TORONTO, April 11 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today
announced that revenues for the second quarter of fiscal 2005, ending
February 28, 2005, were $416,553, as compared to $444,489 for the same period
in the prior fiscal year. The net loss for the second quarter was $1,931,236
or $0.05 per share compared to a net loss of $1,915,149 or $0.05 per share for
the second quarter of 2004. Loss before interest, taxes, depreciation and
amortization (EBITDA) for the second quarter was $1,670,813 compared to a loss
of $1,504,254 for the same period last year.
Second Quarter Highlights:
- Captured a full production contract for its Maintenance Data Panel
Displays (MDPDs), for use on the Eurofighter (EFA) program. The award
was received from Indra Systemas (INDRA) of Madrid, Spain, in two
stages, the first in this quarter, and the second immediately after
the close of the period, for a total value in excess of CAD $3M.
- Strengthened its Intellectual Property (IP) portfolio by acquiring a
US patent and advancing existing filings for its Generation I and II
Black Layer(TM) technologies, the second of which has specific
relevance in emerging Organic Light Emitting Diode (OLED) display
markets.
- Launched a new family of high performance, active matrix LCD display
products, designed specifically for land-based vehicle usage. Initial
contracts for this product type were secured from Denel/DLS Systems
and a major U.S. contractor.
- Completed new equity-based financing, yielding gross proceeds of
CAD $2,470,967, via a fully subscribed rights offering.
- Advanced the commercialization of Black Layer(TM) and OLED
technologies by entering into an understanding with IMC Capital
Corporation (IMC) of Hong Kong, which established a strategic
partnership for development of manufacturing capability for
production of display products based upon these concepts and IP.
Revenues for the six-month period ending February 28, 2005 were
$1,291,761, as compared to $1,067,795 for the same period last year. The net
loss for the six months was $3,725,134 or $0.09 per share compared to a net
loss $3,728,707 or $0.10 per share for the same period of fiscal 2004. EBITDA
for the six months was a loss of $3,185,445 compared to a loss of $2,903,624
for the same period last year.
Commenting on the results, John Wright, CEO and President, said, "While I
am disappointed that our performance over the first 6 months of the year is
only a modest advance over 2004, we enter the year's second half in far better
shape than a year ago. Our backlog is strengthening continually and is now in
excess of $5M, with realistic expectation of further significant gains in the
remainder of the year. If we are able to sustain this performance, then I am
confident that we can secure our 2005 business goals, as stated at our AGM."
About Luxell
Luxell designs, manufactures and licenses flat panel display technologies
and solutions for defence, avionics and consumer industries through its
operating divisions, Aktelux and Luxell Research. More information can be
found at www.luxell.com, www.aktelux.com and www.luxellresearch.com.
(C) Luxell Technologies Inc., Luxell, and Black Layer(TM) 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
