Xantrex Confirms Second-Quarter 2005 Financial Results
Xantrex Technology Inc. (Burnaby, BC), a manufacturer of advanced power electronic products and systems for the distributed, mobile, and programmable power markets, reported financial results for the second quarter and first half ended June 30, 2005, which are consistent with the preliminary estimates announced on July 18, 2005. Revenue for the second quarter was $35.0 million, up seven percent from $32.9 million for the same period a year earlier. A loss of $515,000 or $0.02 per share, was incurred for the second quarter of 2005, compared with net income of $536,000, or $0.02 per share, a year earlier.
"Lower gross margin and higher operating expenses, compared with a year earlier, contributed to the loss in the latest quarter," said Xantrex Chairman Mossadiq Umedaly. "Management is aggressively improving its ability to execute on Xantrex's business strategy by reducing costs and increasing revenue growth, but it may take another quarter until the execution issues and external market trends affecting our short-term financial performance are substantially addressed. Therefore, as noted on July 18, we will defer comment on the financial outlook for the balance of 2005. Notwithstanding our current challenges, we remain confident in our growth strategy."