Business
Luxell Continues to Build Turnaround Momentum:
Revenues Increase and Costs Continue to be Reduced Compared to Same Quarter Last Year TORONTO, Ap...
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nRevenues Increase and Costs Continue to be Reduced Compared to Same\n\n\nQuarter Last Year\n\n\nTORONTO, April 15 /CNW/ - Luxell Technologies Inc. (TSX:LUX) announced\nresults for the second quarter of fiscal 2008. The Company reported that\nrevenues for the quarter ending February 29, 2008 were $902,025 as compared\nwith $801,389 for the quarter ending February 28, 2007.\n\n\nIn the same quarter, the Company also recorded extra-ordinary gains on\nthe adjustment of a valuation allowance and certain debt reduction of\n$8,910,037 and $694,397 respectively. As a result, Luxell's second quarter saw\na net profit of $8,737,124, or $0.14 per share compared to a loss of\n$1,677,590 or $0.04 per share the second quarter of fiscal 2007.\n\n\nLuxell incurred total expenses of $1,769,335 in the second quarter of\n2008 compared with $2,478,979 in the second quarter of 2007. The Company\ncontinues to see growth in its Earnings Before Interest, Tax, Depreciation,\nand Amortization ("EBITDA"), as the company achieved Q2 EBITDA of $(403,945)\ncompared with EBITDA of $(1,422,169) in the same period of fiscal 2007.\n\n\nJean Louis Larmor, Luxell CEO stated, "We have now overcome the question\nof whether we can operate a profitable business and have also eliminated the\nvaluation allowance on tax benefits, reflecting the confidence our Board and\nManagement have that Luxell will earn profits in future years sufficient to\nuse these tax benefits."\n\n\nBeyond these extra-ordinary gains, Luxell continues to see a turnaround\nat the EBITA level as Q2 achieved an improvement of $614,279 compared to the\nprevious quarter and, Mr. Larmor continued, "we are working to close this gap\nand are targeting the goal of achieving a positive EBITA in the final half of\nfiscal 2008.\n\n\nFor more details please see the complete filings posted on the Sedar web\nsite.\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand solutions for defence and avionics industries. More information can be\nfound at www.luxell.com. (C) Luxell Technologies Inc., Luxell and Black Layer\nare trademarks of Luxell Technologies Inc. All other company and/or product\nnames are trademarks and/or registered trademarks of their respective\nmanufacturers.\n\n\n%SEDAR: 00008266E\n\n\n","length":2399,"tagName":"di...