ICP Solar Announces Fiscal 2008 Results
Last update: 5/1/2008 1:52:01 PM
Operational Strategies Yield 480 Basis Point Improvements in Gross Margin
MONTREAL, May 01, 2008 (BUSINESS WIRE) -- ICP Solar Technologies Inc. (ICPR), a developer, manufacturer and marketer of solar cells and products, announced today results for fiscal year ended January 31, 2008.
Recent Company Highlights:
-- Completed acquisition of Wes Power, a leader in renewable power performance management systems.
-- Opened a sales office in California, the largest solar market in the U.S.
-- Increased rate of client additions including premier retailers, Wal-Mart, Costco, Carrefours and Conrad's.
-- Secured panel inventory through strategic alliances with Shanghai Electric Solar and SCHOTT Solar.
-- Signed a development agreement with Ascent Solar Technologies for the use of their high efficiency thin-film CIGS solar technology in the development of next generation portable solar products.
Net sales for the year were $6.5 million compared to $7.6 million for the year ended January 31, 2007. During 2008, the company sold it's UK factory resulting in the loss of factory direct sales which was partially offset by the ramp up of new higher margin consumer sales programs that take up to a year to establish.
Gross margin for the year increased 480 basis points to 33.1% from 28.3% the previous year. This increase is a result of higher product margins, a higher percentage of revenues from Europe, and the management initiatives to tighten controls, streamline operational procedures, and reduce operational costs.
Net loss for fiscal 2008 was $4.2 million, or $0.13 per share, from a loss $2.6 million or $0.11 per share, in the year ago period. Included in the 2008 net loss was a $2.5 million non-cash stock-based compensation expense.
"2008 was a transition year for ICP Solar during which we took significant actions toward becoming the premier provider of innovative solar consumer products," said Sass Peress, ICP Solar chairman and chief executive officer. "We divested the UK factory, significantly reducing expenses, while redirecting our efforts towards product innovation, the sales of higher margin products and improved operational efficiency. These efforts translated into a 480 basis point gross margin improvement. We built out our infrastructure with the addition of key senior sales and business development personnel, expanded our distribution channels through the addition of premier retailers such as Wal-Mart, Costco, Carrefours and Cabela's, and strengthened our balance sheet."
"2009 will be a year of execution for ICP Solar. We plan to introduce a new range of products, emphasize operational excellence, improved margins and reinforce our commitment to building the best team in the market. We have made significant progress this past year and we will be unrelenting in executing on our well-defined strategy of creating and marketing innovative, easy to use products that bring solar into people's homes."
About ICP Solar Technologies, Inc.
ICP Solar is a developer, manufacturer and marketer of solar cells and solar cell based products and building materials. Through the application of next-generation technologies and use of proprietary intellectual design the Company aims to be the industry's innovation leader. For the past 19 years, ICP Solar has led the consumer market through innovation and has now begun to apply that same philosophy to the OEM, rooftop and power generation segment of the solar industry .ICP Solar's management has over 50 years of experience in the renewable energy sector. The company's headquarters are located in Montreal, Canada, with additional locations in the USA, Spain, Ireland and France.
Corporate information may be found at
The forward-looking statements herein include, but are not limited to, the expected expansion of our solar solutions into Europe Middle East, Asia and Africa. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent SB-2 filing with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.
ICP Solar Technologies Inc. Consolidated Statements of Operations For the Years Ended January 31, (Expressed in U.S. Funds) 2008 2007--------------------------------------------------Net Sales $ 6,541,232 $ 7,603,225Cost of Sales 4,375,063 5,454,341--------------------------------------------------Gross Margin 2,166,169 2,148,884--------------------------------------------------Expenses Selling, general and administrative 7,513,739 4,127,676 Depreciation 109,661 307,242 Research and development 87,812 22,678 Foreign exchange loss 10,484 21,558 Write-down of property and equipment - 54,086-------------------------------------------------- 7,721,696 4,533,240--------------------------------------------------Operating Loss (5,555,527) (2,384,356)--------------------------------------------------Interest expense (299,352) (359,446)Interest income 22,077 5,565Discount given on loan receivable (644,619) -Write-down of loan receivable (229,128) -Accretion of discount on convertible notes (586,163) -Accretion of discount on loan receivable 344,767 -Gain on forgiveness of debt - 111,672Gain on disposition of subsidiary 2,818,207 -------------------------------------------------- 1,425,789 (242,209)--------------------------------------------------Loss Before Income Taxes (4,129,738) (2,626,565)Income taxes 93,000 --------------------------------------------------Net Loss (4,222,738) (2,626,565)Other Comprehensive Income (Loss)Foreign currency translation adjustment 2,250 (93,118)--------------------------------------------------Comprehensive Loss $(4,220,488) $(2,719,683)--------------------------------------------------Basic Weighted Average Number of Shares Outstanding 30,148,509 23,693,554--------------------------------------------------Basic and Diluted Loss Per Share (0.14) (0.11)-------------------------------------------------- ICP Solar Technologies Inc. Consolidated Balance Sheet As At January 31, (Expressed in U.S. Funds) 2008 2007==================================================AssetsCurrent Cash $ 20,967 $ 238,509 Term deposit 505,301 505,301 Accounts receivable 873,976 1,610,884 Income taxes recoverable - 573,587 Inventories 2,426,177 2,405,386 Prepaid expenses 86,898 228,433-------------------------------------------------- 3,913,319 5,562,100Property and Equipment 85,478 534,384Investment in EPOD Solar (Wales) Ltd. 1 -Loan Receivable, less unamortized discount of $299,842 2,200,158 -------------------------------------------------- $ 6,198,956 $ 6,096,484--------------------------------------------------LiabilitiesCurrent Bank indebtedness 1,102,311 1,159,689 Accounts payable and accrued liabilities 920,396 1,285,056 Current portion of government grants payable 27,036 114,480 Current portion of long-term debt - 61,493 Current portion of obligation under capital leases - 47,013 Loan payable, director - 501,301-------------------------------------------------- 2,049,743 3,169,032--------------------------------------------------Long-Term Debt - 116,115--------------------------------------------------Convertible Notes, less unamortized discount of $167,492 (2007 - $753,656) 682,508 1,746,344--------------------------------------------------CommitmentsShareholders' EquityCapital Stock 328 290--------------------------------------------------Additional Paid-In Capital 13,105,085 6,482,923Accumulated Other Comprehensive Loss (798,469) (800,719)Accumulated Deficit (8,840,239) (4,617,501)-------------------------------------------------- 3,466,705 1,064,993-------------------------------------------------- $ 6,198,956 $ 6,096,484--------------------------------------------------
SOURCE: ICP Solar Technologies Inc.
ICP Solar Technologies Inc.Laurent Lafite, 514-270-5770 Ext. 120Llafite@icpsolar.comorLippert/Heilshorn & AssociatesJody Burfening/Elric Martinez, 212-838-3777emartinez@lhai.com
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