Revenues Increase and Costs Continue to be Reduced Compared to Same
Quarter Last Year
TORONTO, April 15 /CNW/ - Luxell Technologies Inc. (TSX:LUX) announced results for the second quarter of fiscal 2008. The Company reported that revenues for the quarter ending February 29, 2008 were $902,025 as compared with $801,389 for the quarter ending February 28, 2007.
In the same quarter, the Company also recorded extra-ordinary gains on the adjustment of a valuation allowance and certain debt reduction of $8,910,037 and $694,397 respectively. As a result, Luxell's second quarter saw a net profit of $8,737,124, or $0.14 per share compared to a loss of $1,677,590 or $0.04 per share the second quarter of fiscal 2007.
Luxell incurred total expenses of $1,769,335 in the second quarter of 2008 compared with $2,478,979 in the second quarter of 2007. The Company continues to see growth in its Earnings Before Interest, Tax, Depreciation, and Amortization ("EBITDA"), as the company achieved Q2 EBITDA of $(403,945) compared with EBITDA of $(1,422,169) in the same period of fiscal 2007.
Jean Louis Larmor, Luxell CEO stated, "We have now overcome the question of whether we can operate a profitable business and have also eliminated the valuation allowance on tax benefits, reflecting the confidence our Board and Management have that Luxell will earn profits in future years sufficient to use these tax benefits."
Beyond these extra-ordinary gains, Luxell continues to see a turnaround at the EBITA level as Q2 achieved an improvement of $614,279 compared to the previous quarter and, Mr. Larmor continued, "we are working to close this gap and are targeting the goal of achieving a positive EBITA in the final half of fiscal 2008.
For more details please see the complete filings posted on the Sedar web site.
About Luxell
Luxell designs, manufactures and licenses flat panel display technologies and solutions for defence and avionics industries. More information can be found at www.luxell.com. (C) Luxell Technologies Inc., Luxell and Black Layer are trademarks of Luxell Technologies Inc. All other company and/or product names are trademarks and/or registered trademarks of their respective manufacturers.
%SEDAR: 00008266E