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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Meta Power International Inc New (CE) | USOTC:MTPR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
2011 Performance Goals
-- 2011 Revenue greater than $12.5 million -- 2011 EBITDA Income greater than $650,000 -- Noble Production Customer in 2011. -- Current Ratio better than 1.5: 1
Financial Performance
Q1 Revenues were $3,276,639, an increase of 31% over Q1 2010. EBITDA was $141,195 a decrease of 53% from 2010. This is due to increased indirect costs, primarily due to marketing and the development of our Noble Production product. Payroll benefits increased by $150,834, marketing by $133,252 and product development by $120,816 quarter to quarter. This ramp up in spending began in Q2 of 2010 so this amount of change will be less dramatic next quarter.
Operational Performance
Operations have continued to be stable with low turnover of personnel, successfully meeting project milestones, and reliable cash flows.
Our Noble Production product team was expanded as planned with new technical and marketing resources. We are seeing a response in the market to our marketing activities and have begun to develop and manage a pipeline of prospects.
Business Outlook
Q2 is expected to continue to grow revenues and profits. We anticipate contracting a new Noble Production client in Q3 this year. We are concerned that our increasing costs could negatively impact our earnings goals. We will watch these closely in the coming quarters to balance our growth investment with our 2011 earnings goal. Improving our earnings is important to meeting our other balance sheet goals for 2011.
The energy market sector continues to be a healthy and aggressive sector. Our current contracts are stable and growing. We remain confident in our overall business forecast for 2011 and on into the near future.
As always, we appreciate the support of our shareholders.
Sincerely,
Kenneth R. Allen
President
MetaPower International, Inc.
2011 Q1 Financial Statements
The following financial statements are for the Q1 2011 operations of MetaPower, Inc. an Oregon corporation. MetaPower, Inc. is the sole operating subsidiary of MetaPower International, Inc.
These financial statements have been produced by MetaPower's internal certified public accountant.
Income Statement Q1 2011 Q1 2010 ----------- ----------- Ordinary Income/Expense Income INCOME CONSULTING INCOME T&M Consulting 2,700,211 2,074,377 Fixed Price Consulting 0 0 Billed Expenses 566,299 398,769 Total Consulting Income 3,266,510 2,473,146 PRODUCT INCOME Reoccurring Maint. Contracts 10,129 26,970 Other Product Income 0 0 Total Product Income 10,129 26,970 Other Income Misc. Income 0 0 Total Other Income 0 65 Total Discounts Taken 0 0 ----------- ----------- Total Income 3,276,639 2,500,182 ----------- ----------- Total Income 3,276,639 2,500,182 ----------- ----------- Cost of Goods Sold DIRECT EXPENSES Employees - Direct 25,605 129,003 Total Direct Contractor Expense 2,348,224 1,793,916 ----------- ----------- Total DIRECTS 2,373,828 1,922,919 ----------- ----------- Total COGS 2,373,828 1,922,919 ----------- ----------- Gross Profit 902,811 577,263 ----------- ----------- Expense 6000 - G & A Total Labor Expenses 49,712 32,563 Total Travel Expenses 6,252 29 Total Computer/Software Expenses 9,192 7,045 Total Communication Expenses 18,657 9,224 Total Bank Fees 3,202 3,254 Total Facility Expenses 8,241 4,955 Total Postage & Shipping Expense 391 374 Total Office Expenses 5,174 1,215 Total Professional Fees 86,835 48,605 Total Insurance Fees 2,048 1,255 Total Bad Debt Expense 0 1,935 Total Other G&A Expenses 3,075 2,496 ----------- ----------- Total G & A 192,778 112,950 Total H/R - Pay + Ben. 253,508 102,674 Total Marketing 154,852 21,600 Total Research & Development 160,477 39,661 Total Expense 761,616 276,884 Net Operating Income 141,195 300,378 =========== =========== Other Income/Expense Other Income Other Income 75,123 105,452 Net Equity Investment from MPC 0 0 ----------- ----------- Total Other Income 75,123 105,452 ----------- ----------- Other Expense