TORONTO, July 8 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced that revenues (unaudited) for the three months ending May 31, 2008 were $1,001,731 as compared with $894,034 for the three months ended May 31, 2007. This is an increase of $107,697 or 12% for the same period a year earlier.
The net loss for the quarter was $1,259,983 ($0.02 per share) compared to a loss of $1,213,455 ($0.03 per share) for the three months ended May 31, 2007. Revenues for the third quarter continued to result exclusively from the high performance display products business.
Revenues for the nine-month period ended May 31, 2008 were $3,359,672 compared to $2,422,355 for the same period last year or an increase of 39% from 2007 to 2008. The net loss for the nine months was $3,028,141 or $0.08 per share compared to a loss of $4,982,413 or $0.11 per share for the same period in fiscal 2007. This is an improvement of 39% for the same comparative period.
In commenting on the 3rd quarter results, Jean-Louis Larmor, Luxell's CEO, said that "while we are well aware of the challenges we face in completing the transformation of the Company, we are also pleased to report that we continued to make operational progress and were able to further reduce costs and improve long-term margins during the fiscal third quarter. We also have several strategic initiatives in place which we expect will shortly have a positive impact on our ability to achieve profitable long term growth. The business activities are growing for LUXELL and we remain confident in the promising markets in which we operate."
Complete details of the Company's unaudited third quarter financial statements for fiscal 2008 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 defense 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.
%SEDAR: 00008266E