SEOUL, SOUTH KOREA--(Marketwired - Aug. 26, 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 second quarter ended June 30, 2014.
Revenue for the three-month period was $5.7 million representing an increase of 42% compared to $4.0 million in the same period last year. The increase in revenue is due to stronger demand from customers in Europe and Asia in the industrial and renewable energy sectors. Gross profit margin for the quarter improved to 29% compared to 26% in the same quarter last year.
Net loss for the quarter ended June 30, 2014 was $1.5 million, or $0.007 per share, and was heavily impacted by foreign currency losses of $1.1 million. Net loss for the same period in 2013 was $40 thousand or $0.0002 per share.
Revenue for the six-month period ended June 30, 2014 was $11.0 million as compared to $7.2 million in the same period one year ago representing a 53% improvement. Gross profit margin increased to 26% for the six-month period versus 20% one year ago as a result of higher factory utilization and productivity gains.
At June 30, 2014, the Company had cash and cash equivalents equal to $3.1 million and working capital of $15.9 million.
"We continue to see strong demand for our products from the renewable energy sector and a broad range of industrial applications," said Jim Zuidema, Acting Chief Executive Officer of Nesscap. "This was another record quarter for us which not only reflects well on the global market for ultracapacitors, but also demonstrates the strength of our team to deliver new levels of business. I am very proud of what we have been able to accomplish so far this year."
The Company remains engaged with Marathon Capital LLC, as exclusive advisor, in connection with a proposed equity financing in which existing shareholders, I2BF Energy Limited and Arbat Capital Group Ltd., have agreed to participate with a minimum subscription amount of US $10 million.
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, renewable energy, industrial applications and consumer electronics. Nesscap plans to increase investments in technology, direct and indirect sales channels, market development, and production capacity.
The financial statements for the second quarter of fiscal 2014 and related MD&A have been filed on SEDAR and can be found at www.sedar.com.
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 automotive applications, including advanced hybrid and electric vehicles. 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, industrial, renewable energy, 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.
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.