Nesscap Energy Inc. Reports Fiscal 2013 Year End Results
24 Avril 2014 - 10:00PM
Marketwired
Nesscap Energy Inc. Reports Fiscal 2013 Year End Results
SEOUL, SOUTH KOREA--(Marketwired - Apr 24, 2014) - Nesscap
Energy Inc. ("Nesscap") (TSX-VENTURE:NCE), a global leader in
research, development and manufacturing of ultracapacitor products,
reported its financial results for the year ended December 31,
2013.
Revenue for the twelve-month period increased 51% to US $16.6
million, compared to $11.0 million in fiscal 2012. Revenue for the
three-month period ended December 31, 2013 increased 35% to $4.4
million compared to $3.2 million for the same period one year ago.
The increase in revenue is primarily due to a rebound in European
sales and an increase in demand from Asian customers. Gross profit
margin for the year improved to 21% from 14% a year ago, primarily
as a result of efficiencies related to increased revenue.
Net loss for the year was $3.3 million or $0.015 per share
compared to a net loss of $7.2 million or $0.035 per share in
fiscal 2012. The improvement in net loss was mainly due to the
increased sales volume and gross profit improvement.
At December 31, 2013, the Company had cash and cash equivalents
equal to $3.5 million and working capital of $16.3 million.
"We are pleased with our 2013 results and believe the improved
performance is sustainable as we continue gaining market
recognition for our technology and products," said Jim Zuidema,
Acting Chief Executive Officer of Nesscap Energy Inc. "In 2014 we
are continuing efforts to strengthen our financial position to
further develop our technology, expand production capacity, and
attract new customers."
The Company recently announced the renewal of a $5.8 million
convertible loan as well as completion of a bridge financing for up
to $2.0 million. Detailed terms of the loan and financing can be
found in the Company's March 19, 2014 press release as well as the
fiscal 2013 MD&A.
Nesscap continues to focus on developing its largest regional
markets in Europe and China while strengthening its overall
position as a technology leader in the ultracapacitor industry. The
strategic focus for the Company includes transportation, consumer
electronics, industrial applications, and renewable energy. Nesscap
plans to increase investments in new technology, direct and
indirect sales channels, market development, and production
capacity.
The Company is hosting its annual and general meeting of
shareholders on Tuesday, June 24, 2013, at 10:00 a.m. (Toronto
time) at the offices of Norton Rose Fulbright Canada LLP located at
Suite 3800, Royal Bank Plaza, South Tower, 200 Bay Street, Toronto,
ON M5J 2Z4.
The financial statements for fiscal 2013 and related MD&A
can be found on SEDAR at www.sedar.com.
About Nesscap
Since its inception in 1999, Nesscap Energy Inc. has become an
award winning global leader in technology innovation and product
development of ultracapacitors. Attributes of the ultracapacitor
allow for the technology to be used in applications where power,
life cycle requirements, or environmental conditions limit the
suitability of batteries or capacitors. Nesscap products are
available in both cells and modules and are used to enhance the
performance of modern applications ranging from portable electronic
devices to high performance windmills and high-tech 'green' cars.
Nesscap features the widest array of standard commercial products
in the market from 3 farads to 6,200 farads with industry
recognized alternative organic electrolytes. Customers of the
Company include transportation, power, and consumer markets.
Technical and sales information can be found at
www.nesscap.com.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) has in any way
approved or disapproved of the contents of this press
release.
Forward-Looking Statements
Included in this news release are matters that constitute
"forward-looking" information within the meaning of Canadian
securities law. Such forward-looking statements may be identified
by words such as "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" or words of a similar nature. There
can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include among others, regulatory risks, risk inherent in
foreign operations, commodity prices and competition. Most of these
factors are outside the control of the Company. All subsequent
forward-looking statements attributable to the Company or its
agents are expressly qualified in their entirety by these
cautionary comments. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims
any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events
or otherwise.
Nesscap Energy Inc.Debbie BamforthCorporate
Communications905-599-3322dbamforth@nesscap.comNesscap Energy
Inc.Jim ZuidemaChief Executive Officer (Acting), Chief Financial
Officer845-652-0833jzuidema@nesscap.comwww.nesscap.com
Nesscap Energy Inc. (TSXV:NCE)
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