BURNABY, BC, Nov. 4 /CNW/ - Icron Technologies Corporation (TSX Venture: IT), the developers of ExtremeUSB(R), today released financial results for the third quarter ending September 30, 2009.
Highlights for Third Quarter of 2009:
- Revenues of $2,706,598, representing a 17.8% increase over Q3 2008;
- Posted product margins of 51.4% compared to 49.9% in Q3 2008;
- Recorded a net loss of $98,646 compared to a net loss of $55,616 for
- Generated $116,227 in cash flow from continuing operations;
- Announced the hiring of Silicon Valley Veteran Robert Haefling as its
new President and CEO.
"We are very pleased with our financial performance which resulted in another quarter of record revenues and improved gross margins in an economically challenging business climate," stated Robert Haefling, President and CEO. "Icron continues to make traction in our core markets, exemplified by our 18 percent year-over-year revenue growth; and combined with our technology developments, demonstrates that we are executing on our strategy. We are optimistic for both our immediate and long-term future."
Third Quarter Financial Highlights
Sales were up 17.8% to a record $2.707 million for the third quarter compared to the $2.298 million reported in the third quarter of 2008. Our USB 2.0 products generated combined sales of $897 thousand during the third quarter which is a 432.6% increase over the $168 thousand recorded in the third quarter of 2008 and accounted for 33.1% of all revenue during the quarter. Sales in the United States were up 16.8% for the third quarter, sales in Canada were up 2.0%, while sales in Europe increased by 13.0%. New customers contributed 11% of revenue during the quarter.
Gross margin amounted to $1.392 million in the third quarter of 2009, compared to $1.147 million in the third quarter of 2008. Gross margin as a percentage of sales was 51.4% for the quarter compared to 49.9% for the same period in 2008. The increase in gross margin versus the previous year is attributable to the higher average sales price for legacy products, and a favorable sales mix of higher margin products manufactured in Asia.
Our net loss for the quarter amounted to $99 thousand or $(0.00) per share compared to a net loss of $56 thousand, or $(0.00), in the same period of 2008. From a cash-flow standpoint, the Company generated positive cash-flow during the quarter as cash and short-term investments increased by $11 thousand to $2.67 million. Operating activities generated $116 thousand of positive cash flow during the quarter compared to outflows of $51 thousand for the same period in 2008. The increase in cash flow during the third quarter relates primarily to further reductions in inventory levels.
For complete financials please visit www.sedar.com or www.icron.com.
Wednesday, November 4th, 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 Wednesday, November 4, 2009 at 4:30PM EST, 1:30PM PST. To participate in the live conference call, please dial either 416-644-3431 or 1-877-974-0450. The conference will also be broadcast live over the Internet. To listen to this webcast, please enter:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2865060 in your web browser. The webcast will be available in archive for 90 days.
A replay of the conference call will be available until 11:59 PT on Nov 11, 2009. To access the replay, please dial either 416-640-1917 or 877-289-8525, and enter the passcode 4178429 followed by the pound (No.) sign.
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 2.0/1.1 over Cat 5, Wireless, Fiber and Powerline 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 such statements.
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.
SOURCE ICRON TECHNOLOGIES CORPORATION
For further information: For further information: Robert Haefling, President and CEO, email@example.com, Phone: (604) 638-3924