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Xplore Reports First Profitable Quarter In Company’s History

Stocks in this article: XLRT

Xplore Technologies Corp. (OTCQB: XLRT) (“Xplore” or the “Company”), a manufacturer of award-winning rugged tablet PCs, today announced results for the three months ended December 31, 2011 and its first profitable quarter in its history. Revenues for the quarter increased by 107 percent from $4,308,000 for the three months ended December 31, 2010 to $8,918,000. The Company also posted net income of $284,000, as compared to a net loss of $2,075,000 for the three months ended December 31, 2010.

“We are extremely pleased that the strong momentum of our iX104 C5 family of rugged tablets, with one of the best-in-class feature sets, has resulted in outstanding revenue growth and the first profitable quarter in our history” stated Philip S. Sassower, Chairman and Chief Executive Officer. “Achieving this important milestone underscores what we believe is the market’s positive response to our C5 line of products and their competitive differentiation.”

Mark Holleran, President and Chief Operating Officer of Xplore added “we have built what we believe – and what our customers tell us – is the best rugged tablet PC available today. The strength of the acceptance of our C5 product family, combined with the growing tablet market and acceptance of the tablet form factor, accounts for our revenue growth and profitability. This growing acceptance, as evidenced by the recently announced purchase orders totaling approximately $16.8 million, is creating additional opportunities for the Company.”

The 107 percent increase in revenue for the quarter is primarily attributable to approximately $3.9 million of revenue related to initial shipment of product on our previously announced receipt of approximately $14 million of purchase orders from one of the world’s largest utility companies. Total revenue for the nine months ended December 31, 2011 was $16,696,000, as compared to $13,714,000 for the nine months ended December 31, 2010, an increase of $2,982,000, or approximately 22%. An increase in unit sales accounted for an increase in revenue of approximately 26% for the nine months ended December 31, 2011 compared to the nine months ended December 31, 2010, offset by a decline of approximately 4% in average selling prices attributable to a larger product mix of earlier generation tablet PCs sold at discounted prices.

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