Interest Taxes Depreciation Amortization Interest Expense 114,051 74,839 Taxes (3,538) 10,500 Provision for Income Taxes 33,910 125,768 (Gain)/loss on Currency translation (3,716) (35,861) Loss on disposal of assets 0 0 Depreciation 0 0 Amortization 12,635 8,016 Penalties 0 0 ----------- ----------- Total Interest Taxes Depreciation Amortization 153,342 183,261 ----------- ----------- Total Other Expense (78,219) (77,809) ----------- ----------- Net Income 62,976 222,570 =========== =========== Balance Sheet Consolidated 3/31/2011 --------------- ASSETS Current Assets Total Checking/Savings $ 73,583.02 --------------- Total Accounts Receivable $ 129,329.26 --------------- Other Current Assets Prepaid Expenses $ 323,001.01 --------------- Total Other Current Assets $ 323,001.01 --------------- Total Current Assets $ 525,913.30 Fixed Assets FIXED ASSETS Office Furniture $ 3,531 Computers $ 32,207 Computer Software $ 106,181 UCODA Patent $ 86,785 Accum Depreciation $ (15,630) Accumulated Amortization $ (67,198) --------------- Total Fixed Assets $ 145,876 Other Assets Misc Assets Amortization - Intellectual Capital $ (258,128) Intellectual Capital $ 258,128 --------------- Total Other Assets $ 0 --------------- TOTAL ASSETS 671,789 =============== LIABILITIES & EQUITY Liabilities Current Liabilities Total Accounts Payable $ 528,722.81 Total Credit Cards $ 47,401.49 --------------- Other Current Liabilities OTHER CURRENT LIABILITY Accrued Expense - LaPlante Buy Out $ 0 Preferred Dividend $ 2,167 Accrued Expenses $ 144,418 Deferred Revenue $ 20,258 GST $ 126,802 Settlement Account $ 40,000 Reg 105 w/h $ 128,505 Accrued Interest $ 67,802 MPC GST Adjustments $ 30,908 --------------- Total OTHER CURRENT LIABILITY $ 560,861 Total Other Current Liabilities $ 560,861 --------------- Total Current Liabilities $ 1,136,985 Long Term Liabilities LONG TERM LIABILITY Third Party Notes Payable Note Payable - Stiltner $ 130,000 Robert Allen Note 2 Payable $ 6,375 Total Third Party Notes Payable $ 136,375 Deferred Compensation Defered Officer Commission $ 66,594 Deferred Officer Salary $ 951,432 Deferred Officer Bonus $ 3,705 Deferred Employee Salary $ 294,828 Deferred Employee Commission $ 8,664 --------------- Total Deferred Compensation $ 1,325,224 Employee Notes Payable Ed Gibson FY2000 Profit $ 5,446 Note Payable - Chuck Rice $ 37,308 Ken Allen FY2000 Profit $ 28,008 Steve Ivy FY2000 Profit $ 2,723 John Prouty FY2000 Profit $ 2,723 Jane Ross Note-2 $ 42,037 Ed Gibson Note 10 $ 160,132 John Prouty Note 4 $ 130,797 --------------- Total Employee Notes Payable $ 409,173 Other Long Term Liabilities US Bank Credit Line 0 --------------- Total Other Long Term Liabilities $ 0 --------------- Total LONG TERM LIABILITY $ 1,870,772 --------------- Total Long Term Liabilities $ 1,870,772 --------------- Total Liabilities 3,007,757 =============== Equity EQUITY Opening Bal Equity Capital Stock - Common 20,310 Dividends Paid (6,500) Paid in Capital 308,432 Series B Preferred Stock 2 --------------- Other Comprehensive Income Foreign Currency Translation (115,631) --------------- Total Other Comprehensive Income (115,631) Total EQUITY $ 206,612 Retained Earnings $ (2,605,555.97) Net Income $ 62,975.65 --------------- Total Equity $ (2,335,968) --------------- TOTAL LIABILITIES & EQUITY 671,789 ===============
Management Discussion and Analysis
-- These financial reports are compliant with GAAP Standards. Changes have been made from previous reporting periods as necessary to comply with GAAP standards. -- Revenues are primarily due to the Suncor Energy contract through the MetaPower Canada wholly owned subsidiary. -- Maintenance Contract revenues are from the Wolf Creek Nuclear Operating Company and includes the monthly maintenance for the UCoDA software system. Monthly revenues of approximately $5,000 are expected to continue throughout the year and into the future. -- Finance costs for indebtness, other than factoring were generally the same quarter to quarter. -- All other factors are similar to prior periods.
Contact: Steve Ivy 360-450-4209 www.metapower.com
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