XPEL Technologies Corp. (TSXV: DAP.U), a leading supplier of
automotive paint protection and window films, announced results for
the fourth quarter and year ended December 31, 2017.
Fourth Quarter Highlights:
- Revenues increased 52.7% to $20.2
million compared to fourth quarter 2016; Sequential revenue growth
of 13.5% compared to third quarter of 2017
- Selling, general and administrative
expenses decreased to 21.1% as a percentage of revenue
- Finalized Product Consolidation,
Facility Consolidation and Sales and Operations Reorganization;
Seeing Positive Impact In Q1 2018
Revenues for the quarter grew 52.7% to $20.2 million. Gross
profit as a percentage of sales was 22.6% as compared to 23.9% in
the prior quarter. Selling, general and administrative expenses
increased to $4.3 million, or 21.1% of revenue, as compared to $3.4
million, or 25.6% of revenue, in the prior year quarter. Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA)
increased $0.9 million to $1.0 million compared to $0.1 million in
the prior year quarter. Net income was $.004 million compared to a
net loss of ($.09) million in the prior year quarter.
The Company generated $7.5 million in operating cash flow for
the quarter which was used to fund ongoing working capital needs
and to reduce its line of credit borrowings by $4.0 million.
The Company incurred certain one-time costs totaling $0.6
million during the quarter related to the consolidation of its
product lines, the consolidation of its three existing warehouse
facilities into a single facility in San Antonio and the
restructuring of its sales and operations. Adjusting for these
non-recurring costs, fourth quarter gross profit as a percentage of
revenue would have been 24.9%, selling, general and administrative
expenses as a percentage of sales would have decreased to 20.3%,
EBITDA would have been $1.6 million and Net Income would have been
$0.45 million.
Mr. Ryan Pape, President and Chief Executive Officer of XPEL,
commented, “We are seeing the positive impact we anticipated from
our consolidation and reorganization initiatives and we expect
continued strong growth in revenue and significant improvement in
bottom line results in 2018. The consolidation of some of our
legacy paint protection film lines allows us to enhance our product
efficiency by removing our lowest margin products and the working
capital requirements associated with them.
Mr. Pape continued, “During fiscal 2017 we delivered strong
growth driven by robust demand for our paint protection and window
film and we completed three acquisitions in key strategic areas. We
remain focused on leveraging the strength of our brand and our
unique service model.”
For the Quarter Ended December 31, 2017:
Revenues. Revenues increased approximately $6.99 million to
$20.2 million, or 52.7% over the prior year period. On a constant
currency basis, revenues grew 51.2% to $20.10 million.
Gross Margin. Gross margin for the quarter grew 44.4% vs prior
year quarter and decreased as a percentage of sales from 23.9% to
22.6%.
Expenses. Selling, general and administrative expenses increased
$0.9 million or 26.2% vs. prior year period and decreased as a
percentage of sales to 21.1% of sales from 25.6% of sales in the
prior year. This increase was due mainly to increases in personnel,
occupancy, sales and marketing and travel related costs to support
the ongoing growth of the business as well as increases in
intercompany shipping expense related to the transfer of inventory
to our various warehouses to support the needs of our customers.
Additionally, the company changed its depreciation method from
double declining balance to straight line resulting in additional
depreciation expense of approximately $0.09 million vs. prior year
quarter.
EBITDA. EBITDA increased $0.925 million to $1.02 million vs
prior year quarter.
Net income. Net income for the quarter decreased to $0.004
million.
For the Year Ended December 31, 2017:
Revenues. Revenues increased approximately $15.99 million to
$67.75 million, or 30.9% over the prior year. On a constant
currency basis, revenues grew 30.6% to $67.6 million.
Gross Margin. Gross margin for the year grew 19.7% vs the prior
year and decreased as a percentage of sales from 27.1% to
24.8%.
Expenses. Selling, general and administrative expenses increased
$3.7 million or 35.1% vs. prior year period and increased as a
percentage of sales to 21.5% of sales from 20.8% of sales in the
prior year. This increase was due mainly to increases in personnel,
occupancy, sales and marketing and travel related costs to support
the ongoing growth of the business as well as increases in
intercompany shipping expense related to the transfer of inventory
to our various warehouses to support the needs of our customers.
