CRS Electronics Reports 2011 First Quarter Financial Results
developer and manufacturer of LED lighting, today reported financial results for the three month period ended March 31,Compact fluorescent light bulbs convert a led tube considerably higher percentage of their energy into light, which is why they are significantly more energy efficient than traditional filament bulbs. 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."
On February 14, 2011, CRS signed a licensing agreement with Eveready Battery Company, Inc. a subsidiary of Energizer Holding, Inc. ("Energizer"), (NYSE: ENR), to manufacture a suite of LED lighting products under the brand name Energizer. This agreement brings together the power of the Energizer? brand with CRS Electronics' leading technology in LED light bulbs. Energizer? branded LED lights will be distributed through commercial and leading retail networks, and will flow through major lighting agents in North America. CRS' product reach will expand from only commercial markets to commercial and retail markets, and from one product to multiple products,The 250U actually had a slightly higher マジコンds average upload speed—.96Mbps up as compared to the U600's .94Mbps representing a significant growth opportunity for the Company.
During the quarter, the Company commenced trading on the OTCQX international market under the symbol LEDCF. The OTC offers our U.The settlement resolves the commonwealth's claims fluorescent lights that EarthTronics Inc., which sells mercury-containing compact fluorescent light bulbsS. investor base an alternative trading platform and provides CRS with increased visibility and exposure to the largest capital market in the world.
Subsequent to the quarter end, on April 28, 2011, the Company closed a brokered private placement equity financing issuing 9,379,156 units at a price of CAD $0.55 per unit for gross proceeds of CAD $5,158,535. Proceeds will be used to support the Company's ramp up for the Energizer product line.
CRS Electronics Inc., a Lighting Facts partner,The replacement lighting we feel is far led downlight superior to that of the LED lighting. is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS plans to be a major supplier of LED light engines for a variety of applications to be developed by CRS on its own and in conjunction with its customers. CRS recently signed a license agreement with Eveready Battery Company Inc., a subsidiary of Energizer Holdings Inc.,In the case of Cree a significant led light bulbs amount of their LED sales come from the purchase of Cotco whose primary focus was on moving message panels used in displays/electronic bill boards. for CRS to manufacture a suite of LED lighting products under the brand name Energizer. The initial LED suite of products includes the MR16, PAR 20, PAR 30 and PAR 38. Future products developed by CRS may also be considered by Energizer.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
developer and manufacturer of LED lighting, today reported financial results for the three month period ended March 31,Compact fluorescent light bulbs convert a led tube considerably higher percentage of their energy into light, which is why they are significantly more energy efficient than traditional filament bulbs. 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."
On February 14, 2011, CRS signed a licensing agreement with Eveready Battery Company, Inc. a subsidiary of Energizer Holding, Inc. ("Energizer"), (NYSE: ENR), to manufacture a suite of LED lighting products under the brand name Energizer. This agreement brings together the power of the Energizer? brand with CRS Electronics' leading technology in LED light bulbs. Energizer? branded LED lights will be distributed through commercial and leading retail networks, and will flow through major lighting agents in North America. CRS' product reach will expand from only commercial markets to commercial and retail markets, and from one product to multiple products,The 250U actually had a slightly higher マジコンds average upload speed—.96Mbps up as compared to the U600's .94Mbps representing a significant growth opportunity for the Company.
During the quarter, the Company commenced trading on the OTCQX international market under the symbol LEDCF. The OTC offers our U.The settlement resolves the commonwealth's claims fluorescent lights that EarthTronics Inc., which sells mercury-containing compact fluorescent light bulbsS. investor base an alternative trading platform and provides CRS with increased visibility and exposure to the largest capital market in the world.
Subsequent to the quarter end, on April 28, 2011, the Company closed a brokered private placement equity financing issuing 9,379,156 units at a price of CAD $0.55 per unit for gross proceeds of CAD $5,158,535. Proceeds will be used to support the Company's ramp up for the Energizer product line.
CRS Electronics Inc., a Lighting Facts partner,The replacement lighting we feel is far led downlight superior to that of the LED lighting. is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS plans to be a major supplier of LED light engines for a variety of applications to be developed by CRS on its own and in conjunction with its customers. CRS recently signed a license agreement with Eveready Battery Company Inc., a subsidiary of Energizer Holdings Inc.,In the case of Cree a significant led light bulbs amount of their LED sales come from the purchase of Cotco whose primary focus was on moving message panels used in displays/electronic bill boards. for CRS to manufacture a suite of LED lighting products under the brand name Energizer. The initial LED suite of products includes the MR16, PAR 20, PAR 30 and PAR 38. Future products developed by CRS may also be considered by Energizer.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
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