BURNABY, BC, March 26 /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, 2007.
Highlights for 2007:
- 2007 year-end revenues of $8,969,492, representing a 41.5% increase
- Net income for 2007 of $201,806 compared to a loss of $285,397 for
- The Company ended 2007 with cash balances of $3,654,910 compared to
$4,405,526 at the end of 2006;
- The Company launched the WiRanger Wireless USB Hub, the world's first
USB over 802.11 solution;
- The Company demonstrated the first USB over Power Line solution in
conjunction with Panasonics HD-PLC technology;
- The Company was issued a Canadian patent on USB 2.0 extension
- The Company was listed on Profit Magazines Top 100 & BIV's Top 100
- The Company appointed Julian Elliott to the Board of Directors.
Summary for Q4 2007:
- Record Q4 2007 revenues of $2,338,341, representing a 27.9% increase
over Q4 2006;
- Posted net income for Q4 2007 of $42,680, as compared to $137,854 in
the same period of 2006 as the Company increased R&D spending by
$231,744 or 66.9%;
- During Q4 the Company generated $377,271 in positive cash-flow from
- The Company announced that it will receive up to $240,700 support
from the Canadian Government to accelerate the development of Next
Generation ExtremeUSB Home Connectivity solution;
"We are very pleased with the fiscal 2007 results as we again experienced
solid revenue growth in our core markets while achieving the first profitable
year in the company's history. As a result of our success in driving organic
revenue growth while simultaneously reducing our cost base, we also
effectively funded the R&D effort for the development of our next generation
ExtremeUSB platform. With a solid operating platform now in place, in 2008 we
plan to heighten our focus on driving growth with the introduction of more
cost effective options for ExtremeUSB powered solutions. We also plan to
extend our geographic reach and expand into new market verticals, particularly
in the home connectivity space," commented Robert Eisses, President & CEO.
Revenue amounted to $2,338,341 for the three months ended December 31,
2007, compared to $1,828,377 in the same period of 2006, an increase of 27.9%.
It should be highlighted that the increase in the value of the Canadian dollar
had a significant impact on the Company's revenue. Using the average exchange
rates from the fourth quarter of 2006 revenue for the fourth quarter of 2007
would have been in excess of $2,710,000 representing a 48.3% growth year over
USB 1.1 sales were strong during the quarter as they increased 18.8%, to
$1,408,956 from the $1,185,677 recorded in the fourth quarter of 2006. Sales
of USB 2.0 products increased by 62.0% to $785,366 from the $484,913 reported
in the same period of the prior year due to the strong growth of four port and
Fiber based USB 2.0 extenders.
Revenue for the twelve months ended December 31, 2007 amounted to
$8,969,492, compared to $6,337,818 in the same period of 2006, an increase of
41.5%. 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 32.9%, to
$5,653,763 from the $4,255,500 recorded in 2006. Sales of USB 2.0 products
increased by 92.4% to $2,630,080 from the $1,367,295 reported in the prior
Gross margin amounted to $1,031,555 in the fourth quarter of 2007,
compared to $826,755 in the fourth quarter of 2006. Our gross margin
percentage decreased to 44.1% for the three months ended December 31, 2007,
compared to 45.2% in the same period of 2006. The decrease in margin is mainly
attributable to increased inventory reserves taken on non-RoHS compliant
For the year gross margin amounted to $4,108,237, compared to $2,920,331
in 2006. Our gross margin percentage decreased to 45.8% for the year ended
December 31, 2007, compared to 46.1% for the same period of 2006. The decrease
in margins is mainly attributable to much lower license agreement revenue
which amounted to $31,443, compared to $203,513 in the same period of 2006.
Our net earnings for the fourth quarter amounted to $42,680 or $0.00 per
share compared to net earnings of $137,854, or $0.00, in the same period of
2006. Our net earnings for the year amounted to $201,806 or $0.01 per share
compared to a net loss of $285,397, or ($0.01), in the same period of 2006.
For complete financials please visit www.sedar.com or www.icron.com.
Wednesday, March 26th, 2007, 4:30 PM ET, 1:30 PM PST
Icron Technologies will host a conference call to discuss the Company's
quarterly financial results on Wednesday March 26th, 2007 at 4:30PM EST,
1:30PM PST. Participants are asked to call (800) 594 3790 or (416) 644 3422
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 Investor Contact: Robert Eisses,
President & CEO, email@example.com, Phone: (604) 638 3924