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Xplore Reports FY 2011 Annual Results

Stocks in this article: XLRT

Xplore Technologies Corp. (OTCMarkets.com - XLRT), a manufacturer of award-winning rugged tablet PCs, today reported revenue of $17,759,000 for the fiscal year ended March 31, 2011, as compared to $21,940,000 for the fiscal year ended March 31, 2010, a decrease of approximately 19 percent.

Mark Holleran, President and Chief Operating Officer of Xplore said, “The decrease in revenue is attributable to a decrease in unit sales of approximately 15 percent and an additional decrease of approximately 6 percent in our average selling prices, due to product mix changes.” Mr. Holleran added that the delay in the launch of the company’s iX104C5 product family to fiscal 2012 resulted in “many of our customers delaying their orders until our new product line was available.”

Holleran noted that the initial response to the launch of the iX104C5 has been good, although he cautioned that the selling effort commenced late in the first quarter of fiscal 2012 and the selling cycle is such that expected revenue from the product launch should only begin to be fully reflected in the second half of fiscal 2012 (which would be the quarters ending in December 2011 and March 2012). “We are seeing a definite increase in interest for the new line among our existing customers and new customers,” Holleran affirmed.

Total gross profit decreased by $342,000 to $5,421,000, or 30.5 percent of revenue, compared to gross profit the previous year of $5,763,000, or 26.3 percent of revenue. The decrease in gross profit was attributable to the decrease in revenue and unit sales while the increase in gross profit percentage for the year, as compared to the prior year, was due to a more favorable product mix.

Operating expenses for the years ended March 31, 2011 and 2010 were $8,032,000 compared to $8,575,000, a decrease of approximately six percent. Research, development and engineering costs were reduced by approximately 24 percent as activities focused exclusively on the development of the new iX104C5 line of tablet computers. In addition, sales, marketing and support expenses increased 14 percent as the company prepared for the launch of the new product line in the first quarter of fiscal 2012. General administration expenses of $2,974,000 for fiscal 2011 were also reduced in fiscal 2011 by approximately eight percent from the $3,248,000 recorded in fiscal 2010.

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