Icron reports Fiscal 2007 Fourth Quarter
and Year-End Results
BURNABY, B.C. March 26, 2008-
Icron reports Fiscal 2007 Fourth Quarter and Year-End Results
Highlights for 2007:
• 2007 year-end revenues of $8,969,492, representing
a 41.5% increase over 2006;
• Net income for 2007 of $201,806 compared to a loss
of $285,397 for 2006;
• The Company ended 2007 with cash balances of $3,654,910
compared to $4,405,526 at the end of 2006;
• The Company launched the WiRanger Wireless USB Hub,
the world’s first USB over 802.11 solution;
• The Company demonstrated the first USB over Power
Line solution in conjunction with Panasonics HD-PLC technology;
• The Company was issued a Canadian patent on USB 2.0
extension technology;
• The Company was listed on Profit Magazines Top 100
& BIV’s Top 100 Fastest-Growing Companies;
• The Company appointed Julian Elliott to the Board
of Directors.
Summary for Q4 2007:
• Record Q4 2007 revenues of $2,338,341, representing
a 27.9% increase over Q4 2006;
• Posted net income for Q4 2007 of $42,680, as compared
to $137,854 in the same period of 2006 as the Company increased
R&D spending by $231,744 or 66.9%;
• During Q4 the Company generated $377,271 in positive
cash-flow from operations;
• The Company announced that it will receive up to
$240,700 support from the Canadian Government to accelerate
the development of Next Generation ExtremeUSB Home Connectivity
solution;
Management's Comments:
“We are very pleased with the fiscal 2007 results as
we again experienced solid revenue growth in our core markets
while achieving the first profitable year in the company’s
history. As a result of our success in driving organic revenue
growth while simultaneously reducing our cost base, we also
effectively funded the R&D effort for the development
of our next generation ExtremeUSB platform. With a solid operating
platform now in place, in 2008 we plan to heighten our focus
on driving growth with the introduction of more cost effective
options for ExtremeUSB powered solutions. We also plan to
extend our geographic reach and expand into new market verticals,
particularly in the home connectivity space.” Commented
Robert Eisses, President & CEO.
Financials:
Revenue amounted to $2,338,341 for the three months ended
December 31, 2007, compared to $1,828,377 in the same period
of 2006, an increase of 27.9%. It should be highlighted that
the increase in the value of the Canadian dollar had a significant
impact on the Company’s revenue. Using the average exchange
rates from the fourth quarter of 2006 revenue for the fourth
quarter of 2007 would have been in excess of $2,710,000 representing
a 48.3% growth year over year.
USB 1.1 sales were strong during the quarter as they increased
18.8%, to $1,408,956 from the $1,185,677 recorded in the fourth
quarter of 2006. Sales of USB 2.0 products increased by 62.0%
to $785,366 from the $484,913 reported in the same period
of the prior year due to the strong growth of four port and
Fiber based USB 2.0 extenders.
Revenue for the twelve months ended December 31, 2007 amounted
to $8,969,492, compared to $6,337,818 in the same period of
2006, an increase of 41.5%. 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 32.9%, to $5,653,763 from
the $4,255,500 recorded in 2006. Sales of USB 2.0 products
increased by 92.4% to $2,630,080 from the $1,367,295 reported
in the prior year.
Gross margin amounted to $1,031,555 in the fourth quarter
of 2007, compared to $826,755 in the fourth quarter of 2006.
Our gross margin percentage decreased to 44.1% for the three
months ended December 31, 2007, compared to 45.2% in the same
period of 2006. The decrease in margin is mainly attributable
to increased inventory reserves taken on non-RoHS compliant
material.
For the year gross margin amounted to $4,108,237, compared
to $2,920,331 in 2006. Our gross margin percentage decreased
to 45.8% for the year ended December 31, 2007, compared to
46.1% for the same period of 2006. The decrease in margins
is mainly attributable to much lower license agreement revenue
which amounted to $31,443, compared to $203,513 in the same
period of 2006.
Our net earnings for the fourth quarter amounted to $42,680
or $0.00 per share compared to net earnings of $137,854, or
$0.00, in the same period of 2006. Our net earnings for the
year amounted to $201,806 or $0.01 per share compared to a
net loss of $285,397, or ($0.01), in the same period of 2006.
For complete financials please visit www.sedar.com
or www.icron.com.
Conference Call / Web-cast:
Wednesday, March 26th, 2007, 4:30 PM ET, 1:30 PM PST
Icron Technologies will host a conference call to discuss
the Company's quarterly financial results on Wednesday March
26th, 2007 at 4:30PM EST, 1:30PM PST. Participants are asked
to call (800) 594 3790 or (416) 644 3422 (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=2207700
Click on this link or copy to your web browser to listen online.
About Icron Technologies Corp 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.
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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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