San Antonio, Texas -- XPEL Technologies Corp, a manufacturer of protective polyurethane film for the automotive industry, has reported a 15 percent decrease in revenue to $994 250 for the three months ended 30 Sept 2009 (Q3), compared to the same period last year. Revenue for the nine-month period was down 16 percent to $2.92 million, a 1 Dec company statement said.
The company said the revenue decreases were primarily due to the downturn in the global economy and sluggish auto sales. XPEL incurred a net income loss of ($638 904) in Q3 with earnings of $67 628 from continuing operations, compared to net income of $255 262 in Q3 2008 with earnings of $153 339 from continuing operations. The company made a one-time loss on the sale of XPEL Canada of $756 118 in Q3, the statement added.
"XPEL has now achieved its third consecutive quarter of positive net income from operations," said company ceo, Ryan Pape. "Our goal for 2009 has been to significantly strengthen our balance sheet with a particular focus on reducing our liabilities. With stability in our operations, our focus is on growing the business by expanding our product offering, attracting new installers and taking market share as the automotive industry recovers," Pape concluded. (RD)"
