TORONTO, July 7 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today
announced that revenues for the third quarter of fiscal 2005, ending May 31,
2005, were $505,385, as compared with $841,304 for the same period in the
prior fiscal year. The net loss for the third quarter was $1,642,773 or $0.04
per share compared to a net loss of $1,604,935 or $0.04 per share for the
third quarter of 2004. Loss before interest, taxes, depreciation and
amortization (EBITDA) for the third quarter was $1,366,354 compared to a loss
of $1,294,775 for the same period last year.
Third Quarter Highlights:
- Received two significant contract awards that have spurred business
growth related to the new Aktelux C-Series of high performance, land-
based LCD displays:
- Awarded a follow-on order for 100 military displays from a
major U.S. prime contractor (who wishes to remain anonymous
for competitive reasons). Potential follow-on business
related to this contract award alone could exceed 600 units,
worth an estimated value of CAD $2.3M.
- Expanded our customer base with an initial contract award
from Oerlikon Contraves (Canada) Inc. for the development of
tablet computer display systems to be used by the Royal
Netherlands Army in the Weapons Terminal as part of the
Future Ground Based Air Defence System (FGBADS) program for
Stinger missiles.
- Awarded a significant contract for 285 Maintenance Data Panel
Displays (MDPDs) for the Eurofighter (EFA) program. The contract with
Indra Systemas (INDRA) of Madrid, Spain is valued in excess of $3M
and is in addition to the pre-production order of 30 Aktelux MDPDs
received last quarter, as highlighted in Q2 Results news release.
- Signed a Memorandum Of Agreement (MOA) with Advanced Neotech Systems
(ANS), a Korean flat panel display equipment designer and
manufacturer to further advance the commercialization of new Organic
Light Emitting Diode (OLED) based technologies featuring Black
Layer(TM).
- Entered into a joint development agreement with Organic Lighting
Technologies (OLT), LLC of Austin, Texas to develop a white OLED
backlight device for the enhancement of full colour LCD flat panel
displays.
- Appointed The Honourable Art Eggleton, P.C. to Luxell's Board of
Directors, to leverage his proven skills and leadership to the
maximum benefit of Luxell's shareholders and customers.
- Secured $1.1M working capital through shareholder/investor loans and
advances to support Company's near-term growth needs.
Revenues for the nine-month period ended May 31, 2005 were $1,797,146, as
compared to $1,909,099 for the same period last year. The net loss for the
nine months was $5,367,907 or $0.13 per share compared to a net loss
$5,333,642 or $0.14 per share for the same period of fiscal 2004. EBITDA for
the nine months was a loss of $4,551,799 compared to a loss of $4,198,399 for
the same period last year.
John Wright, CEO and President, said, "While our financial performance in
this quarter was a disappointment, the causes are understood, and have stemmed
from a protracted interruption of production during the prior quarter, which
has now rippled through into revenues. This issue has been corrected, and
thus, I expect us to begin recovering from this situation during the balance
of the year. Other events of the quarter, and immediately subsequent, have
been progressively positive: our backlog continues to grow, the infrastructure
necessary for the commercial success of Black Layer is being put in place, and
the financial support required to take us to a cash-flow positive state is
being secured."
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.
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