Luxell Technologies Inc.
TSX : LUX

Luxell Technologies Inc.

March 27, 2006 09:27 ET

Luxell Reports Fiscal 2006 Second Quarter Financial Results

TORONTO, ONTARIO--(CCNMatthews - March 27, 2006) - Luxell Technologies Inc. (TSX:LUX) today announced that revenues for the three months ended February 28, 2006 increased 258% to $1,493,284, as compared to $416,553 for the same period in 2005. Revenues for the six months ended February 28, 2006 increased 38% to $1,787,264 as compared to $1,291,761 for the same period in 2005.

Net operating loss for the three months ended February 28, 2006 was $1,170,826 or $0.03 per share (2005 - $1,934,424 / $0.05 per share) and $3,137,306 or $0.07 per share (2005 - $3,753,522 / $0.09 per share) for the six months ended February 28, 2006.

Net loss for the three months ended February 28, 2006 was $1,609,215 or $0.04 per share (2005 - $1,931,236 / $0.05 per share) and $3,661,635 or $0.07 per share (2005 - $3,748,087 / $0.09 per share) for the six months ended February 28, 2006.

The following achievements in this quarter will generate additional production revenues through 2006 and 2007 include:

- Start of qualification of the Royal Malaysian Air Force Engine Monitoring Panel;

- ramping up of sample deliveries of our new Digital Control Panel and Attitude Heading Display Instrument products;

- completion of the field testing phase of our contract for an Advanced Reconnaissance and Remotely Operated Weapon (display) System.

In addition, the Company began shipments of Maintenance Data Panel Displays for installation on the Euro-fighter Typhoon aircraft. The production and shipment of product against this contract will continue throughout 2006 and 2007.

John Wright said that overall, "We are very pleased with the way our business programs are moving into fully qualified production programs and we expect to see further financial improvements."

The Company's second quarter financial statements are posted at www.luxell.com.

John MacDonald, Luxell's Chairman commented on the results by adding that "While we were aiming to accomplish a much faster shift of our contracts into full production, I was pleased to see the Company didn't let speed get in the way of maintaining its distinguishing quality and customer service performance."

Mr. MacDonald added that while he was taking nothing for granted he expected that "... our drive for further improvements in operating results should continue as our backlog further contributes to the Company's results before year-end."

Regarding the outlook for the Company's black layer technology, Mr. MacDonald noted the Company is completing a full assessment of where the technology could be employed today and then acting to capitalize on the most practical commercial opportunities as soon as possible.

About Luxell

Luxell designs, manufactures and licenses flat panel display technologies and solutions for defence and avionics industries through its newly created operating divisions Aktelux and Luxell Research. More information can be found at www.luxell.com, www.aktelux.com and www.luxellresearch.com.

(C) Luxell Technologies Inc., Luxell and Black Layer are trademarks of Luxell Technologies Inc. All other company and/or product names are trademarks and/or registered trademarks of their respective manufacturers.

Contact Information

  • Luxell Technologies Inc.
    Tom Wallace
    Chief Financial Officer and Corporate Secretary
    (905) 363-0325 ext. 233
    TWallace@luxell.com