Business
Legend Power Announces Results for Third Quarter 2017
(via TheNewswire) Company Bests Quarterly Revenue and Unit Sales ...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power Announces Results for Third Quarter 2017(via TheNewswire)\n \n \nCompany Bests Quarterly Revenue and Unit Sales Records \n\n\n \nand Achieves Positive EBITDA\n\n \n \nVancouver, Canada / TheNewswire / August 24, 2017 - Legend Power Systems Inc. (\"Legend\" or \"the Company\")(TSXV: LPS) a global leader in voltage reduction and optimization technology, today reported its third quarter 2017 financial results for the three and nine months ended June 30, 2017. Currency amounts are in Canadian dollars. A complete set of the June 30, 2017 Consolidated Financial Statements and Management's Discussion & Analysis have been filed on SEDAR (www.sedar.com) and are available on Legend's corporate website, http://legendpower.com/investors/financial-statements/.\n\n\n \nHighlights for the three months ended June 30, 2017:\n\n\n \n\n\nGreater than 50% growth in quarter over quarter revenue\n\n\n\nRecorded first ever quarter of positive Adjusted EBITDA2\n\n\n\nAchieved record quarterly revenue of $1,516,813 on sale of 26 units\n\n\n\nBlended gross profit margin of 47%\n\n\n\n10 unique customer transactions\n\n\n\nCommitted Orders* for 13 units as at June 30, 2017\n\n\n\n \n \n\"The third quarter of fiscal 2017 was the Company's best ever,\" said Randy Buchamer, Legend's President & CEO. \"We have again taken significant steps along our 2017 transformation journey from an early stage entity to a growth stage company. We continue to add first class talent to the team, strengthen our balance sheet, and improve operational capacity. For the first time in our company's history we have achieved positive EBITDA. A healthy trend in Committed Orders is a testament to our firmly established reputation as a leading energy efficiency company with a product that provides strong energy savings. We believe in our roadmap for success and our outlook has never been more optimistic.\"\n\n \n \nThe Company's cash position has recently benefitted from the early exercise of 3,834,368 warrants at a price of $0.40 each for total proceeds of $1.53m. Several insiders and a core group of shareholders exercised these warrants prior to their scheduled expiry on December 30, 2017. \n\n\n \nThe strategic direction for Legend's fourth quarter and beyond includes continued expansion in the Ontario region, strategic expansion into the United States as a sec...