BURNABY, BC, Nov. 7 /CNW/ - Icron Technologies Corporation (TSX Venture:
IT), the developers of ExtremeUSB, today released financial results for the
third quarter ending September 30, 2007.
- Posted record Q3 2007 revenues of $2,412,917, representing a 49.8%
increase over Q3 2006;
- 2007 year-to-date revenues at record $6,631,150, representing a 47.1%
increase over the same nine-month period in 2006;
- Recorded our fourth consecutive profitable quarter posting a profit
of $2,344 in Q3 2007 as compared to a loss of $293,029 in the same
period of 2006;
- The Company announced that it will receive up to $240,700 in support
from the Canadian Government to accelerate the development of Next
Generation ExtremeUSB Home Connectivity solution;
- The Company has increased Research and Development spending to
accelerate the evolution of its ExtremeUSB IP Core, for use in our
own ASIC program, alternate FPGAs implementations and other core
- The Company was issued a Canadian patent on USB 2.0 extension
- The Corporation was listed on BIV's Top 100 Fastest-Growing
"As Icron continues to execute on our plan of making its ExtremeUSB
platform more portable, flexible and cost effective, we continue to see solid
growth in our legacy markets," commented Robert Eisses, President & CEO, "The
introduction of our wireless USB 2.0 solution helped our growth, but at the
same time the company was again negatively affected by the US Dollar
devaluation this quarter. However, the net effect was continued positive
growth and we are very happy with the results."
The company continues to invest in research and development on our next
generation ExtremeUSB platform, which will give us the added flexibility to
implement solutions in more ways including creating our own ASIC, using more
cost effective FPGAs, as well as entering into lP Core license agreements more
readily. These benefits will start to be seen in 2008 as the new platform is
released to the market. The company also announced support from the Canadian
Government under the IRAP program which will help offset some of the
development costs over the next 12 months.
The continued growth of USB 2.0 connectivity in the market has helped
Icron's continued growth and the company sees it continuing as it becomes more
prevalent in all application areas including home connectivity, medical,
industrial, commercial and transportation/automotive applications.
Revenue amounted to $2,412,917 for the three months ended September 30,
2007, compared to $1,610,373 in the same period of 2006, an increase of 49.8%.
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 third quarter of 2006 revenue for the third quarter of 2007
would have been in excess of $2,580,000 representing a 60.2% increase. USB 1.1
sales were strong during the quarter as they increased 44.9%, to $1,563,032
from the $1,078,464 recorded in the third quarter of 2006. This increase can
be attributed to strong sales of the Company's Rover and Core product lines,
which increased 52.2% and 58.1% respectively. Sales of USB 2.0 products
increased by 77.3% to $623,492 from the $351,713 reported in the same period
of the prior year, due to the strong growth of four port and Fiber based USB
2.0 extenders, which increased by 396.5% and 88.2% respectively.
Sales of the Company's new wireless WiRanger product totalled $119,565,
an increase of 70.1% from second quarter's sales of $70,297.
Gross margin amounted to $1,113,202 in the third quarter of 2007,
compared to $754,830 in the same period of 2006. Our gross margin percentage
decreased to 46.1% for the three months ended September 30, 2007, compared to
46.9% of revenue in the same period of 2006. The decrease in margins is mainly
attributable to a decrease in License Agreement Revenue, which was $12,012 in
the third quarter of 2007 versus $123,680 in the same period of 2006. Gross
margin should continue to improve in the fourth quarter as the full effects of
the cost-reductions take place.
Our net earnings amounted to $2,344 or $0.00 per share, in the
three months ended September 30, 2007, compared to a net loss of $293,029, or
$0.01, in the same period of 2006.
For complete financials please visit www.sedar.com. or www.icron.com.
Conference Call / Web-cast: Wednesday, November 7th, 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 November 7th, 2007 at 4:30PM EST,
1:30PM PST. Participants are asked to call either 1-800-588-4942 or
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; Icron Media
Contact: Brigitta Shore, Phone: (604) 729-9479, firstname.lastname@example.org