Xpel Announces Second-Quarter 2014 Results

September 3rd, 2014 by Bryan

Xpel Technologies Corp. announced results for the second quarter and first six months of fiscal year.

“We continue to see strong organic growth in revenues and improved earnings driven by brand awareness of the XPEL solution, a broader installer base both domestically and internationally, and customer satisfaction,” says Ryan Pape, president and CEO.

The company reports that its revenue in the second quarter was $8.3 million, a 70-percent increase as compared to revenue of $4.9 million in the same prior year quarter. Gross profit as a percentage of revenue remained relatively unchanged at 30 percent, according to the company.

Net income for the fiscal 2014 second quarter was $595,229, or $0.023 per basic and diluted share based on 25,784,950 shares outstanding, compared with net income of $384,273, or $0.015 per basic and diluted share based on 25,784,950 shares outstanding, for the corresponding prior-year period, according to the company’s financial report.

Revenue in the first six months of fiscal 2014 was $13.6 million, a 69-percent increase as compared to revenue of $8.1 million in the same prior-year period. Gross profit for the period, as a percentage of revenue, remained relatively unchanged at 31 percent.

Net income for the first six months of fiscal 2014 was $1,054,514, or $0.041 per basic and diluted share based on 25,784,950 shares outstanding, compared with net income of $646,597, or $0.025 basic and diluted share based on 25,784,950 shares outstanding, for the corresponding prior-year period, according to the company.

“Our focus is on sustained, long-term earnings growth, and we are investing in our business accordingly,” adds Pape. “Our balance sheet provides us with the financial flexibility to make measured investments in strengthening our employee base, expanding and refining our sales and marketing strategy and enhancing our operating systems.”

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