JANUARY 28, 2000
Luxell Announces First Quarter: Fiscal 2000 Results
MISSISSAUGA, ONTARIO--
Company Launches Black Layer Organic EL Initiative Capacity
Expansion Underway Pursuing Offshore Manufacturing Partners
Luxell Technologies Inc. (CDNX:LUX) today announced that revenue
for the first quarter of fiscal 2000 ended November 30, 1999 was
$536,832 as compared to $558,322 for the first quarter of fiscal
1999. The slight decline in revenue was due to production
interruptions caused by the implementation of the production
expansion plan to double capacity. In addition, increased costs
were incurred associated with augmented sales and marketing
activity and increased business development initiatives relating
to integrating organic electroluminescent (OEL) technology with
the Company's black layer technology.
The loss before interest, depreciation and taxes (EBIDT) was
$511,131 compared to $318,404 in the corresponding quarter for the
previous year. Higher quarterly depreciation and interest costs
associated with the convertible debenture and term loans to
finance the Company's capital expansion, combined to produce a net
loss of $1,077,617 or $0.05 per share. The net loss for the same
period in 1999 was $499,671 or $0.02 per share.
"The production interruptions were planned for and we are within
our forecasted expectations for the year. We are also excited
with the opportunity to expand our capacity in order to meet the
anticipated increase in orders for our accepted black layer
technology," observed Brian J. Kennedy, President and CEO.
In addition, the Company is pursuing and evaluating off shore OEM
and licensing alternatives for added production capacity.
/T/
First Quarter Ended
Nov. 30, 1999 Nov. 30, 1998
Sales $ 536,832 $ 558,322
Direct Margin 309,598 326,910
EBIDT (511,131) (318,404)
Net Interest Expense 265,254 29,183
Depreciation & Amortisation 301,232 152,084
Net Loss 1,077,617 499,671
Net Loss Per Share 0.05 0.02
/T/
Luxell Technologies Inc. develops, manufactures and markets
solid-state flat-panel displays and systems based on inorganic
electroluminescent (EL) technology and on emerging organic
electroluminescent (OEL) technology. Luxell displays provide
industry-leading performance features that include crisp, clear
images that are readable in all light conditions ranging from
total darkness to full sunshine and from extremely wide angles.
Luxell displays can also operate over a broad temperature range.
They are ideal for demanding defence, aerospace and transportation
applications as well as for medical monitoring systems, test
equipment, industrial process control systems and global
positioning systems.
Luxell's strong competitive position is based on its patented
black layer technology. The Company is developing a new
technology product which integrates black layer and OEL
technology. Once the product is developed it will be targeted to
grow the Company's position in the high-end markets it serves now
and will enable it to pursue opportunities in consumer markets for
flat-panel displays.
Luxell Technologies Inc. is a publicly traded company with its
common shares quoted on the Canadian Venture Exchange under the
symbol "LUX". |
