Luxell Reports Second Quarter 2009 Financial Results

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[{"type":"text","content":"\n\n\n\nTORONTO, April 14 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today\nannounced results for the second quarter of fiscal 2009. The Company reported\nthat revenues for the quarter ending February 28, 2009 increased by 10.22% to\n$994,179, as compared with $902,025 for the quarter ending February 29, 2008.\nThe total net operating loss for the second quarter of fiscal 2009 was\n$241,124 compared to an operating loss of $867,310 in the second quarter of\nfiscal 2008.\n\n\nActivities for this second quarter, while improved over the first\nquarter, continued to be impacted by the global economic crisis and the\noverall slow down in the aerospace and defense sectors. Major air and defense\nsystem integrators have continued to postpone new orders and commitments as\nwell as revise their procurement planning.\n\n\nLuxell incurred total expenses of $1,235,303 in the second quarter of\n2009 compared with $1,769,335 in the second quarter of 2008. Cash flow from\noperations was positive $116,344. The Company incurred an EBITA loss for the\nquarter of $188,061. This reduced loss represents a decrease of 54% and\n$215,884 compared to the same period last year.\n\n\nAs previously reported, the Company also reported that on December 18,\n2008 it received an expression of intent from Lux Acquisition Corporation\n("LAC") to purchase the issued and outstanding shares of the Company at $0.10\na share, payable through a promissory note due on the third-year anniversary\nclosing of the bid. Lux Acquisition Corporation is a federally incorporated\ncompany controlled by Jean-Louis Larmor, Luxell's chief executive officer.\n\n\nDuring the second quarter, the Company reported on its recommendation of\nthe Offer, and the reasons for its recommendation, as well as the outcome of\nshareholder response. Subsequent to the end of the second quarter, LAC\nrequisitioned the Company to hold a special meeting for shareholders to vote\non the amalgamation of the Company with LAC. This meeting is scheduled to be\nheld on April 20, 2009, at Luxell's Mississauga offices, starting at 10:00\nA.M.\n\n\nFor more details and copies of news releases reporting on events through\nthe second quarter please see the complete filings posted on the Sedar web\nsite or www.luxell.com for all news releases.\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licen...

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