XPEL Announces 2009 ResultsMay 13th, 2010 by Editor
XPEL Technologies Corp. based in San Antonio has announced results for the year ended December 31, 2009. Ryan Pape, XPEL’s chief executive officer, stated, “Over the past year, excluding the non-cash loss on the sale of our Canadian subsidiary, we have achieved net income profitability from continuing operations for the first time as a public company. In 2010, we will focus on revenue growth, expansion of the product line and continued profitable operations.”
Revenues increased 2 percent to $3,834,565 from $3,747,860 in fiscal 2008. Installation, kit and material sales increased to 57 percent of total revenues. Revenues for fiscals 2008 and 2009 reflect continuing operations only.
Cost of sales decreased as a percentage of revenues to 42 percent from 50 percent in fiscal 2008, and general and administrative expenses decreased 40 percent to $1,647,276 from $2,730,648 in fiscal 2008.
The company reported a net loss of $566,412 with earnings of $141,046 from continuing operations as compared to a net loss of $3,917,926 for fiscal 2008 with losses of $1,985,225 from continuing operations. When adjusted for non-cash expenses, the adjusted net income was approximately $256,927 as compared to an adjusted net loss of approximately $1,742,804 for fiscal 2008.