Business
Luxell reports fourth quarter and year-end fiscal 2008 results
TORONTO, Dec. 2 /CNW/ - Luxell Technologies Inc. (TSX:LUX), a leading provider of electronic disp...
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 2 /CNW/ - Luxell Technologies Inc. (TSX:LUX), a leading\nprovider of electronic displays to the defense and aerospace industries,\nannounced today its preliminary financial results for the fourth quarter and\nfiscal year ended August 31, 2008. All amounts are reported in Canadian\ncurrency unless otherwise stated.\n\n\nHighlights for the Fourth Quarter of 2008\n\n- Revenues were $1.7 million, up 25% from $1.3 million for the same\n period in 2007.\n- EBITDA(1) (earnings before interest, taxes, depreciation and\n amortization) was $300,000.\n- Net income was $717,000, representing the Company's first-ever\n positive result. This compared to a loss of $1.5 million for the\n fourth quarter of 2007.\n- Signed an agreement with Symbolic Displays Inc. to develop a number\n of customized flat panel displays for a U.S. defense industry client.\n- Received a supplemental order for a multi-function display unit from\n Rheinmetall Defense Electronics that will be used by a Europe-based\n defense industry client.\n- Granted a U.S. patent for its efforts at reducing sunlight\n reflections off of onboard flat panel displays while improving\n readability.\n- Reached a record production of maintenance display units for Indra\n Sistemas in August.\n\nHighlights for Fiscal 2008\n\n- Revenues were $5.0 million, an increase of 35% from $3.7 million\n generated for 2007.\n- EBITDA was a loss of $1.3 million.\n- Net loss was $1.6 million compared to a net loss of $4.3 million for\n 2007.\n- Appointed Jean-Louis Larmor as President and CEO effective October\n 22, 2007.\n- Raised approximately $6.2 million in gross proceeds through a non-\n brokered private placement which resulted in the issuance of common\n shares and warrants.\n- Converted approximately $300,000 of debt owed to capital lenders\n into equity in the Company through the issuance of common shares.\n- Signed a number of marketing partnership agreements with leading\n providers of systems and technology to the defense and aerospace\n sectors, including Symbolic Displays Inc., VECTr Systems, and IRTS.\n- Appointed Lt. Col. (retired) Gerrard Hartley as Vice President of\n Business Development.\n- Renewed its ISO 9000:2000 and AS 91000 Quality Management Systems\n Standard certifications.\n- Converted a promissory note valued at approximately $1.4 million into\n approxi...