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ICP Solar: Fiscal 2009 Third Quarter Financial Results
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ICP Solar Technologies Inc., a developer, manufacturer and marketer of proprietary solar panels and products, announced financial results for its third quarter and nine months ended October 31, 2008.
Highlights for the Quarter
* Sales were $1.2 million for the fiscal third quarter as compared with $1.6 million for the third quarter of fiscal 2008; on an organic basis, excluding discontinued operations, revenue fell 14% year-over-year, reflecting working capital constraints that impacted the Company’s ability to ship during the quarter. Given current inventory levels and production plans, the Company is very well positioned to deliver on new programs and is in the process of securing additional capital for growth expected in 2009
* The Company reduced selling, general, and administrative expenses (SG&A) by nearly 40% versus the prior-year period
* Adjusted EBITDA was $(1.2) million for the quarter, a slight improvement over the quarter ended October 31, 2007
* The Company entered into an LOI for the acquisition of Ibersolar Energía, S.A., a leading European manufacturer and supplier of solar systems, on October 21, 2008. Effective December 15, 2008, the Company and Ibersolar mutually agreed to let the LOI expire but continue to discuss strategic options that would prove beneficial to both parties
* ICP Solar recently announced a series of new business wins, including the sale of off-grid modules in Africa; the first shipments of its proprietary GreenMeter products; an agreement for the sale of Sunsei® solar chargers in Europe through the large retailer Leroy Merlin; additional sales with both Wal-Mart and Costco; and the first sales of Sunsei® vents that will be installed directly at the factory of an RV producer
“ICP Solar took aggressive steps this quarter to position the company for rapid expansion and improved operating results in 2009,” said Sass Peress, CEO. “While sales fell slightly versus last year excluding our discontinued U.K. operations, reflecting some working capital constraints, the Company has now secured over $5 million worth of new business for next year – a record this early in the season and one that clearly indicates the accelerating traction of our core Sunsei® and Coleman® products. As recently announced, we also started shipping our innovative GreenMeters® across North America, which are now performing in the field with very promising results.
“We will begin shipping products to Leroy Merlin, one of Europe’s largest retailers of home improvement merchandise, in early 2009, while increasing our deliveries to Wal-Mart, Costco, and West Marine here at home. In addition, we have re-entered the African market with our first orders for off-grid solar modules – which will provide remote power generation to thousands of people who currently lack any source of reliable electricity. Concurrently, we boosted R&D spending significantly and are planning additional product introductions next year. We expect current and future solar applications to drive fiscal 2010 to our highest top-line performance ever.
“While solidifying ICP Solar’s revenue outlook, we have also succeeded in dramatically reducing SG&A and implemented several initiatives to further cut costs and improve cash flow. The Company has identified over $750,000 in corporate expenses that can be eliminated, and the impact of these actions will be noticeable on our bottom line in the months and quarters to come. We are taking all steps necessary to improve margins and expect to be EBITDA positive sometime during the first half of calendar 2009.
“During the quarter we also announced our intent to acquire Ibersolar Energía, a large European solar systems provider, but have recently let this LOI expire under mutual agreement with Ibersolar. While the opportunity to merge with Ibersolar was an exciting one, it was deemed to be in the best interest of both companies to postpone such a move in the current economic environment. We continue to work with Ibersolar on several strategic initiatives and, in the meantime, ICP Solar is in the process of securing additional capital for its own growth initiatives in 2009.
“The Company is clearly at an inflection point, and we are very well positioned for increased sales in the quarters to come – as we focus on a path to profitability. The fiscal fourth quarter is expected to show sequential top line improvement and gross margin expansion, and fiscal 2010 looks to be our best year ever. Even with oil prices at current levels, we do not see any letup in demand for our innovative, mobile, technology-leading solar applications. With our strong portfolio of products, new market initiatives, and the potential impact of the Obama administration’s commitment to clean energy, we look forward to performance gains across the board in 2009.”
