Icron Technologies reports third quarter financials
Burnaby, British Columbia, November 30, 2004 - Icron
Technologies Corporation IT - TSX.V), a developer of wired and wireless connectivity technologies, reported today the results for its third quarter ending September 30, 2004. Despite the fact that the third quarter is historically slow for the industry, Icron recorded revenue of $700,888, a 32.6% increase over the same quarter a year earlier.
The company's continued growth reflects a strong demand for Icron's packaged USB product lines. Revenue for the nine-month period ending September 30, 2004 was $2,165,667, a 30% increase from the $1,662,228 reported in the previous year. Gross margin in the current quarter remained strong at 44.1%, a slight increase over the same period in the year prior.
Suresh Singh, President and CEO of Icron was pleased with the results remarking, "we have added significant resources in the past quarter to complete development of our first USB 2.0 systems. These new products, supporting speeds of 480 Mb/s will open up new markets for Icron and will have a positive impact on revenue in the first quarter of 2005. Furthermore, Icron's wireless program will yield some exciting products in the first half of 2005. All indications are that 2005 will be a breakout year for Icron."
Icron incurred a loss of $114,558 or ($0.01) per share in the third quarter. The loss can be attributed in part to increased spending in the areas of R&D and business development. In spite of the loss, the company's balance sheet remains strong with a cash balance of $797,788 and working capital of $1,279,959.
Since the beginning of 2004, Icron has sought to leverage the value of its intellectual property and engineering expertise to bring Hi-Speed USB and wireless products to its existing customers and to new markets. The core of these efforts centre on the company's patented ExtremeUSB protocol which is currently being optimized for the wireless environment. To achieve its goals and accelerate development time, Icron has nearly doubled the size of its engineering staff, adding talent in a number of areas. The company is already looking forward to 2005 when the full effects of its investment in R&D will be realized.
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 information on the company and its products, please visit www.icron.com and for detailed financial information visit www.sedar.com. The Toronto Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
2004 Icron Technologies Corporation. ExtremeUSB®, USB Ranger™ are trademarks of Icron Technologies Corporation.
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