Additionally, the company changed its depreciation method from
double declining balance to straight line resulting in additional
depreciation expense of approximately $0.36 million vs. prior
year.
EBITDA. EBITDA decreased $0.13 million to $4.27 million vs prior
year.
Net income. Net income for the year decreased to $1.13 million
vs $2.16 million in the prior year.
Conference Call Information
The Company will host a conference call to discuss the fourth
quarter and year-end results today, March 28, 2018, at 11:00 a.m.
Eastern Time.
To access the live webcast, please visit the XPEL Technologies
website at www.xpel.com/investor.
To participate in the call by phone, dial (877) 407-8033
approximately five minutes prior to the scheduled start time.
International callers please dial (201) 689-8033.
A replay of the teleconference will be available until April 28,
2018 and may be accessed by dialing (877) 481-4010. International
callers may dial (919) 882-2331. Callers should use conference ID:
26998.
About XPEL Technologies Corp.
XPEL leads the industry in designing, manufacturing and
distributing high-performance automotive paint and headlamp
protection film technologies. Using XPEL’s proprietary software and
materials, our professional design team develops products that
deliver the ultimate in vehicle protection, meeting the demands of
a broad range of makes and models. With more than 70,000
vehicle-specific applications and a global network of trained
installers, XPEL is dedicated to exceeding customer expectations in
providing high-quality products, customer service and technical
support. XPEL Technologies Corp. (TSXV: DAP.U) is publicly traded
on the TSXV Exchange. Visit www.xpel.com for more information.
Safe harbor statement
This release includes forward-looking statements regarding XPEL
Technologies Corp. and its business, which may include, but is not
limited to, anticipated use of proceeds from capital transactions,
expansion into new markets, and execution of the company's growth
strategy. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans," "is expected,"
"expects," "scheduled," "intends," "contemplates," "anticipates,"
"believes," "proposes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may," "could," "would," "might" or
"will" be taken, occur or be achieved. Such statements are based on
the current expectations of the management of XPEL. The
forward-looking events and circumstances discussed in this release
may not occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the company, performance and acceptance of
the company's products, economic factors, competition, the equity
markets generally and many other factors beyond the control of
XPEL. Although XPEL has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and XPEL undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For more information, contact:
Investor Relations:John Nesbett/Jennifer
BelodeauInstitutional Marketing Services (IMS)Phone: (203)
972-9200Email: jnesbett@institutionalms.com
XPEL TECHNOLOGIES CORP.
Consolidated Statements of Income and Comprehensive Income
(Expressed in United States Dollars)
(Audited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2017 2016 2017 2016
Revenue $ 20,237,336 $ 13,248,744 $ 67,749,544 $
51,759,267
Expenses Direct costs 15,661,865
10,080,423 50,975,178 37,744,837 Selling, general and
administrative 4,279,869 3,391,406 14,538,310 10,761,879
Income from operations 295,602 (223,085 ) 2,236,056
3,252,551 Interest expense 142,915 42,891 337,670 223,045 (Gain)
loss on sale of property, plant and equipment (6,000) - (13,251 )
4,874 Foreign exchange gain (180,687) (16,288 ) (252,196 ) (4,943 )
(43,772) 26,603 72,223 222,976
Net (loss) income before
income taxes 339,374 (249,688 ) 2,163,834 3,029,575 Deferred
income tax recovery (73,029 ) (25,634 ) (255,236 ) (97,847 )
Current income tax expense 408,151 (201,172 ) 1,284,725 963,922
335,122 (226,806 ) 1,029,490 866,075
Net (loss)
income $ 4,252 $ (22,882 ) $ 1,134,344 $ 2,163,500