Financial Results
Revenue for the third quarter of fiscal 2009 was $1.2 million compared with $1.6 million in the third quarter of fiscal 2008, reflecting delays in certain product deliveries due to working capital constraints. The company's operating loss for the quarter was $(1.4) million versus $(1.8) million in the prior-year period, with the decrease primarily due to lower SG&A expense. Adjusted EBITDA for the third quarter of fiscal 2009 was $(1.2) million, a slight improvement over the third quarter of fiscal 2008. The company posted a comprehensive loss for the third quarter of $(2.6) million, or $(0.08) per diluted share, compared with a net loss of $(2.2) million, or $(0.07) per diluted share, in fiscal 2008.
Non-GAAP Measures
The Company uses certain non-GAAP measures to assist in assessing its financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-GAAP measure used for assessing financial performance is net income (loss) before interest, income taxes, amortization, financing costs and non-cash charges ("Adjusted EBITDA").
About ICP Solar Technologies, Inc:
ICP Solar is a developer, manufacturer and marketer of solar panels, solar cell based products, solar monitoring software and solar power management solutions. Through the application of its own intellectual property and next-generation technologies, the Company aims to be the solar industry's innovation leader. For the past 20 years, ICP Solar has been a lead innovator in the consumer solar market and has now begun to apply that same innovation philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. ICP Solar markets its products under its Sunsei® brand of solar products and is the North American licensee of the Coleman® brand in the solar charger category. ICP Solar is also helping the environment by offering these solar technologies and green solutions to the renewable energy sector. The company's headquarters are located in Montreal, Canada, with an R&D center in St. John’s Canada and additional locations in the USA, Ireland, France and the UK. Additional information may be found at www.icpsolar.com.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of ICP Solar Technologies Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in ICP Solar Technologies Inc.’s Annual Report for the fiscal year ended January 31,2008, as filed on EDGAR at www.sec.gov. The risk factors identified in ICP Solar Technologies Inc. Annual Report are not intended to represent a complete list of factors that could affect ICP Solar Technologies Inc. Accordingly, readers should not place undue reliance on forward-looking statements. ICP Solar Technologies Inc. does not assume any obligation to update the forward-looking information contained in this press release.
ICP Solar Technologies, Inc.
Consolidated Statement of Operations
(Unaudited)
(Expressed in U.S. $)
For the Three-Month Period
For the Nine-Month Period
Ended October 31,
Ended October 31,
2008
2007
2008
2007
Net Sales $ 1,151,497 $ 1,573,335 $ 4,990,094 $ 5,884,211
Cost of Sales 966,214 1,196,861 3,627,409 3,459,165
Gross Margin 185,283 376,474 1,362,685 2,425,046
16 % 24 % 27 % 41 %
Expenses
Selling, general and administrative 1,273,836 2,077,571 4,630,853 5,216,835
Depreciation 7,759 10,423 21,101 99,598
Research and development 405,823 8,907 561,096 9,170
Foreign exchange loss (gain) (93,166 ) 60,020 (79,421 ) 46,996
1,594,252 2,156,921 5,133,629 5,372,599
Operating Loss (1,408,969 ) (1,780,447 ) (3,770,944 ) (2,947,553 )
Interest expense (68,274 ) (84,315 ) (169,329 ) (268,764 )
Interest income 341 4,026 5,955 15,326
Forgiveness of loan receivable - - (88,973 ) -
Write-down of loan receivable - - - (229,128 )
Accretion of discount on convertible notes - (464,768 ) (167,495 ) (559,051 )
Discount on loan receivable - - 166,404 (618,658 )
Discount on convertible debentures (740,741 ) - (987,655 ) -
Financing costs - - (382,761 ) -
Accretion of discount on loan receivable 23,122 125,779 58,761 215,619
Interest expense on put warrant (466,000 ) - (1,026,667 ) -
