SAN ANTONIO -- (Business Wire)
XPEL Technologies Corp. (TSXV: DAP.U), a leading supplier of automotive
paint and headlamp protection films, announced results for the quarter
and fiscal year ended December 31, 2014.
Mr. Ryan Pape, President and Chief Executive Officer of XPEL, commented,
“2014 was a strong year for our Company, marked by significant revenue
growth, international expansion, and the continued strategic development
of our distribution channels. We are seeing growing market demand for
and recognition of the XPEL brand, both domestically and internationally
and are executing on our strategy to ensure that our products and
services are available to meet the demands of existing and potential
customers worldwide.”
For the Quarter Ended December 31, 2014:
Revenue: Revenue in the fourth quarter of fiscal 2014 was $7.6
million, a 53% increase as compared to revenue of $5.0 million in the
same prior year quarter.
Gross Margin: Gross profit as a percentage of sales declined
slightly to 31.2% as compared to 31.7% in the previous year.
Expenses: Selling, general and administrative expenses as a
percentage of revenue was 25.5%, a slight increase compared to 24.4% in
the fourth quarter last year. The increase is primarily due to
marketing, IT and acquisition costs to support the anticipated long term
growth of the business.
Net Earnings: Net income for the fiscal 2014 fourth quarter was
$1,542,460 or $0.06 per basic and diluted share based on 25,784,950
shares outstanding, compared with net income of $280,776, or $0.01 per
basic and diluted share based on 25,784,950 shares outstanding, for the
corresponding prior year period. Net income for the fourth quarter of
2014 included a tax gain of $1,127,400 due to a change in tax estimate.
Mr. Pape continued, “International expansion and moving closer to our
international customers has been a key focus of ours in the back half of
2014 and into 2015. Our new XPEL U.K. facility established a strategic
beachhead to service Europe and regions beyond. The facility provides
readily available inventory to efficiently fulfill customer orders and
in February we began offering regular onsite training courses. We are
ramping our sales efforts targeting potential European customers and
building a pipeline through both existing and new relationships.
Subsequent to the close of the fourth quarter, we announced our
acquisition of Parasol Canada, a distributor of paint protection and
window tint products for the Canadian market. This acquisition adds to
our portfolio of products, provides a dedicated Canadian sales force and
allows us to bring our proven U.S. marketing initiatives to this key
international market.”
For the Year Ended December 31, 2014:
Revenue: Revenue in fiscal 2014 was $29.6 million, a 66% increase
as compared to revenue of $17.9 million in the same prior year period.
Gross Margin: Gross profit as a percentage of sales declined slightly to
31.2% as compared to 32.1% in the previous year.
Expenses: Selling, general and administrative expenses as a
percentage of revenue increased slightly to 21.8% from 20.7% last year.
Net Earnings: Net income for fiscal 2014 was $3,070,117, or $0.12
per basic and diluted share based on 25,784,950 shares outstanding. Net
income for 2014 included a $317,475 tax gain due to a change in tax
estimate. For fiscal 2013, the company had net income of $1,320,268, or
$0.05 per basic and diluted share based on 25,784,950 shares
outstanding. Net income for fiscal 2013 includes $714,000 in tax expense.
Mr. Pape concluded, “We made great progress in 2014 growing our sales,
expanding our base of independent installers and dealerships and
broadening our international footprint. We look forward to introducing
new products while also continuing to deliver the training and support
that differentiates XPEL from our competitors.”
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss the fourth quarter
results today, March 31, 2015 at 11:00 a.m. Eastern Time.
To access the live webcast, log onto the XPEL Technologies website at http://www.xpel.com,
and click on “Investor Relations”.
To participate in the call by phone, dial (877) 407-8033 approximately
five minutes prior to the scheduled start time. International callers
please dial (201) 689-8033.
A replay of the teleconference will be available until May 1, 2015 and
may be accessed by dialing (877) 660-6853. International callers may
dial (201) 612-7415. Callers should use conference ID: 13604517.
About XPEL Technologies Corp.
