ICP Solar Technologies Inc.
ICP Solar Technologies Inc.:
ICP Solar Technologies Inc. / Half Year Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- ICP Solar Announces Fiscal 2009 Second Quarter Financial Results Posts 19% Organic Revenue Growth MONTREAL , QUEBEC, CANADA – Tuesday, September 16, 2008 – ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer, manufacturer and marketer of proprietary solar panels and products, today announced financial results for its second quarter and six months ended July 31, 2008. Highlights for the Quarter - Sales increased 15% as compared with the second quarter of fiscal 2008, driven by customer expansion and new market penetration; on an organic basis, excluding discontinued operations, revenue rose 19% year over year - The Company reduced selling, general, and administrative expenses (SG&A) by 8% versus the prior-year period - Adjusted EBITDA was $(0.9) million for the quarter, as compared with $(0.4) million for the quarter ended July 31, 2007, reflecting new product introductions and supply chain development expense - The Company completed a private placement of 11% senior convertible debentures and warrants to institutional and accredited investors, resulting in total gross proceeds of $3.3 million - The Company also completed the sale of the majority of its shares in ICP Solar Technologies (UK) to ISE Solar LLC for aggregate proceeds of $3.0 million. Of this amount, the Company has received approximately $0.7 million; the remaining obligation, net of $1.2 million in 12% unsecured convertible debentures, will be paid to ICP in installments through June, 2010 - During the quarter, the Company entered into a sales contract with Nissan for its solar charger in Europe and North America; signed Pro Sport as a distributor in Russia and Ukraine; appointed EnergyGross as its distribution partner in Finland and Sweden; and was selected by Sea Choice for the design and supply of its new line of solar chargers 'ICP Solar posted strong revenue growth this quarter, as we continued to take measures designed to improve our operating performance and take advantage of the robust solar marketplace worldwide,' said Sass Peress, CEO. 'Our top line growth, excluding discontinued operations, was nearly 20% – further proof that our geographic expansion strategy is taking hold, boosted by a broader product line and strong demand for renewable energy applications. At the same time, ICP reduced its overhead this period, and we will take further steps to streamline our operating structure as necessary. 'We are also clearly focused on increasing gross profit margins, which were negatively impacted this quarter by new product introductions and manufacturing inefficiencies. As orders rise, and with a heightened focus on supply chain improvement and lean production techniques, we expect margins to return to historical levels in the coming quarters. At the same time, we continue to invest in R&D and in targeted global growth opportunities that will benefit the company, and our shareholders, over the long term. 'Even as Spain and certain other markets have proven to be more challenging than expected, we have sharpened the effectiveness of our sales and marketing initiatives, resulting in the many new distribution channels and development agreements this quarter – including with Nissan and Sea Choice. In addition, we have received our first orders for Sunsei’s Wireless Greenmeters, and initial success with the field tests conducted have been very encouraging. We are taking the necessary steps to accelerate time to market and improve the company’s ability to respond to heightened interest in solar products even in a slowing global economy. With the our private placement complete – and with the sale of our UK operations behind us – our balance sheet is strong, leaving ICP well positioned for sustained growth and improved profitability going forward.' Financial Results Revenue for the second quarter of fiscal 2009 was $1.9 million compared with $1.7 million in the second quarter of fiscal 2008, reflecting higher product demand and geographic expansion. The company's operating loss for the quarter was $(1.4) million versus $(1.2) million in the prior-year period, with the increase primarily due to additional start-up expense and supply chain development. Adjusted EBITDA for the second quarter of fiscal 2009 was $(0.9) million, compared with $(0.4) million for the second quarter of fiscal 2008. The company posted a net loss for the second quarter of $(3.6) million, or $(0.11) per diluted share, compared with net income of $1.0 million, or $0.03 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 19 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(R) 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 Form 10Q- Second Quarter Ended July 31,2008 http://www.sec.gov/Archives/edgar/data/1281872/000120445908001903/icp10q.h tm ICP Solar Technologies Inc. Sass Peress, Chief Executive Officer 514-270-5770 Investor Relations: Chris Witty cwitty@darrowir.com 646-438-9385 Public Relations: Laurent Lafite, 514-270-5770 Llafite@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. 16.09.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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