XPEL Technologies Corp. (TSXV:DAP.U), a leading supplier of
automotive paint protection and window films, announced results for
the first quarter ended March 31, 2016.
Mr. Ryan Pape, President and Chief Executive Officer of XPEL,
commented, “Our first quarter results demonstrate continued
momentum and customer confidence, characterized by strong revenue
growth of 39%. We are seeing heightened marketplace awareness of
the XPEL brand, driven by our high quality products, our training
and support offerings and our industry leading customer service.
Our strategy to increase our direct presence in the international
markets that we serve is gaining traction and allows us to be close
to our end customer, which enables us to deliver a more consistent
product, real-time service and on-demand training.
“We are focused on expanding the reach of our product offerings
within the automotive aftermarket and in late April we announced
that our paint protection and window film products will be
available to the more than 50 Tint World franchisees throughout the
U.S. XPEL will provide expert training and certification of
installers at each franchise stocking our product to ensure that
the end customer receives a finished product consistent with our
quality standards. We’re pleased to have entered into this
strategic partnership which enables us to bring our film products
to an expanded audience of potential customers and increases our
brand exposure in the United States.
“As previously announced, during the fourth quarter of 2015, we
rolled out a new ordering and account management portal for our
dealers, expanding our logistics footprint across the U.S., Canada,
and Europe. The portal provides a state-of-the-art ordering
experience, including a streamlined mobile platform which helps us
attract and retain customers through its convenience and ease of
use. As expected, the marketplace has responded enthusiastically
and traffic through the portal is increasing every day.”
For the Quarter Ended March 31, 2016:
Revenue: Revenue in the first quarter of fiscal 2016 was $11.3
million, a 39% increase as compared to revenue of $8.1 million in
the same prior year quarter and a slight increase sequentially as
compared to the fourth quarter of fiscal 2015. On a constant
currency basis, revenues increased 41% to $11.5 million.
Gross Margin: Gross profit as a percentage of sales decreased to
29% from 35% in the first quarter last year. In the first quarter
and going forward, the Company has allocated more personnel costs
to cost of goods sold, reflecting the increased dedication of those
employees to the installation business.
Expenses: Selling, general and administrative expenses increased
on a dollar basis but declined as a percentage of revenue to 21% as
compared to 25% in the first quarter of 2015.
Net Income: Net income for the fiscal 2016 first quarter was
$697,180 or $0.027 per basic and diluted share based on 25,784,950
shares outstanding, compared with net income of $672,208, or $0.026
per basic and diluted share based on 25,784,950 shares outstanding,
for the corresponding prior year period. On a constant currency
basis, net income for the fiscal 2016 first quarter was
$863,984.
EBITDA: EBITDA was $1.2 million as compared to EBITDA of $1
million in the same prior year quarter. On a constant currency
basis, EBITDA increased 16% to $1.3 million in the first quarter of
2016.
Mr. Pape continued, “We remain focused on strengthening our
marketing strategies, growing our international presence with
locations closer to our end customers and expanding our
distribution channels. We are intent on driving efficiencies in our
cost structure to achieve enhanced profitability as we continue to
grow our revenue.”
Conference Call Information
The Company will host a conference call to discuss the fourth
quarter and year end results today, May 26, 2016 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”
under the “Company” header.
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 June 26,
2016 and may be accessed by dialing (877) 660-6853. International
callers may dial (201) 612-7415. Callers should use conference ID:
13638395.
