Icron Reports Audited Results For Fourth
Quarter And Year-end 2003
BURNABY, B.C., May 7, 2004 - Icron Technologies Corporation
(TSX Venture: IT), a leading provider of high performance
digital connectivity technologies, today announced audited
results for the fourth quarter of 2003 and for fiscal year
2003.
Fiscal Year 2003 Results:
(twelve months ended December 31, 2003 compared with twelve
months ended December 31, 2002)
- Total revenue was $2,262,955 compared with $2,024,928
in the previous year.
- Net loss was $453,131 compared with $349,681.
- Net loss per share was $0.04 compared with $0.04 per
share.
Fourth Quarter Results:
(three months ended December 31, 2003 compared with three
months ended December 31, 2002)
- Total revenue was $600,727compared with $698,241.
- Net loss was $107,030 compared with a profit of $2,337.
- Net loss per share was $0.01 compared with $0.00 per
share.
Total revenues of $2,262,955 for the twelve months ended
December 31, 2003 represent an increase of 11.8% over revenues
of $2,024,928 for the year ended December 31, 2002. Gross
margins for fiscal 2003 were 42.6%, up from the 40.6% reported
for fiscal 2002. The loss recorded by the company primarily
relates to the company’s investment in technology development
and increases in its OEM market development initiatives.
The strengthening of the Canadian dollar against the US dollar
impeded revenue results as the US dollar declined from an
average rate of 1.57 in the prior year to 1.40 for the year
ended December 31, 2003. As all sales are invoiced in US dollars,
Icron’s reported revenues were therefore reduced, given
the Canadian dollar cost base of operations. In addition,
Icron had significant balance sheet exposure due to its US
dollar receivables, inventory and cash balances. A total of
$61,771 of foreign exchange losses was recognized during the
year.
Total operating expenses for the year increased to $1,417,220,
from the $1,172,381 reported in 2002. For the fourth quarter,
operating expenses were $363,600 versus the $299,001 reported
in the fourth quarter of 2002.
The company’s net loss for the year increased to $453,131
or ($0.04) per share from $349,682 or ($0.04) per share in
the previous year.
Administrative expenses increased to $497,999 for the year
ended December 31, 2003 compared to the $457,440 in the prior
year. As a percentage of revenue, administrative expenses
decreased to 22.0% for the year ended December 31, 2002 from
the 22.6% reported for the year ended December 31, 2002.
Sales and marketing expenses increased to $433,972 for the
year ended December 31, 2003 from $318,104 reported in the
same period of the prior year. As a percentage of revenue,
sales and marketing expenses increased to 19.2% in 2003 from
15.7% in 2002. The increase is due to the addition of the
Director of OEM Sales in the first quarter of 2003, added
travel and trade marking costs. Sales and marketing expenses
consist primarily of salaries, advertising, trade marking,
promotion and travel. Icron has developed a solid customer
base and will continue to expand into new international markets.
Research and development expenses increased to $398,647 for
the year ended December 31, 2003 compared to $345,032 for
the same period of the prior year. As a percentage of revenue,
research and development expenses increased to 17.6% for the
year ended December 31, 2003 from 17.0% in the prior year.
The increase is attributable to patent filing costs and expenses
associated with the first stage of the Company’s USB
2.0 development that is partially being funded by the National
Research Council of Canada (“NRC”).
Our cash position at December 31, 2003 was $228,836 compared
to a cash position of $208,158 at December 31, 2002.
For 2004, Icron is extending its technology and product lines
to enter the rapidly growing markets for Digital Visual Interface
(DVI) connectivity. Icron’s recently completed financing
of $950,000 will facilitate sales and marketing initiatives,
drive product development and add to working capital.
About Icron
Icron Technologies Corporation is a leading provider of high-performance
digital connectivity technologies for the computer marketplace.
Icron's patented ExtremeUSB® technology is compliant with
USB Implementers Forum requirements and touches several large
worldwide markets from industrial automation to medical devices,
aerospace and computer networking. The company provides branded
and private-label packaged products, Original Equipment Manufacturer
(OEM) modules, developer kits, and engineering and development
services. Icron recently launched an innovative line of products
that deliver solutions to the growing market for Digital Visual
Interface (DVI) connectivity.
Icron is a publicly traded corporation and trades under the
symbol "IT" on the TSX Venture Exchange. For detailed
financial information, visit www.sedar.com.
Contacts
For further information, please contact the following:
Icron Technologies Corporation |
|
Suresh Singh, President & CEO
suresh.singh@icron.com
|
Phone: 604-638-3929
Fax: 604-638-3930 |
|
