Xplore Reports FY 2011 Annual Results
Xplore Techs Corp (de) (QB) (USOTC:XLRT)
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Today : Friday 24 June 2011
Xplore Technologies Corp. (OTCMarkets.com - XLRT), a manufacturer of award-winning rugged tablet PCs, today reported revenue of $17,759,000 for the fiscal year ended March 31, 2011, as compared to $21,940,000 for the fiscal year ended March 31, 2010, a decrease of approximately 19 percent.
Mark Holleran, President and Chief Operating Officer of Xplore said, “The decrease in revenue is attributable to a decrease in unit sales of approximately 15 percent and an additional decrease of approximately 6 percent in our average selling prices, due to product mix changes.” Mr. Holleran added that the delay in the launch of the company’s iX104C5 product family to fiscal 2012 resulted in “many of our customers delaying their orders until our new product line was available.”
Holleran noted that the initial response to the launch of the iX104C5 has been good, although he cautioned that the selling effort commenced late in the first quarter of fiscal 2012 and the selling cycle is such that expected revenue from the product launch should only begin to be fully reflected in the second half of fiscal 2012 (which would be the quarters ending in December 2011 and March 2012). “We are seeing a definite increase in interest for the new line among our existing customers and new customers,” Holleran affirmed.
Total gross profit decreased by $342,000 to $5,421,000, or 30.5 percent of revenue, compared to gross profit the previous year of $5,763,000, or 26.3 percent of revenue. The decrease in gross profit was attributable to the decrease in revenue and unit sales while the increase in gross profit percentage for the year, as compared to the prior year, was due to a more favorable product mix.
Operating expenses for the years ended March 31, 2011 and 2010 were $8,032,000 compared to $8,575,000, a decrease of approximately six percent. Research, development and engineering costs were reduced by approximately 24 percent as activities focused exclusively on the development of the new iX104C5 line of tablet computers. In addition, sales, marketing and support expenses increased 14 percent as the company prepared for the launch of the new product line in the first quarter of fiscal 2012. General administration expenses of $2,974,000 for fiscal 2011 were also reduced in fiscal 2011 by approximately eight percent from the $3,248,000 recorded in fiscal 2010.
The company’s net loss for the year ended March 31, 2011 was $6,389,000, or $0.04 per common share, compared to a net loss of $5,569,000, or $0.05 per common share, for the year ended March 31, 2010.
Additional financial information regarding Xplore’s operating results for fiscal 2011 is available in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission, which is available at www.sec.gov.
About Xplore Technologies®
Founded in 1996, Xplore Technologies (www.xploretech.com) is a recognized pioneer and global leader in the rugged mobile computing industry. The Company engineers, manufactures, sells and supports rugged mobile, wireless tablet computing systems, its sole focus and dedication. Their systems are used globally by some of the industry’s toughest customers, in the harshest working conditions. The Company’s products enable the extension of traditional computing systems to a range of field and on-site personnel, enabling end-users to receive, collect, analyze, manipulate and transmit information in a variety of environments not suited to traditional non-rugged computing devices. The Company’s end-users are in markets that include utility, warehousing/logistics, public safety, field service, transportation, manufacturing, route delivery, military and homeland security, among others.
Xplore Technologies, Xtreme Tablet, iX104C5, DMSR, iX104C5 DM, iX104C5 DML, iX104C5 M, iX104C5 DMCR, AllVue Xtreme are trademarks or registered trademarks of Xplore Technologies Corporation. Windows 7 is a registered trademark of Microsoft Corporation and Intel and Core i7 are trademarks of registered trademarks of Intel Corporation.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect Xplore’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Xplore with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Xplore does not intend and does not assume any obligation to update these forward-looking statements.