Gain on disposition of subsidiary - - 9 2,818,207
(1,251,552 ) (419,278 ) (2,591,751 ) 1,373,551
Net Loss Before Income Taxes
(2,660,521 ) (2,199,725 ) (6,362,695 ) (1,574,002 )
Deferred Income Taxes (250,000 ) - 600,000 -
Net Loss (2,410,521 ) (2,199,725 ) (6,962,695 ) (1,574,002 )
Other Comprehensive Loss
Foreign currency translation adjustment (203,201 ) - (203,201 ) 2,250
Comprehensive Loss (2,613,722 ) (2,199,725 ) (7,165,896 ) (1,571,752 )
Basic Weighted Average Number of Shares Outstanding 33,896,040 29,921,981 33,896,040 29,310,704
Basic and Diluted Loss Per Share (0.08 ) (0.07 ) (0.21 ) (0.05 )
Adjusted EBITDA Reconciliation
For the three months For the nine months
In thousands ended October 31, ended October 31,
$ USD 2008 2007 2008 2007
Net Earnings (Loss) before Income Taxes (2,661 ) (2,200 ) (6,363 ) (1,574 )
Interest 68 84 169 269
Interest expense on put warrant 466 - 1,027 -
Depreciation 8 10 21 100
Amortization of loan discount - - (166 ) 619
Accretion of discount on convertible notes - - 167 559
Amortization of discount on convertible debentures 741 - 988 -
Accretion of discount on loan receivable (23 ) (126 ) (59 ) (216 )
EBITDA (1,401 ) (2,231 ) (4,216 ) (244 )
other non-cash items: - - - -
Forgiveness of loan receivable - - 89 -
Foreign exchange (93 ) 60 (79 ) 47
Gain on disposition of subsidiary - - (0 ) (2,818 )
Stock based compensation 309 974 1,510 1,627
Adjusted EBITDA (1,185 ) (1,197 ) (2,696 ) (1,388 )
Contact:
ICP Solar Technologies Inc.
Sass Peress, 514-270-5770
Chief Executive Officer
or
Investor Relations:
Chris Witty, 646-438-9385
[email protected]
Source: ICP Solar Technologies Inc.
ICP Solar Technologies Inc., a developer, manufacturer and marketer of proprietary solar panels and products, announced financial results for its third quarter and nine months ended October 31, 2008.
Highlights for the Quarter
* Sales were $1.2 million for the fiscal third quarter as compared with $1.6 million for the third quarter of fiscal 2008; on an organic basis, excluding discontinued operations, revenue fell 14% year-over-year, reflecting working capital constraints that impacted the Company’s ability to ship during the quarter. Given current inventory levels and production plans, the Company is very well positioned to deliver on new programs and is in the process of securing additional capital for growth expected in 2009
* The Company reduced selling, general, and administrative expenses (SG&A) by nearly 40% versus the prior-year period
* Adjusted EBITDA was $(1.2) million for the quarter, a slight improvement over the quarter ended October 31, 2007
* The Company entered into an LOI for the acquisition of Ibersolar Energía, S.A., a leading European manufacturer and supplier of solar systems, on October 21, 2008. Effective December 15, 2008, the Company and Ibersolar mutually agreed to let the LOI expire but continue to discuss strategic options that would prove beneficial to both parties
* ICP Solar recently announced a series of new business wins, including the sale of off-grid modules in Africa; the first shipments of its proprietary GreenMeter products; an agreement for the sale of Sunsei® solar chargers in Europe through the large retailer Leroy Merlin; additional sales with both Wal-Mart and Costco; and the first sales of Sunsei® vents that will be installed directly at the factory of an RV producer
“ICP Solar took aggressive steps this quarter to position the company for rapid expansion and improved operating results in 2009,” said Sass Peress, CEO. “While sales fell slightly versus last year excluding our discontinued U.K. operations, reflecting some working capital constraints, the Company has now secured over $5 million worth of new business for next year – a record this early in the season and one that clearly indicates the accelerating traction of our core Sunsei® and Coleman® products. As recently announced, we also started shipping our innovative GreenMeters® across North America, which are now performing in the field with very promising results.
