MINNEAPOLIS, March 8, 2012 /PRNewswire/ -- Delphax
Technologies Inc. (Pink Sheets:DLPX.PK), a global provider of
high-speed digital printing equipment, today reported continued
profitability for fiscal 2011, its third consecutive year of
positive net income.
For the fiscal year ended Sept. 30,
2011, net income was $545,000
on net sales of $32.2 million, with
R&D expense of $4.2
million. That compares with net income of $2.3 million on net sales of $32.3 million, with R&D expense of
$2.1 million in fiscal 2010.
Fiscal 2011 equipment sales were $1.2
million, up from $816,000 in
fiscal 2010. Revenues from maintenance, spares and supplies
were $30.9 million in fiscal 2011,
compared with $31.5 million in fiscal
2010.
"The results underscore a central premise of our planning for
Delphax—that our established core business gives us a solid
foundation for growth and continuing innovation," said Dieter Schilling, president and chief executive
officer. "The sales performance of our core business in
fiscal 2011, led by a 52 percent increase in equipment sales,
enabled us to remain profitable while we doubled research and
development expense in preparation for our entry into the color
printing arena."
The company, a long-time leader in the development of high-speed
toner-based monochrome printing equipment, recently announced plans
for a May 2012 introduction of a
commercial class high-performance digital color print system based
on a unique inkjet technology. The system –
elan™ powered by Memjet – represents an entirely new
category of high-quality print technology and has been designed as
a direct response to growing customer demand for more efficient,
versatile and affordable color printing equipment.
During November 2011, Delphax
negotiated a new senior credit facility with a commercial bank that
provides $6.0 million of revolving
credit, subject to a borrowing base of accounts receivable and
inventory. In connection with this new financing, the company
paid off the final $3.0 million in
secured subordinated debt owed to Harland
Clarke, its largest customer and primary lender for the last
three years.
"We are also encouraged by the number of equipment sales we've
had so far in fiscal 2012, and believe that our established core
business will continue to sustain profitability, net of R&D
expense, as we take the final steps in preparing for market,"
Schilling said. "The addition of high-speed color capability
is an exciting and essential strategic advance for Delphax, and we
believe we are well prepared for it."
Delphax will introduce elan at the drupa
2012 international trade fair May
3-16 in Dusseldorf,
Germany. Shareholders who are able to attend the company's
annual meeting on April 19 will see a
preview of the presentation of elan as it will be
offered at drupa. Customer beta testing is scheduled
to take place in the first half of fiscal 2013, with production
shipments scheduled to commence shortly thereafter.
About Delphax Technologies Inc.
Delphax Technologies Inc. is a global leader in the design,
manufacture and delivery of advanced digital print production
systems. For more than 30 years, Delphax has pioneered high-speed
digital imaging innovations that improve throughput and enhance
efficiencies for publishers, direct marketers and other commercial
print customers where cost and quality are important. The Delphax
portfolio includes specialized full color inkjet or monochrome
inkjet and toner technologies that are ideal for a wide range of
applications over a broad spectrum of substrates from
ultra-lightweight paper to heavy stock in both roll-fed and
cut-sheet print environments. Delphax is headquartered in
Minneapolis, with subsidiaries in
Canada, the United Kingdom and France. The company's common stock is
currently quoted over the counter under the symbol DLPX.PK.
Additional information is available on the company's website at
www.delphax.com.
SOURCE Delphax Technologies Inc.
