IPICO Inc. announces year end 2009 results

BURLINGTON, ON, April 29 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced results for the year ended December 31, 2009 where revenue increased to $7.0 million from $3.9 million in 2008. Fourth quarter revenue was $1.3 million compared to $1.0 million in 2008. Gross margin was $2.3 million for the full year of 2009 compared to $1.5 million in 2008 with $0.4 million in the fourth quarter of 2009 compared to $0.6 million for the fourth quarter of 2008. Net loss for the full year was $9.7 million ($0.18 per share) compared to $18.3 million ($0.35 per share) in 2008. Net loss for the fourth quarter of 2009 was $2.6 million ($0.05 per share) compared to a net loss of $1.9 million ($0.04 per share) in 2008.

    
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                                                      Year ended December 31
    (000's dollars except per share amounts)                2009        2008
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    Revenue                                              $ 6,968     $ 3,885
    Gross margin                                           2,325       1,511
    Gross margin%                                            33%         39%
    Total operating expenses                              11,159      19,549
    Total operating expenses
     (excluding impairment charges)                       11,159      11,770
    Net loss                                              (9,659)    (18,259)
    Net loss per share (basic and diluted)                 (0.18)      (0.35)
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The Company's cash and cash equivalents at December 31, 2009 were $1.9 million compared with $4.4 million at December 31, 2008.

The Company's consolidated financial statements for the year ended December 31, 2009 along with management's discussion and analysis thereon can be on found on SEDAR at www.sedar.com under the trading symbol TSX-V: RFD.

ABOUT IPICO Inc.

IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, and Asia. IPICO produces smart labels, tags and readers based on the IP-X communication protocol. Its products are designed to conform to regulatory requirements in most major geographical regions, to excel at long read range, fast multi-read anti-collision and high thru-beam read-speeds of dynamic tag populations, and to allow for multi-reader rollout in close proximity. IPICO's products are used to optimize the management of products, equipment, people, animals and processes within the logistics and other value chains. For further information, go to www.ipico.com.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

%SEDAR: 00023515E

For further information: Gordon Westwater, President & CEO, IPICO Inc., Tel: [phone], Email: [email protected]; Ted Irwin, Chief Financial Officer, IPICO Inc., Tel: [phone], Email: [email protected]