IPICO Inc. announces year end 2008 results

Tue Apr 28, 8:39 PM

BURLINGTON, ON, April 28 /CNW/ - IPICO Inc. (TSX-V: RFD.V) today announced results for the year ended December 31, 2008 where revenue increased to $3.9 million from $3.2 million in 2007. Fourth quarter revenue was $1.0 million compared to $0.6 million in 2007. Gross margin was $1.5 million for the full year of 2008 compared to $1.0 million in 2007 with $0.5 million in the fourth quarter of 2008 compared to $0.2 million for the fourth quarter of 2007. Net loss for the full year was $18.3 million ($0.35 per share) compared to $9.3 million ($0.29 per share) in 2007. Net loss for the fourth quarter of 2008 was $1.9 million ($0.04 per share) compared to a net loss of $2.5 million ($0.06 per share) in 2007.

    
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                                                      Year ended December 31
    (OOO's dollars except per share amounts)                  2008      2007
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    Revenue                                               $  3,885  $  3,171
    Gross margin                                             1,511       997
    Gross margin%                                               39%       31%
    Total operating expenses                                19,549     9,351
    Total operating expenses (excluding impairment
     charges)                                               11,770     9,351
    Net loss                                               (18,259)   (9,303)
    Net loss per share (basic and diluted)                   (0.35)    (0.29)
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The Company's cash and cash equivalents at December 31, 2008 were $4.4 million compared with $7.9 million at December 31, 2007.

The Company's consolidated financial statements for the year ended December 31, 2008 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, Asia and Australia. 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.

Contacts

Gordon Westwater
President
IPICO Inc.
Tel: (905) 631-6310
Email: gordon.westwater@ipico.com

Ted Irwin
Chief Financial Officer
IPICO Inc.
Tel: (905) 631-6310
Email: ted.irwin@ipico.com