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Share Name | Share Symbol | Market | Type |
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Intl Technologies (Tier2) | TSXV:ITI | TSX Venture | Common Stock |
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0.00 | 0.00% | 0 | - |
International Technologies Corporation ("ITC") (TSX VENTURE:ITI) today reported its audited financial results for the fourth quarter and year ending December 31, 2007. Revenues for the fourth quarter 2007 were $2,998,681 compared to $4,703,292 for the same period ending December 31, 2006. The decline in sales in 2007 is a direct result of a Korean supplier not fulfilling its obligations pursuant to dealership agreements. As a result the Company was unable to execute on opportunities that were time critical during the traditionally busier second half of the year. In 2007, a claim was made against this supplier resulting in a gain to the Company on the settlement of $1,194,892. A second claim is in progress against the supplier for $7,734,000. "It's evident that we had a difficult last few years resulting in disappointing financial performance. The challenges we continue to face has resulted in a change of direction in our business plan that includes direct ownership of digital manufacturers in order to become more competitive as an electronics provider. We are dedicated to regaining a stronger market position and continue to look for opportunities to increase promotional and operational efficiencies going forward," said Michael Uhm, ITC's President and CEO. Gross margin was $133,395 or 4.5% for the three months ended December 31, 2007 compared to $1,094,972 or 23% in the same period a year earlier, a decrease in margin percentage of 18.7%. ITC had EBITDA of $817,737 or $0.05 per share for the three months ended December 31, 2007, compared to $167,882 or $0.00 per share for the previous quarter in 2006, an increase of $649,855 or $0.00 per share. The Company wrote off two long term assets and one long term liability in September 2007 returning a net gain of $3,311,587. Revenues were $13,460,738 for the year ending December 31, 2007 when compared to $20,001,107 for the corresponding period in 2006. Industry price declines continue to affect all members of the electronics supply chain. Gross profit was $2,177,377 for the twelve months ended December 31, 2007 compared to $4,453,030 for the corresponding period in 2006. The Company continues to diversify its sales with products at a higher margin such as PMP devices, in addition to existing product lines of MP3 players, LCD specialty monitors and televisions. EBITDA for the twelve months ending December 31, 2007 was $929,243 or $0.05 per share compared to $1,101,185 or $0.06 per share reported in 2006. Net loss for fiscal 2007 was ($2,687,178) or ($0.15) per common share compared to ($650,850) or ($0.04) per common share for the year ending December 31, 2006. A copy of the complete financial results is posted on SEDAR at www.sedar.com. About ITC International Technologies Corporation (www.itcco.com) is a global supplier of innovative digital audio, multi-media, home entertainment, flat screen monitors/televisions and other advanced electronics products to the consumer and commercial market place. ITC also creates private label and OEM brands for its retail partners. The Company's ability to deliver manufacturer-direct product provides savings and other significant advantages to its customers. ITC holds the exclusive rights to distribute MPIO products to the North, Central and South American markets in addition to Mexico and Australia through its relationship with Digitalway Korea and has exclusivity on all Hansol Korea LCD monitors sold to the North American market. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. ITC will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by ITC (This release is not a solicitation to United States residents to purchase securities in the Company).
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