BURNABY, BC, Aug. 25 /CNW/ - Icron Technologies Corporation (TSX Venture:
IT), the developers of ExtremeUSB(R), today released financial results for the
second quarter ended June 30, 2009.
Highlights for Second Quarter of 2009:
- Record Revenues of $2,661,768, representing a 22.2% increase over Q2
- Posted product margins of 52.7% from 50.0% in Q2 2008;
- Recorded net income of $7,066 compared to a net loss of $(201,016)
for Q2 2008;
- Demonstrated innovative PC-on-TV Connectivity Solutions based on its
patented ExtremeUSB technology over 802.11n at the Connections
Digital Living Conference;
- Subsequent to the end of the quarter, the Company announced Robert
Haefling as its new President and CEO pending Immigration approval.
"I'm pleased to be joining Icron at a time when the company is performing
well and achieving record results. I'm optimistic with the direction of the
company, the technology and organization, and look forward to capitalizing on
the significant market opportunities for USB and PC Extension products," said
Robert Haefling, President & CEO.
Mr. Haefling continued, "We are very pleased with our results for the
second quarter. We achieved record sales of $2.661 million while maintaining
very strong margins. The Company generated positive cash flow from operations
and finished the quarter with cash in excess of $2.656 million. While we are
cautious about the coming quarters, we see signs of business stabilizing.
Until then, the Company has a solid balance sheet and will take the necessary
steps to control costs and preserve cash flows. At the same time, we will
continue to innovate and deliver value-added products to our customers, thus
positioning ourselves for future growth."
Second Quarter Financial Highlights
Sales were up 22.2% to a record $2.662 million for the second quarter
compared to the $2.177 million reported the second quarter of 2008. Customers
are continuing to transition over to next generation USB 2.0 products lines
which provide the customer with twice the distance of legacy USB 2.0 products
at USB 1.1 prices. The next generation 2.0 products generated combined sales
of $962 thousand during the second quarter up from the $582 thousand recorded
in the first quarter of 2009.
Gross margin amounted to $1.403 million in the second quarter of 2009,
compared to $1.089 million in the second quarter of 2008. Our gross margin
percentage increased to 52.7% for the three months ended June 30, 2009,
compared to 50.00% 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.
The Company generated a small net profit totaling $7,066 or $0.00 per
share, in the three months ended June 30, 2009, compared to a net loss of
$201,016, or $(0.01), in the same period of 2008.
For complete financials please visit www.sedar.com or www.icron.com.
Tuesday, August 25th, 2009, 4:30 PM EST, 1:30 PM PST
Icron Technologies will be having a conference call hosted by Robert
Haefling, President and CEO and Todd Hamel, CFO to discuss the Company's
quarterly financial results on Tuesday, August 25, 2009 at 4:30PM EST, 1:30PM
PST. Participants are asked to call 416-644-3416 or 1-800-732-9307.
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 PC and USB
extension solutions for commercial and industrial markets worldwide. Icron's
USB extension 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 25 miles (40 km). ExtremeUSB technology is available in
a variety of formats including branded and private-label products, OEM modules
and developer kits.
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: Robert Haefling, President and CEO,
email@example.com, Phone: (604) 638-3924; Todd Hamel, VP & CFO,
firstname.lastname@example.org, Phone: (604) 638-3932