“We will begin shipping products to Leroy Merlin, one of Europe’s largest retailers of home improvement merchandise, in early 2009, while increasing our deliveries to Wal-Mart, Costco, and West Marine here at home. In addition, we have re-entered the African market with our first orders for off-grid solar modules – which will provide remote power generation to thousands of people who currently lack any source of reliable electricity. Concurrently, we boosted R&D spending significantly and are planning additional product introductions next year. We expect current and future solar applications to drive fiscal 2010 to our highest top-line performance ever.
“While solidifying ICP Solar’s revenue outlook, we have also succeeded in dramatically reducing SG&A and implemented several initiatives to further cut costs and improve cash flow. The Company has identified over $750,000 in corporate expenses that can be eliminated, and the impact of these actions will be noticeable on our bottom line in the months and quarters to come. We are taking all steps necessary to improve margins and expect to be EBITDA positive sometime during the first half of calendar 2009.
“During the quarter we also announced our intent to acquire Ibersolar Energía, a large European solar systems provider, but have recently let this LOI expire under mutual agreement with Ibersolar. While the opportunity to merge with Ibersolar was an exciting one, it was deemed to be in the best interest of both companies to postpone such a move in the current economic environment. We continue to work with Ibersolar on several strategic initiatives and, in the meantime, ICP Solar is in the process of securing additional capital for its own growth initiatives in 2009.
“The Company is clearly at an inflection point, and we are very well positioned for increased sales in the quarters to come – as we focus on a path to profitability. The fiscal fourth quarter is expected to show sequential top line improvement and gross margin expansion, and fiscal 2010 looks to be our best year ever. Even with oil prices at current levels, we do not see any letup in demand for our innovative, mobile, technology-leading solar applications. With our strong portfolio of products, new market initiatives, and the potential impact of the Obama administration’s commitment to clean energy, we look forward to performance gains across the board in 2009.”
Financial Results
Revenue for the third quarter of fiscal 2009 was $1.2 million compared with $1.6 million in the third quarter of fiscal 2008, reflecting delays in certain product deliveries due to working capital constraints. The company's operating loss for the quarter was $(1.4) million versus $(1.8) million in the prior-year period, with the decrease primarily due to lower SG&A expense. Adjusted EBITDA for the third quarter of fiscal 2009 was $(1.2) million, a slight improvement over the third quarter of fiscal 2008. The company posted a comprehensive loss for the third quarter of $(2.6) million, or $(0.08) per diluted share, compared with a net loss of $(2.2) million, or $(0.07) per diluted share, in fiscal 2008.
Non-GAAP Measures
The Company uses certain non-GAAP measures to assist in assessing its financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-GAAP measure used for assessing financial performance is net income (loss) before interest, income taxes, amortization, financing costs and non-cash charges ("Adjusted EBITDA").
About ICP Solar Technologies, Inc:
ICP Solar is a developer, manufacturer and marketer of solar panels, solar cell based products, solar monitoring software and solar power management solutions. Through the application of its own intellectual property and next-generation technologies, the Company aims to be the solar industry's innovation leader. For the past 20 years, ICP Solar has been a lead innovator in the consumer solar market and has now begun to apply that same innovation philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. ICP Solar markets its products under its Sunsei® brand of solar products and is the North American licensee of the Coleman® brand in the solar charger category. ICP Solar is also helping the environment by offering these solar technologies and green solutions to the renewable energy sector. The company's headquarters are located in Montreal, Canada, with an R&D center in St. John’s Canada and additional locations in the USA, Ireland, France and the UK. Additional information may be found at www.icpsolar.com.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of ICP Solar Technologies Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in ICP Solar Technologies Inc.’s Annual Report for the fiscal year ended January 31,2008, as filed on EDGAR at www.sec.gov. The risk factors identified in ICP Solar Technologies Inc. Annual Report are not intended to represent a complete list of factors that could affect ICP Solar Technologies Inc. Accordingly, readers should not place undue reliance on forward-looking statements. ICP Solar Technologies Inc. does not assume any obligation to update the forward-looking information contained in this press release.
