TORONTO, July 13 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced that revenues for the three months ending May 31, 2007 were $894,034 as compared with $703,028 for the three months ended May 31, 2006. This is an increase of $191,006 or 27% for the same period a year earlier.
The net loss for the quarter was $1,213,455 (($0.03) per share) compared to a loss of $1,877,206 (($0.04) per share) for the three months ended May 31, 2006. Revenues for the third quarter resulted exclusively from the high performance display products business.
Revenues for the nine-month period ended May 31, 2007 were $2,422,355 compared to $2,490,292 for the same period last year. The net loss for the nine months was $4,982,413 or $0.11 per share compared to a loss of $5,498,841 or $0.12 per share for the same period in fiscal 2006.
In commenting on the third quarter results, David Pasieka, Luxell's CEO, said that "while we have certainly felt the business was stabilizing after the changes of last year and through the first half of fiscal 2007, we're greatly encouraged to see that now begin to show up in the financial results. There are still significant challenges but we continue to see progress with our business developments and remain optimistic about the company's future performance."
Complete details of the Company's unaudited third quarter financial statements for fiscal 2007 will be found at www.sedar.com.
About Luxell
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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.
Forward-Looking Statements
This news release contains certain "forward-looking statements" that reflect the current views and/or expectations of Luxell Technologies Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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