Icron reports Fiscal 2006 Fourth Quarter
and Year-end Results
BURNABY, B.C., April 3rd, 2007 - Icron Technologies Corporation
(TSX Venture: IT), the developers of ExtremeUSB, today released
financial results for the fourth quarter and fiscal year ending
December 31, 2006.
Highlights:
- Record Q4 2006 revenues of $1,828,377, representing a
26.4% increase over Q4 2005;
- 2006 Year-End revenues at record $6,337,818, representing
a 39.5% increase over the same twelve-month period in 2005;
- Posted income for Q4 2006 of $137,853, as compared to
$15,163 in the same period of 2005;
- The net loss from operations for 2006 totalled $285,399
compared to a loss of $473,354 at the end of 2005. Using
a non-GAAP measure by excluding restructuring charges the
Company posted income for the year of $20,027.
- The Company ended 2006 with cash balances of $4,405,526
compared to $4,718,282 in the same period of the prior year;
- During the fourth quarter the Company generated $316,638
in positive cash-flow from operations.
- During the fourth quarter the Company repurchased a total
211,000 of its own shares bringing the total number of shares
repurchased during 2006 to 442,500.
- Initiated development on a Wireless USB 2.0 product based
on industry standard 802.11g chipsets for release in early
2007.
- Formalized partnership with Inova Semiconductor for a
combined Video and USB extension solution, which is currently
shipping to Industrial Remote Terminal manufacturers in
Germany.
- ·Announced a partnership with Global Interface
Technologies of Japan for Icron’s ExtremeUSB technology
for integration with its wireless UWB platform.
- The Company successfully moved its facilities to a larger
office to accommodate future growth.
“2006 was certainly a roller coaster year for Icron.
We had some great success and recognition early in the year,
followed by some unfortunate partner activities in the middle
which led to some internal restructuring in Q3,” commented
Robert Eisses, President & CEO. “However, by the
end of the year, we were back on track, announcing our recently
released WiRanger Cable Free USB Hub, delivering a solid financial
performance and focusing development on evolving our core
ExtremeUSB technology in the form of an ASIC for 2007 and
beyond.”
Icron’s traditional wired extension business continues
to grow at impressive rates, as we continue to enable our
customers and partners to extend USB in more and more applications.
For 2007 the company will continue to focus on expanding its
distribution for its packaged and OEM products in North America,
Europe, Asia and other markets. We also plan to engage with
more partners and customers with wireless USB solutions on
a variety of RF platforms.
Icron is in a strong financial position with the necessary
resources to fund its operating and capital requirements and
to execute on its growth strategies.
Financials:
Revenue amounted to $1,828,377 for the three months ended
December 31, 2006, compared to $1,445,993 in the same period
of 2005, an increase of 26.4%. USB 1.1 sales were strong during
the quarter as they increased 36.0%, to $1,198,164 from the
$880,859 recorded in the fourth quarter of 2005. This increase
can be attributed to strong sales of the Company’s Rover
and Core product lines. Sales of USB 2.0 products increased
by 90.3% to $484,913 from the $254,811 reported in the same
period of the prior year as we are now shipping four port
and Fiber based USB 2.0 extenders to the market which were
not available in the previous year.
Revenue amounted to $6,337,818 for the twelve months ended
December 31, 2006, compared to $4,543,738 in the same period
of 2005, an increase of 39.5%. The increase in revenue was
mainly a result of 1.1 and 2.0 products. USB 1.1 sales were
strong during the year as they increased 31.8%, to $4,322,652
from the $3,278,693 recorded in 2005. A large portion of the
increase is attributable to the addition of a new customer
for our USB Rover product, which saw a 114.7% increase in
sales. The Company also saw a 65.7% increase in sales of 1.1
Core product from an existing channel. Sales of USB 2.0 products
increased by 73.5% to $1,367,295 from the $788,214 reported
in the same period of the prior year. The increase in 2.0
sales is due to the addition of the four port and Fiber extenders,
which were, only introduced in the second half of 2006 and
accounted for 23.7% of the Company’s USB 2.0 sales for
2006. Sales of the one port version of the 2.0 Ranger products
also increased 31.2% over the previous year as the market
for 2.0 products continues to expand.
Our net earnings amounted to $137,853 or $0.01 per share,
in the three months ended December 31, 2006, compared to net
earnings of $15,164, or $0.0, in the same period of 2005.
The fourth quarter net earnings are a result of strong revenue
growth of our traditional business while maintaining quarter
over quarter operating expenses.
Our net loss for 2006 amounted to $285,399 or ($0.01) per
share, in the twelve months ended December 31, 2006, compared
to a net loss of $473,354, or ($0.03), in the same period
of 2005. However, excluding non-recurring restructuring charges,
the Company had a net gain of $20,027, or $0.00 per share
in 2006. The decrease in the loss is directly attributable
to the increase in revenue, while maintaining strong margins,
moderate increases in operating expenses, a weakening Canadian
dollar and interest income.
The Company ended the year with cash balances of $4,405,526
compared to $4,718,282 at the end of the prior year.
For complete financials please visit http://www.sedar.com.
or www.icron.com.
Conference Call / Web-cast: Tuesday April
3rd, 2007, 4:30 PM ET, 1:30 PM PST
Icron Technologies will host a conference call to discuss
the Company's year-end financial results on Tuesday April
3, 2007 at 4:30PM EST, 1:30PM PST. Participants are asked
to call either 1- 800-732-9303 or 416-644-3417 (Toronto).
The conference will also be broadcast live over the Internet
and archived through the following link:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1789700
Click on this link
or copy to your web browser to listen online.
About Icron Technologies Corporation www.icron.com
Icron Technologies Corporation's patented ExtremeUSB® technology
extends the range of USB in wired environments and enables
wireless USB over any RF technology. ExtremeUSB is the only
USB-IF compliant extension solution and is deployed globally
in a wide range of applications including: industrial automation,
medical device, aerospace, KVM and computer networking. ExtremeUSB
technology is available in a variety of formats including
technology licenses, OEM modules, developer kits, as well
as branded and private-label products.
Icron is a publicly traded corporation and trades under the
symbol "IT" on the TSX Venture Exchange. For more information
on the company and its products, please visit www.icron.com
Contact Information
FORWARD-LOOKING STATEMENTS: Except for statements of historical
fact, all statements in this news release -- including, without
limitation, statements regarding financial estimates and future
plans and objectives of Icron -- are forward-looking statements
that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate;
actual results and future events could differ materially from
those anticipated in such statements.
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