Items that may be reclassified to profit or loss: Cumulative
differences on translation foreign operations 1,030,178 (150,278 )
(150,556) (211,732 )
Total
comprehensive (loss) income $ 1,034,430 $ (173,160 ) $ 983,788
$ 1,951,768
Net (loss) income attributable to:
Shareholders of the Company 19,407 (4,480 ) 1,187,344
2,227,512
Non-Controlling interest (15,155 ) (18,402 )
(53,001 ) (41,130 )
Net (loss) income $ 4,252 $ (22,882 ) $
1,134,344 $ 2,163,500
Total comprehensive (loss) income
attributable to:
Shareholders of the Company $ 1,049,585
$ (154,758 ) $ 1,036,789 $ 1,992,898
Non-controlling
interest (15,155 ) (18,402 ) (53,001 ) (41,130 )
Total
comprehensive (loss) income $ 1,034,430 $ (173,160 ) $ 983,788
$ 1,951,768
Earnings per share attributable to owners of
the parent Basic and diluted $ 0.0001 $ (0.001 ) $ 0.042 $
0.084
Weighted average number of common shares Basic
and diluted 27,612,597 25,784,950 27,326,261 25,784,950
XPEL TECHNOLOGIES CORP. Consolidated
Balance Sheet (Expressed in United States Dollars)
(Audited)
December 31,
December 31, 2017
2016 Assets Current Cash and cash
equivalents $ 3,498,904 $ 1,861,089
Accounts receivable
5,164,827 4,754,524
Inventory 9,827,156 7,806,029
Prepaid
expenses and other current assets 1,094,275 454,173
Income
taxes receivable - 72,553
Total current
assets 19,585,162 14,948,368
Property, plant and
equipment 2,153,233 1,352,120
Intangible assets
4,144,374 3,467,218
Deferred tax asset 378,014 135,363
Goodwill 2,490,105 1,891,948
Total
assets $ 28,720,887 $ 21,795,017
Liabilities
Current Bank indebtedness $ 2,000,000 $ 2,500,000
Accounts payable and accrued liabilities 9,195,211 5,859,981
Income tax payable 1,126,865 168,690
Current portion of
bank loan payable 440,126 565,678
Current portion of notes
payable – acquisitions 624,308 448,527
Total
current liabilities 13,386,510 9,542,876
Deferred tax
liability 463,140 524,272
Bank loan payable - 439,688
Notes payable – acquisitions 1,018,492 994,737
Total liabilities 14,868,142 11,501,573
Equity
Capital stock 9,210,646 6,635,133
Contributed surplus
2,165,130 2,165,130
Accumulated other comprehensive loss
(984,281 ) (833,725 )
Retained Earnings 3,569,429
2,382,085 13,960,925 10,348,623
Non-controlling
interest (108,180 ) (55,179 )
Total
liabilities and equity $ 28,720,887 $ 21,795,017
Non-IFRS Measures
In addition to disclosing results in accordance with IFRS as
issued by IASB, the Company also provides supplementary non-IFRS
measures as a method of evaluating the Company’s performance.
Management uses EBITDA as a measure of company-wide performance.
EBITDA is defined as earnings before interest, taxes, depreciation,
and amortization. Management believes EBITDA is a useful measure to
allow period-to-period comparison of the Company’s operating
performance. EBITDA does not have a standardized meaning under IFRS
and is not necessarily comparable to measures presented by other
Companies. EBITDA excludes components that are significant in
understanding and assessing our results of operations and cash
flows. EBITDA does not represent funds available for Management's
discretionary use and is not intended to represent cash flow from
operations. EBITDA should not be considered a substitute for Net
Income prepared in accordance with IFRS as issued by the IASB.
EBITDA Reconciliation
Three MonthsEndedDecember
31, 2017
Three MonthsEndedDecember
31,2016
Twelve
MonthsEndedDecember 31,2017
Twelve
MonthsEndedDecember 31,2016
Net (loss) income 4,252
(22,881 ) 1,134,344
2,163,500
Interest
142,914 42,891
337,670 223,045
Taxes
335,122
(226,806 ) 1,029,490
866,075
Depreciation
224,663 80,695
748,364 299,625
Amortization
310,648 218,663
1,017,646 840,501
EBITDA 1,017,599
92,561 4,267,514
4,392,746
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180328005404/en/
XPEL Technologies Corp.Investor Relations:Institutional
Marketing Services (IMS)John Nesbett/Jennifer Belodeau,
203-972-9200jnesbett@institutionalms.com
Xpel Technologies (TSXV:DAP.U)
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