BURNABY, BC, April 6 /CNW/ - Icron Technologies Corporation (TSX Venture: IT), the developers of ExtremeUSB(R), today released financial results for the fourth quarter and fiscal year ending December 31, 2009.
Highlights for 2009:
- Q4 revenues of $2,623,785 representing a 5.0% increase over Q4 2008;
FY 2009 end revenues of $10,207,130, representing a 11.2% increase
- Posted product margins of 52.3% compared to 48.9% in Q4 2008, and
53.1% in FY 2009 up from 49.3% in FY 2008;
- Recorded a net loss for Q4 2009 of $3,270 compared to a net loss of
$76,958 in the same period of 2008; The Company recorded a net loss
for the year of $887,072 compared to a loss of $439,334 in 2008. The
loss for 2009 excluding restructuring expenses of $357,489 and
expensing of $154,330 in non-recurring engineering charges related to
the delivery of the Company's structured ASIC would have been
- The Company ended 2009 with Cash and cash equivalents and short-term
investments of $2,555,543 compared to $3,055,152 at the end of 2008;
- Icron Technologies Named One of North America's Fastest Growing
Companies on Deloitte's 2009 Technology Fast 500 for the Second Year
in a Row
- In July 2009 announced the hiring of Silicon Valley Veteran Robert
Haefling as its new President and CEO.
"Overall, we are pleased with the year-end 2009 results for Icron; we grew revenue and increased gross margins during a difficult economic environment. As a reflection of our investment in research and development, we delivered lower cost USB extension technology into the market enabling Icron to address more cost sensitive applications. In addition, Icron successfully combined our ExtremeUSB(R) technology with wireless 802.11n, Coax, DisplayPort, and compressed and uncompressed video formats targeting incremental market opportunities," said Robert Haefling, President and CEO. "With a solid customer base for our existing products, products in development designed for new growth markets, and Icron's continued investment in global market expansion; Icron is well positioned for success in 2010 and beyond."
Revenue amounted to $2,623,785 for the three months ended December 31, 2009, compared to $2,498,465 in the same period of 2008, an increase of 5.0%. Excluding the impact of foreign exchange, sales in USD were up 21.7%. Revenue for the twelve months ended December 31, 2009 amounted to $10,207,130 compared to $9,175,116 in the same period of 2008, an increase of 11.2%. Excluding the impact of foreign exchange, sales in USD were up 4.8%.
Customers are continuing their transition over to Icron's next generation USB 2.0 product lines. For the year, next generation USB Ranger 2.0 products contributed $3,298,204 compared to only $660,868 in 2008. We expect this trend to continue throughout 2010.
Gross margin amounted to $1,373,408 in the fourth quarter of 2009, compared to $1,220,572 in the fourth quarter of 2008. Our gross margin percentage increased to 52.3% for the three months ended December 31, 2008, compared to 48.9% in the same period of 2008. For the full 2009 year gross margin amounted to $5,415,802 in 2009, compared to $4,522,874 in the same period of 2008. Our gross margin percentage increased to 53.1% for 2009, compared to 49.3% in the same period of 2008.
Our net loss for the fourth quarter amounted to $3,270 or $0.00 per share, compared to net loss of $76,958, or $0.00, in the same period of 2008. Our net loss for the year amounted to $887,072 or $0.04 per share, compared to a net loss of $439,334, or $0.02, in the same period of 2008.
For complete financials please visit www.sedar.com or www.icron.com.
Conference Call / Web-cast:
Tuesday, April 6th, 2010, 4:30 PM ET, 1:30 PM PST
To participate in the live conference call, please call 647-427-7450 or 1-888-231-8191.
To listen to the webcast, please enter:
For further information, please contact:
Icron President and CEO
About Icron Technologies Corp.
Icron Technologies (TSX-V:IT) is a global leader in the design and manufacturing of high-performance PC Video and USB extension solutions for commercial, medical and industrial markets. Icron's patented ExtremeUSB(R) technology extends the range of any USB peripheral device over Cat 5, Wireless, Fiber and Powerline, at distances up to 25 miles (40km). Icron's extension products are deployed in a wide range of applications including: digital home connectivity, industrial automation, medical imaging, aerospace, and KVM extension. Icron's ExtremeUSB(R) technology is available in a variety of formats including branded and private-label products, OEM modules, and Integrated Circuits.
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 http://www.icron.com.
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.
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 such statements.
SOURCE ICRON TECHNOLOGIES CORPORATION
For further information: For further information: Robert Haefling, Icron President and CEO, (604) 638-3924, email@example.com