Xpel Sees Revenue Spike 67 Percent over Year

April 2nd, 2014 by Editor

Xpel Technologies Corp. announced results for the year ended December 31, 2013, showing that the company had increased revenue 67 percent from 2012 to 2013.

According to the company, revenue jumped from $10,670,838 in 2012 to $17,898,812 in 2013. Additionally, direct costs of sales increased as a percentage of revenue to 68 percent from 66 percent in 2012. Further, general and administrative expenses increased 45 percent to $3,702,819 from $2,560,836 in 2012.

Xpel had net income before taxes of $2,034,268 as compared to net income before taxes of $1,077,207 in 2012. The company had net income of $1,320,268 as compared to net income of $1,162,207 in 2012.

Ryan Pape, president and CEO says, “We are very focused on growing revenue and are pleased with the results of the full year and fourth quarter. We were able to overcome the seasonality of the business and drive sequential revenue growth in the fourth quarter over the third quarter. Our increased marketing and consumer awareness initiatives worked well at the end of last year and we plan to continue them throughout 2014.”

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