June 29, 2011, Welland, ON – CRS Electronics Inc. (“CRS” or the “Company”), (TSX-V:LED)
(OTCQX:LEDCF), a developer and manufacturer of LED lighting, today reported financial results for the three month period ended March 31, 2011.
For ongoing financial reporting, the Company has successfully transitioned to International Financial Reporting Standards (“IFRS”). As such, all figures from January 1, 2011 onwards will be expressed in US dollars, unless otherwise specified, and will incorporate IFRS. Comparative information for 2010 has been
restated in US dollars and in accordance with IFRS.
For the three months ended March 31, 2011, the Company reported a sales decrease of 14% to $540,693 from $628,600 for the same period last year.
Revenue from the Company’s commercial LED MR16 increased 27% while sales from bus lighting and contract manufacturing decreased resulting in the overall
sales reduction. Decreased bus lighting and contract manufacturing sales are a result of difficult economic times and budget cut-backs in the sectors. Net loss for the quarter was $516,683 or $0.02 per share versus a net loss for the comparative period 2010 of $476,093 or $0.02 per share. Cash at March 31, 2011 was $212,054 and working capital was $409,931.
“Most noteworthy during the quarter, as we target high-volume sales channels, is the securing of our agreement with Energizer. Having the Energizer brand name behind our products is a testament to our quality and provides commercial and retail consumers with a recognized name they can trust,” said Scott Riesebosch, President of CRS Electronics. “CRS staff have been working hard to ramp up production and we have begun negotiations with several key North American retail partners to begin shipping later this year and into 2012, as stocking requirements and timelines are determined. We look forward to announcing retail
partners in the coming months.”
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