IPICO Inc. announces third quarter results

BURLINGTON, ON, Nov. 19 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced results for the three months ended September 30, 2009. Revenue for the third quarter increased to $2,003,253 from $701,449 in the third quarter of 2008. Gross margin was $595,958 compared with $30,603 in 2008 which included an approximate $230,000 non-cash inventory write-off. Net loss for the third quarter was $2,154,609 ($0.04 per share) compared to $11,397,299 ($0.21 per share) in 2008 which included charges for impairment of goodwill, intangible and accounts receivable totalling $7,778,628. Total operating expenses for the third quarter ended September 30, 2009 were $2,372,760 down from $3,627,641 in the prior year quarter as a result of cost savings measures.

    
    -------------------------------------------------------------------------
                                             Three months ended September 30
    (in Canadian dollars, except per share)               2009          2008
    -------------------------------------------------------------------------
    Revenue                                        $ 2,003,253   $   701,449
    Gross margin                                       595,958        30,603
    Gross margin %                                         30%          4.4%
    Total operating expenses                         2,372,760    11,406,269
    Total operating expenses (excluding
     impairment charges)                             2,372,760     3,627,641
    Net loss                                        (2,154,609)  (11,397,299)
    Net loss per share (basic and diluted)               (0.04)        (0.21)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

The Company's cash and cash equivalents at September 30, 2009 were $3,169,441 compared with $4,371,557 at December 31, 2008. During the quarter the Company completed a non-brokered private placement of convertible secured debentures for gross proceeds of $3,500,000.

The Company's unaudited interim consolidated financial statements for the third quarter ended September 30, 2009 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.

ABOUT IPICO Inc.

IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, Asia and Australia. 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: Gordon Westwater, President & CEO, IPICO Inc., Tel: (905) 631-6310, Email: gordon.westwater@ipico.com; Ted Irwin, Chief Financial Officer, IPICO Inc., Tel: (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