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May 1, 2009 -
XPEL Technologies Corp. announced today results for the year ended
December 31, 2008 as compared to the year ended December 31, 2007.Ryan Pape,
XPEL's CEO, stated, "Over the past nine months, through management changes, an
internal reorganization and the disposition of two subsidiaries, we have brought
the cost structure of the business in-line with our revenues. We are beginning
to see the benefit of these efforts as we look forward to the first quarter of
2009 where we anticipate net income profitability. As 2009 progresses we will
continue to look for opportunities to expand product distribution and enter new
strategic markets, while maintaining a cost-effective and prudent approach to
operating our business."
Year Ended December 31, 2008 compared to the Year Ended December 31, 2007
Revenues. Revenues increased from $5,790,459 to
$7,776,128, or 34% between periods. The increase in revenues is primarily
a result of significant increases in our Installation, kit and material sales
between periods. Installation, kit and material sales increased $2,385,563 or
68% between periods and increased as a % of total revenues to 76% of our total
revenues for the year ended December 31, 2008. This increase was primarily due
to the acquisition of Shadow Tinting, Ltd., and its strong installation and
wholesale PPF and tint film business in June of 2007.
Contact:
Web Site:
http://www.xpel.com
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