XPEL is the leading supplier of automotive paint and headlamp protection
films with over 70,000 vehicle-specific applications and a worldwide
network of trained installers. XPEL is the developer of the Design
Access Program software, and manufacturer of XPEL™ Automotive Paint and
Headlamp Protection Products. XPEL has forged the cutting-edge of
automotive protection technology, and leads the industry in quality,
technical support and customer service. Additional information can be
found on the Company's website at www.xpel.com
Safe harbor statement
This release includes forward-looking statements regarding XPEL
Technologies Corp. and its business, which may include, but is not
limited to, anticipated use of proceeds from capital transactions,
expansion into new markets, and execution of the company's growth
strategy. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans," "is expected,"
"expects," "scheduled," "intends," "contemplates," "anticipates,"
"believes," "proposes" or variations (including negative variations) of
such words and phrases, or state that certain actions, events or results
"may," "could," "would," "might" or "will" be taken, occur or be
achieved. Such statements are based on the current expectations of the
management of XPEL. The forward-looking events and circumstances
discussed in this release may not occur by certain specified dates or at
all and could differ materially as a result of known and unknown risk
factors and uncertainties affecting the company, performance and
acceptance of the company's products, economic factors, competition, the
equity markets generally and many other factors beyond the control of
XPEL. Although XPEL has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and XPEL undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
|
XPEL TECHNOLOGIES CORP. |
Statement of Comprehensive Income |
(Expressed in United States Dollars)
|
|
| | |
| | |
| | |
| | |
| | |
Three Months Ended
| | |
Twelve Months Ended
|
| | |
December 31,
| | |
December 31,
|
| | |
2014
| | |
2013
| | |
2014
| | |
2013
|
| | | | | |
(audited)
| | |
(audited)
|
| | | | | | | | |
|
Revenue | |
$
|
7,599,908
| |
$
|
4,965,912
| |
$
|
29,630,179
| |
$
|
17,898,812
|
| | | | | | | | | | | |
|
Expenses | | | | | | | | | | | | |
Direct costs
| | |
5,228,015
| | |
3,389,278
| | |
20,373,246
| | |
12,153,098
|
Selling, general and administrative
| | |
1,939,475
| | |
1,121,259
| | |
6,464,660
| | |
3,702,819
|
| | | | | | | | | | | |
|
Income from operations | | |
432,418
| | |
455,375
| | |
2,792,273
| | |
2,042,895
|
Interest expense
| | |
(16,085)
| | |
(3,599)
| | |
(36,748)
| | |
(6,772)
|
Gain on sale of capital assets
| | |
(1,273)
| | |
-
| | |
(2,883)
| | |
(1,855)
|
| | |
(17,358)
| | |
(3,599)
| | |
(39,631)
| | |
(8,627)
|
| | | | | | | | | | | |
|
Net income before income tax | | |
415,060
| | |
451,777
| | |
2,752,642
| | |
2,034,268
|
| | | | | | | | | | | |
|
Provision for income tax | | | | | | | | | | | | |
Current tax benefit (expense)
| | |
724,400
| | |
-
| | |
(66,525)
| | |
-
|
Deferred tax recovery (expense)
| | |
403,000
| | |
(171,000)
| | |
384,000
| | |
(714,000)
|
| | | | | | | | | | | |
|
Net Income | |
$
|
1,542,460
| |
$
|
280,777
| |
$
|
3,070,117
| |
$
|
1,320,268
|
| | | | | | | | | | | |
|
Exchange differences on translating foreign operations
| | |
15,721
| | |
-
| | |
15,721
| | |
-
|
| | |
| | |
| | |
| | |
|
Total comprehensive income | |
$
|
1,558,181
| |
$
|
280,777
| |
$
|
3,085,838
| |
$
|
1,320,268
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
Net income attributable to equity holders of the Company | | |
1,585,166
| | |
280,777
| | |
3,097,102
| | |
1,320,268
|
| | | | | | | | | | | |
|
Non-controlling interest | | |
(26,985)
| | |
-
| | |
(26,985)
| | |
-
|
| | |
1,558,181
| | |
280,777
| | |
3,070,117
| | |
1,320,268
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
Earnings per share | | | | | | | | | | | | |
Basic and diluted
| |
$
|
0.06
| |
$
|
0.01
| |
$
|
0.12
| |
$
|
0.05
|
Weighted average number of shares outstanding
| | |
25,784,950
| | |
25,784,950
| | |
25,784,950
| | |
25,784,950
|
| | | | | | | | | | | |
|
|
|
XPEL TECHNOLOGIES CORP. | |
Balance Sheets | |
| |
(Expressed in United States Dollars)
| | | |
| | | |
| |
| | | | |
December 31,
| |
December 31,
|
| | | | |
2014
| |
2013
|
| | | | |
(audited)
| |
(audited)
|
Assets | | | | | | | |
Current | | | | | | | |
Cash | | | | |
$
|
1,474,130
| |
$
|
1,414,913
|
Accounts receivable | | | | |
2,287,342
| | |
1,018,956
|
Inventory | | | | | |
6,235,137
| | |
2,716,612
|
Prepaid expenses and sundry assets | |
|
347,472
| |
|
259,233
|
Total current assets | | |
10,344,081
| | |
5,409,714
|
| | | | | | |
|
Property, plant and equipment | | | |
790,343
| | |
517,925
|
Intangible assets | | | | |
784,510
| | |
518,559
|
Deferred tax asset | | | | |
163,000
| | |
-
|
Goodwill | | | | |
|
526,243
| |
|
-
|
Total assets | |
$
|
12,608,177
| |
$
|
6,446,198
|
| | | | | | |
|
Liabilities | | | | | | | |
Current | | | | | | | |
Bank indebtedness | | | | |
900,000
| | |
-
|
Accounts payable and accrued liabilities | | |
4,121,590
| | |
1,829,164
|
Customer deposits | | | | |
12,350
| | |
12,350
|
Notes payable | | | |
|
90,413
| |
|
68,505
|
| | |
5,124,353
| | |
1,910,019
|
| | | | | | |
|
Deferred tax liability | | | |
|
-
| |
|
221,000
|
Total liabilities | | |
5,124,353
| | |
2,131,019
|
| | | | | | |
|
Equity | | | | | | | |
Capital Stock | | | | | |
6,635,133
| | |
6,635,133
|
Contributed surplus | | | | |
2,165,130
| | |
2,165,130
|
Accumulated other comprehensive income | | |
(15,721)
| | |
-
|
Deficit | | | | |
|
(1,387,982)
| |
|
(4,485,084)
|
| | |
7,396,560
| | |
4,315,179
|
Non-controlling interest | | | | |
87,264
| | |
Total liabilities and equity | |
$
|
12,608,177
| |
$
|
6,446,198
|
| | | |
|
Contacts:
XPEL Technologies Corp.
Ryan Pape, 210-678-3700
Chief
Executive Officer
or
Institutional Marketing Services (IMS)
John
Nesbett/Jennifer Belodeau
203-972-9200
jnesbett@institutionalms.com
Source: XPEL Technologies Corp.
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