Business
MicroPlanet Reports Q2 Results
Company: MicroPlanet Technology Corp. Stock Listing: MP:TSXV Stock Listing (US): M...
About this update from Medicure Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nCompany: MicroPlanet Technology Corp.\nStock Listing: MP:TSXV\nStock Listing (US): MCTYF: OTC\nWeb Site: www.microplanet.com\n\n\nSEATTLE, WA, Aug. 25, 2011 /CNW/ - (MP:TSXV MCTYF:OTC) MicroPlanet\n Technology Corp. (\"MicroPlanet\" or the \"Company\") a provider of smart\n grid technology which significantly increases efficiency, quality, and\n conservation of electricity, today reported interim unaudited\n consolidated financial results for the three-month period ended June\n 30, 2011 (the \"Quarter\"). All dollar figures are reported in U.S.\n currency, unless otherwise stated.\n\n\nQuarter Highlights\n\n\nObtained Underwriters Laboratories certification for initial model of\n new 4 kVA product line.\n\n\nSubsequent to the end of  the  Quarter, announced  selection by US\n Department of Energy to supply voltage regulation services for the 2011\n Solar Decathlon (http://www.solardecathlon.gov/).\n\n\nReported sales of $145,944, an 82% decrease over the prior year quarter.\n\n\nTotal expenses for the Quarter increased by 3% to $1,008,615 compared to\n the prior year quarter.\n\n\nOperating expenses decreased by 4% to $785,870 compared to the prior\n year quarter.\n\n\nNet loss for the Quarter increased by 47% to $1,032,961 as compared to\n the prior year quarter.\n\n\nSales  for  the  Quarter  consisted of  deliveries  of  the  Company's \n Second  Generation Low  Voltage  Regulators (LVR2)  to an  energy\n utility  in  Australia  and domestic  deliveries  of  a new  line  of\n commercial energy conservation products to the US Department of Defense\n and new customers in Hawaii.\n\n\n\"As we noted in our first quarter report, revenues for the remainder of\n 2011 are expected to remain low as we obtain commercial certifications\n for our advanced technology, complete product development and line\n extensions for other jurisdictions around the world, and begin\n marketing and building our order book for 2012,\" stated Brett Ironside,\n MicroPlanet President and CEO. \"We expected and experienced negative\n margins during the Quarter due to the need to finalize development and\n certification of our new product lines simultaneously with production\n of the initial units. The combination of ...