TORONTO, Feb. 25 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company") (NEX: LOX.H) announces results* for the three months ended December 31, 2009.
Highlights of the three month operating results are as follows:
(Thousands of US $, unless otherwise noted)
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Three months ended
December 31
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2009 2008
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Revenue 10,499 10,626
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Earnings (loss) before interest, taxes,
amortization(xx) 465 96
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Earnings (loss) before income taxes 244 (144)
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Earnings (loss) 137 (144)
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Earnings (loss) per common share, basic and
diluted $0.00 ($0.01)
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Weighted average number of shares - basic 30,960,350 26,954,083
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Weighted average number of shares - diluted 43,460,350 26,954,083
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*Unaudited financial information is available at www.sedar.com.
(xx)Earnings before interest, taxes and amortization ("EBITDA") are not a measure of performance under Canadian GAAP. EBITDA should not be considered in isolation or as a substitute for Net Earnings nor as a measure of operating performance or profitability.
Commenting on the results for the three months ended December 31st, Chairman and CEO Reuben Klein stated, "During the first quarter we continued our profitable trend while refinancing our bank indebtedness and raising capital to support our current working capital requirements. While there was a slight year over year decrease in first quarter revenue reflecting a reduction in International activity, our North American business grew with improvements in areas such as our online sales channels."
"The Company in the first quarter experienced an improved result over the same prior year period. While in the second quarter we expect a year over year decrease in revenue, we are projecting full year profitability and sales growth in the latter half of the year with new product introductions."
About LOREX Technology Inc.:
LOREX Technology Inc. ('LOREX') (TSX:LOX) provides businesses and consumers with leading edge video surveillance security solutions and sells its products under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in thousands of retail locations across North America and in the UK. The Digimerge division distributes its products through major distributors in North America. Both brands concentrate on the sale of wired, wireless and IP security surveillance equipment including cameras, digital video recorders and all-in-one systems.
LOREX subsidiaries include; LOREX Canada Inc., Digimerge Technologies Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information included in this news release contains statements that are forward-looking, such as statements relating to anticipated future revenues of the Company and the success of product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company.
For further information: Jordan Schwartz, Chief Financial Officer, LOREX Technology Inc., Phone: (905) 946-8589 ext 168, [email protected], www.lorextechnology.com
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