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
Condensed Consolidated Statement of Comprehensive Income
(Expressed in United States Dollars)
Three Months Ended March 31, 2016
2015
Revenue $
11,299,191
$ 8,133,932
Expenses Direct costs 8,012,303 5,287,895
Selling, general and administrative 2,361,280 2,024,531 Unrealized
foreign currency loss (gain) 11,395 5,134
Income from
operations 914,213 816,372 Interest expense 66,011 38,164 Loss
on sale of property, plant and equipment 364 - 66,375 38,164
Net income before income tax 847,838 778,208
Provision for income tax Deferred income tax expense
(recovery) 21,725 106,000 Current income tax expense 128,933 -
150,658 106,000
Net Income $ 697,180 $ 672,208
Exchange differences on translating foreign operations 207,821
(117,238)
Total comprehensive income $ 905,001
$ 554,970
Net income attributable to equity holders of
the Company 708,709 697,443
Non-controlling
interest (11,529) (25,235) $ 697,180 672,208
Earnings
per share Basic and diluted $ 0.027 $ 0.026 Weighted average
number of common shares outstanding 25,784,950 25,784,950
XPEL TECHNOLOGIES CORP. Condensed
Consolidated Balance Sheet (Expressed in United States Dollars)
March 31, December 31,
2016 2015 Assets
Current Cash and cash equivalents $ 2,594,194 $
2,840,549
Accounts receivable 3,688,364 3,450,407
Inventory 7,002,554 6,972,768
Prepaid expenses and sundry
assets 733,571
522,613
Income taxes receivable
48,004
300,668
Total current assets 14,066,687 14,087,005
Property, plant and equipment 1,270,905 1,235,337
Intangible assets 2,628,810 2,434,692
Deferred tax
asset 97,651 100,659
Goodwill 1,724,262
1,668,527
Total assets $ 19,788,315 $
19,526,220
Liabilities Current Bank
operating facility $ 3,000,000 $ 3,000,000
Accounts payable
and accrued liabilities 4,023,500 4,465,819
Notes
Payable 176,408 191,978
Income Tax Payable - 117,649
Current portion of Bank Loan Payable 547,168 542,181
Current portion of note – vendor loan 542,066
481,652
Total current liabilities 8,289,142 8,799,279
Deferred tax liability 605,982 558,116
Bank loan
payable 866,183 1,004,369
Note payable – vendor loan
780,332 822,780
Total liabilities
10,541,639 11,184,544
Equity Capital stock
6,635,133 6,635,133
Contributed surplus 2,165,130 2,165,130
Accumulated other comprehensive income (414,172 ) (621,993 )
Retained Earnings (Deficit) 875,292 166,583
9,261,383 8,344,853
Non-controlling interest (14,706
) (3,177 )
Total liabilities and equity $ 19,788,315
$ 19,526,220
Constant Currency
The Company reports results in U.S. Dollars, but does business
on a global basis. Exchange rate fluctuations affect the U.S.
Dollar value for foreign currency revenue and expenses and may have
a significant effect on reported results. Comparisons are made to
the prior year in constant currency terms, which Management
believes is helpful in understanding the Company’s performance.
Constant currency is calculated by converting current period
results using the prior year currency exchange rates.
Non-IFRS Measures
In addition to disclosing results in accordance with IFRS as
issued by IASB, the Company also provides supplementary non-IFRS
measures as a method of evaluating the Company’s performance.
Management uses EBITDA as a measure of company-wide performance.
EBITDA is defined as earnings before interest, taxes, depreciation,
and amortization. Management believes EBITDA is a useful measure to
allow period-to-period comparison of the Company’s operating
performance. EBITDA does not have a standardized meaning under IFRS
and is not necessarily comparable to measures presented by other
Companies. EBITDA excludes components that are significant in
understanding and assessing our results of operations and cash
flows. EBITDA does not represent funds available for Management's
discretionary use and is not intended to represent cash flow from
operations. EBITDA should not be considered a substitute for Net
Income prepared in accordance with IFRS as issued by the IASB.
EBITDA Reconciliation
Three Months Ended March 31
2016
March 31
2015
Net Income $ 697,180 $ 672,208
Interest
66,011 38,164
Taxes 150,658 106,000
Depreciation
69,309 45,455
Amortization 192,281
133,210
EBITDA $ 1,175,439 $ 995,037
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160526005379/en/
XPEL Technologies Corp.Public Relations:CommCore Consulting
GroupDale Weiss,
202-659-4177dweiss@commcoreconsulting.comorInvestor
Relations:Institutional Marketing Services (IMS)John
Nesbett/Jennifer
Belodeau203-972-9200jnesbett@institutionalms.com
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