XPEL Announces Third Quarter 2009 ResultsDecember 3rd, 2009 by Editor
XPEL Technologies Corp. announced results for the three and nine months ended September 30, 2009, as compared to the three and nine months ended September 30, 2008.
“XPEL has now achieved its third consecutive quarter of positive net income from operations. Our goal for 2009 has been to significantly strengthen our balance sheet with a particular focus on reducing our liabilities,” says XPEL’s chief executive officer Ryan Pape. “With stability in our operations, our focus is on growing the business by expanding our product offering, attracting new installers and taking market share as the automotive industry recovers.”
The company reported that revenues decreased from $1,164,779 to $994,250 or 15 percent between quarters and from $3,488,175 to $2,922,026, or 16 percent between the nine-month periods. The decreases were primarily due to the downturn in the global economy and sluggish auto sales.
XPEL incurred a net income loss of $638,904 for the quarter ended September 30, 2009 with earnings of $67,628 from continuing operations as compared to net income of $255,262 for the quarter ended September 30, 2008 with earnings of $153,339 from continuing operations. In addition, the company incurred a one-time loss on the sale of XPEL Canada of $756,118 during the third quarter.
The company also reported a net loss of US$553,345 for the nine months ended September 30, 2009 with earnings of $154,952 from continuing operations. This is compared to a net loss of S$3,336,101 for the nine months ended September 30, 2008 with losses of $983,192 from continuing operations.
Cost of sales are reported to have decreased from $455,748 to $398,279, and remained consistent as a percentage of revenues of 40 percent between quarters. For the nine-month periods cost of sales are also reported to have decreased from $1,563,524 to $1,186,357, and decreased as a percentage of revenues to 41 percent.
CLICK HERE to read the company’s financial statement release.