San Antonio, Texas - XPEL, the polyurethane film-protection manufacturer, has recorded its second highest revenue in its third quarter (Q3) 2008 financial results, despite tough economic challenges.
Compared to the same periods in 2007, revenues increased 21 percent from $2 million to $2.3 million for the three months ended 30 Sept, and increased by 80 percent to $7 million for the nine month period. The San Antonio-based company said the increase was primarily a result of installation, kit and material sales.
XPEL's net income in Q3 fell from $384 461 in 2007 to $250 262 in Q3 2008, including a loss from discontinued operations of around $126 000 as well as other income related to the settlement of a lawsuit, the company said. For the nine-month period the company suffered a net loss of $3.3 million, compared with a loss of $162 758 for the same period in 2007.
"We are pleased that many of the decisions we made in the second and third quarter of this year have had an immediate positive impact on our profitability. While some of the decisions have been difficult, we now have a streamlined organisation that allows us to focus on new and existing revenue channels in a more cost-effective manner," said XPEL ceo Nunel Ferreira.