TORONTO, April 14 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced results for the second quarter of fiscal 2009. The Company reported that revenues for the quarter ending February 28, 2009 increased by 10.22% to $994,179, as compared with $902,025 for the quarter ending February 29, 2008. The total net operating loss for the second quarter of fiscal 2009 was $241,124 compared to an operating loss of $867,310 in the second quarter of fiscal 2008.
Activities for this second quarter, while improved over the first quarter, continued to be impacted by the global economic crisis and the overall slow down in the aerospace and defense sectors. Major air and defense system integrators have continued to postpone new orders and commitments as well as revise their procurement planning.
Luxell incurred total expenses of $1,235,303 in the second quarter of 2009 compared with $1,769,335 in the second quarter of 2008. Cash flow from operations was positive $116,344. The Company incurred an EBITA loss for the quarter of $188,061. This reduced loss represents a decrease of 54% and $215,884 compared to the same period last year.
As previously reported, the Company also reported that on December 18, 2008 it received an expression of intent from Lux Acquisition Corporation ("LAC") to purchase the issued and outstanding shares of the Company at $0.10 a share, payable through a promissory note due on the third-year anniversary closing of the bid. Lux Acquisition Corporation is a federally incorporated company controlled by Jean-Louis Larmor, Luxell's chief executive officer.
During the second quarter, the Company reported on its recommendation of the Offer, and the reasons for its recommendation, as well as the outcome of shareholder response. Subsequent to the end of the second quarter, LAC requisitioned the Company to hold a special meeting for shareholders to vote on the amalgamation of the Company with LAC. This meeting is scheduled to be held on April 20, 2009, at Luxell's Mississauga offices, starting at 10:00 A.M.
For more details and copies of news releases reporting on events through the second quarter please see the complete filings posted on the Sedar web site or www.luxell.com for all news releases.
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