ICP Solar Technologies, Inc.
Consolidated Statement of Operations
(Unaudited)
(Expressed in U.S. $)
For the Three-Month Period
For the Nine-Month Period
Ended October 31,
Ended October 31,
2008
2007
2008
2007
Net Sales $ 1,151,497 $ 1,573,335 $ 4,990,094 $ 5,884,211
Cost of Sales 966,214 1,196,861 3,627,409 3,459,165
Gross Margin 185,283 376,474 1,362,685 2,425,046
16 % 24 % 27 % 41 %
Expenses
Selling, general and administrative 1,273,836 2,077,571 4,630,853 5,216,835
Depreciation 7,759 10,423 21,101 99,598
Research and development 405,823 8,907 561,096 9,170
Foreign exchange loss (gain) (93,166 ) 60,020 (79,421 ) 46,996
1,594,252 2,156,921 5,133,629 5,372,599
Operating Loss (1,408,969 ) (1,780,447 ) (3,770,944 ) (2,947,553 )
Interest expense (68,274 ) (84,315 ) (169,329 ) (268,764 )
Interest income 341 4,026 5,955 15,326
Forgiveness of loan receivable - - (88,973 ) -
Write-down of loan receivable - - - (229,128 )
Accretion of discount on convertible notes - (464,768 ) (167,495 ) (559,051 )
Discount on loan receivable - - 166,404 (618,658 )
Discount on convertible debentures (740,741 ) - (987,655 ) -
Financing costs - - (382,761 ) -
Accretion of discount on loan receivable 23,122 125,779 58,761 215,619
Interest expense on put warrant (466,000 ) - (1,026,667 ) -
Gain on disposition of subsidiary - - 9 2,818,207
(1,251,552 ) (419,278 ) (2,591,751 ) 1,373,551
Net Loss Before Income Taxes
(2,660,521 ) (2,199,725 ) (6,362,695 ) (1,574,002 )
Deferred Income Taxes (250,000 ) - 600,000 -
Net Loss (2,410,521 ) (2,199,725 ) (6,962,695 ) (1,574,002 )
Other Comprehensive Loss
Foreign currency translation adjustment (203,201 ) - (203,201 ) 2,250
Comprehensive Loss (2,613,722 ) (2,199,725 ) (7,165,896 ) (1,571,752 )
Basic Weighted Average Number of Shares Outstanding 33,896,040 29,921,981 33,896,040 29,310,704
Basic and Diluted Loss Per Share (0.08 ) (0.07 ) (0.21 ) (0.05 )
Adjusted EBITDA Reconciliation
For the three months For the nine months
In thousands ended October 31, ended October 31,
$ USD 2008 2007 2008 2007
Net Earnings (Loss) before Income Taxes (2,661 ) (2,200 ) (6,363 ) (1,574 )
Interest 68 84 169 269
Interest expense on put warrant 466 - 1,027 -
Depreciation 8 10 21 100
Amortization of loan discount - - (166 ) 619
Accretion of discount on convertible notes - - 167 559
Amortization of discount on convertible debentures 741 - 988 -
Accretion of discount on loan receivable (23 ) (126 ) (59 ) (216 )
EBITDA (1,401 ) (2,231 ) (4,216 ) (244 )
other non-cash items: - - - -
Forgiveness of loan receivable - - 89 -
Foreign exchange (93 ) 60 (79 ) 47
Gain on disposition of subsidiary - - (0 ) (2,818 )
Stock based compensation 309 974 1,510 1,627
Adjusted EBITDA (1,185 ) (1,197 ) (2,696 ) (1,388 )
Contact:
ICP Solar Technologies Inc.
Sass Peress, 514-270-5770
Chief Executive Officer
or
Investor Relations:
Chris Witty, 646-438-9385
[email protected]
Source: ICP Solar Technologies Inc.