarter of 2005. This
increase can be attributed to strong sales of the Company's Rover and Core
product lines. Sales of USB 2.0 products increased by 90.3% to $484,913 from
the $254,811 reported in the same period of the prior year as we are now
shipping four port and Fiber based USB 2.0 extenders to the market which were
not available in the previous year.
Revenue amounted to $6,337,818 for the twelve months ended December 31,
2006, compared to $4,543,738 in the same period of 2005, an increase of 39.5%.
The increase in revenue was mainly a result of 1.1 and 2.0 products. USB 1.1
sales were strong during the year as they increased 31.8%, to $4,322,652 from
the $3,278,693 recorded in 2005. A large portion of the increase is
attributable to the addition of a new customer for our USB Rover product,
which saw a 114.7% increase in sales. The Company also saw a 65.7% increase in
sales of 1.1 Core product from an existing channel. Sales of USB 2.0 products
increased by 73.5% to $1,367,295 from the $788,214 reported in the same period
of the prior year. The increase in 2.0 sales is due to the addition of the
four port and Fiber extenders, which were, only introduced in the second half
of 2006 and accounted for 23.7% of the Company's USB 2.0 sales for 2006. Sales
of the one port version of the 2.0 Ranger products also increased 31.2% over
the previous year as the market for 2.0 products continues to expand.
Our net earnings amounted to $137,853 or $0.01 per share, in the three
months ended December 31, 2006, compared to net earnings of $15,164, or $0.0,
in the same period of 2005. The fourth quarter net earnings are a result of
strong revenue growth of our traditional business while maintaining quarter
over quarter operating expenses.
Our net loss for 2006 amounted to $285,399 or ($0.01) per share, in the
twelve months ended December 31, 2006, compared to a net loss of $473,354, or
($0.03), in the same period of 2005. However, excluding non-recurring
restructuring charges, the Company had a net gain of $20,027, or $0.00 per
share in 2006. The decrease in the loss is directly attributable to the
increase in revenue, while maintaining strong margins, moderate increases in
operating expenses, a weakening Canadian dollar and interest income.
The Company ended the year with cash balances of $4,405,526 compared to
$4,718,282 at the end of the prior year.
For complete financials please visit www.sedar.com. or www.icron.com.
Conference Call/Web-cast: Tuesday April 3rd, 2007, 4:30 PM ET, 1:30 PM
Icron Technologies will host a conference call to discuss the Company's
year-end financial results on Tuesday April 3, 2007 at 4:30PM EST, 1:30PM PST.
Participants are asked to call either 1-800-732-9303 or 416-644-3417
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 Corporation's patented ExtremeUSB(R) technology
extends the range of USB in wired environments and enables wireless USB over
any RF technology. ExtremeUSB is the only USB-IF compliant extension solution
and is deployed globally in a wide range of applications including: industrial
automation, medical device, aerospace, KVM and computer networking. 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 Media Contact: Brigitta Shore, Phone:
(604) 729-9479, email@example.com; Icron Investor Relations Contact:
The Howard Group, David Gordon, Phone: (403) 221-0915,
firstname.lastname@example.org, Fax: (403) 237-8387; For more information: