IPICO Inc. announces second quarter results and option grant

BURLINGTON, ON, Aug. 26 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced results for the three months ended June 30, 2010. Revenue for the second quarter was $1,270,976 down from $1,806,018 in the second quarter of 2009. Gross margin was $504,408 compared with $483,313 in 2009. Net loss for the quarter was $1,620,348 ($0.03 per share) compared to $2,737,798 ($0.05 per share) in 2009.

Total operating costs in the second quarter of 2010 were $1,792,735 down from $3,148,109 in 2009 as a result of cost savings measures implemented across all of the Company's operations.

    
    -------------------------------------------------------------------------
                                                  Three months ended June 30
    (in Canadian dollars, except per share)               2010          2009
    -------------------------------------------------------------------------
    Revenue                                        $ 1,270,976   $ 1,806,018
    Gross margin                                       504,408       483,313
    Gross margin %                                       40%           27%
    Total operating expenses                         1,792,735     3,148,109
    Net loss                                        (1,620,348)   (2,737,798)
    Net loss per share (basic and diluted)               (0.03)        (0.05)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

The Company's cash and cash equivalents at June 30, 2010 were $889,939 compared with $1,873,268 at December 31, 2009 a reduction of $983,329. The Company's unaudited interim consolidated financial statements for the second quarter ended June 30, 2010 along with management's discussion and analysis thereon can be on found on SEDAR at www.sedar.com under the trading symbol TSX-V:RFD.

The Company also announced the grant of 1,800,000 options under its Stock Option Plan, of which 1,000,000 were granted to directors and executive officers and the balance to other employees. All options are exercisable at a price of $0.10 per common share and vest in three equal instalments over 18 months and expire in five years.

ABOUT IPICO Inc.

IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, and Asia. IPICO produces smart labels, tags and readers based on the IP-X communication protocol. Its products are designed to conform to regulatory requirements in most major geographical regions, to excel at long read range, fast multi-read anti-collision and high thru-beam read-speeds of dynamic tag populations, and to allow for multi-reader rollout in close proximity. IPICO's products are used to optimize the management of products, equipment, people, animals and processes within the logistics and other value chains. For further information, go to www.ipico.com.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

%SEDAR: 00023515E

SOURCE IPICO INC.

For further information: For further information: Contacts: Gordon Westwater, President & CEO, IPICO Inc., Tel: +1 905-631-6310, Email: gordon.westwater@ipico.com; Ted Irwin, Chief Financial Officer, IPICO Inc., Tel: +1 905-631-6310, Email: ted.irwin@ipico.com

Organization Profile

IPICO INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890