Business
MicroPlanet's Smart Grid Product Sales Increase 262%
MicroPlanet's Smart Grid Product Sales Increase 262%
About this update from Medicure Inc.
[{"type":"text","content":"\n\n\n\n Aug. 12, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n >\n\n\nSEATTLE, Aug. 12 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a smart grid technology energy conservation company, today reports interim unaudited consolidated financial results for the three-month and six-month periods ended June 30, 2010 (the "Quarter"). All dollar figures are reported in U.S. currency, unless otherwise stated.\n\n\n >\n\n\nDuring the Quarter, MicroPlanet commenced delivery of its next generation distributed voltage optimization products to utilities and commercial enterprises and recorded sales of $804,955, an increase of 262% over the Prior Year Quarter. Gross margins earned on sales were $272,319 or 34% and expenses for the Quarter decreased by 15.8% to $868,316 compared to $1,031,638 during the Prior Year Quarter. Net loss for the Quarter was $594,919 or $0.01 loss per share (basic and diluted) compared to a net loss of $1,043,157 or $0.03 loss per share (basic and diluted) in the same Prior Year Quarter.\n"MicroPlanet has made significant progress the past months in controlling and reducing our operating costs while simultaneously increasing our sales and margins," stated Brett Ironside, CEO and President of MicroPlanet. "We are extremely focused and working diligently on several sales and partnership fronts to obtain the next significant sales that will bring us to critical mass and positive cash flow. This milestone will allow us to dedicate even more of our resources to expanding our direct strategic sales efforts as well as global sales and distribution channels and partners."\n"During the Quarter, MicroPlanet shifted production to its new generation of distributed voltage optimization systems. Our next generation products offer our customers a compelling combination of power quality improvements and energy savings," continued Ironside. "Our voltage optimization products are providing meani...