Icron Reports First Quarter Results

BURNABY, BC, May 13 /CNW/ - Icron Technologies Corporation (TSX Venture: IT), the developers of ExtremeUSB(R), today released financial results for the first quarter ending March 31, 2010.

    
    Highlights for Q1 2010:

    -   Q1 revenues of $2,307,428 representing a 4.2% increase over Q1 2009;
        excluding the impact of foreign exchange, revenues increased by
        25.5%;

    -   Posted product margins of 51.3% compared to 56.3% in Q1 2009
        reflecting uniquely strong royalties and licensing revenues in
        Q1 2009;

    -   Recorded a net loss for Q1 2010 of $231,218 compared to a net loss of
        $792,222 in the same period of 2009;

    -   Collaborated with STMicroelectronics to show industry's first "USB
        over DisplayPort" technology at CES 2010;

    -   Announced Wireless PC-on-TV Platform delivering complete PC
        functionality on any TV;

    -   Introduced new ExtremeUSB(R) Ranger Product Family for Industrial,
        Commercial and Medical Markets

    -   Announced ExtremeUSB(R) over Coax technology for extending USB
        connectivity over standard inexpensive coaxial cabling
    

Management's Comments:

"We are pleased with the progress the company made during the quarter with solid demand growth, effective management of expenses and the introduction of our new Ranger family of USB extension products," said Robert Haefling, President and CEO.

"As a leading innovator in the development of USB extension technology, Icron will continue to invest in product development and sales infrastructure enabling us to deliver solutions to the market that enable our customer's success."

Financials:

Revenue amounted to $2,307,428 for the three months ended March 31, 2010, compared to $2,214,979 in the same period of 2009, an increase of 4.2%. Excluding the impact of foreign exchange, sales in USD were up 25.5%. Sales of all product lines were up moderately with the exception of the royalties and licensing revenues.

Gross margin amounted to $1,183,261 in the first quarter of 2010, compared to $1,247,521 in the first quarter of 2009. Our gross margin percentage decreased to 51.3% for the three months ended March 31, 2009, compared to 56.3% in the same period of 2009. The decrease in gross margin versus the previous year is attributable to higher royalty and license revenues in the first quarter of 2009. In addition, the revenue mix was higher on the lower margin products.

Our net loss for the first quarter amounted to $231,218 or $0.01 per share, compared to net loss of $792,222, or $0.04, in the same period of 2009.

For complete financials please visit www.sedar.com or www.icron.com.

Conference Call / Web-cast:

May 13th, 2010, 4:30 PM ET, 1:30 PM PT

To participate in the live conference call, please call 647-427-7450 or 1-888-231-8191.

The conference will also be broadcast live over the Internet and archived through the following link:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3072080

    
    For further information, please contact:

    Robert Haefling
    Icron President and CEO
    604-638-3924
    [email protected]
    

About Icron Technologies Corp.

Icron Technologies (TSX-V:IT) is a global leader in the design and manufacturing of high-performance PC Video and USB extension solutions for commercial, medical and industrial markets. Icron's patented ExtremeUSB(R) technology extends the range of any USB peripheral device over Cat 5, Wireless, Fiber and Powerline, at distances up to 25 miles (40km). Icron's extension products are deployed in a wide range of applications including: digital home connectivity, industrial automation, medical imaging, aerospace, and KVM extension. Icron's ExtremeUSB(R) technology is available in a variety of formats including branded and private-label products, OEM modules, and Integrated Circuits.

Icron is a publicly traded corporation and trades under the symbol "IT" on the TSX Venture Exchange. For more information on the company and its products, please visit http://www.icron.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding financial estimates and future plans and objectives of Icron - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

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For further information: Robert Haefling, Icron President and CEO, [phone], [email protected]