WELLAND, ONTARIO--(Marketwired - Aug. 28, 2013) - CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting products, today announced results for the three and six months ended June 30, 2013. The Company reported sales of $565,300 and $1,303,800 for the three and six months ended June 30, 2013 compared to $687,700 and $1,999,700 for the same periods one year ago. Net loss for the three and six months ended June 30, 2013 was $1,211,300 and $2,168,400 compared to $981,600 and $2,127,000 for the same periods one year ago. Working capital at June 30, 2013 was $2.5 million, including $3.3 million in cash.
For Fiscal 2013 the Company continues to focus on increasing revenues by launching a new commercial sales initiative for both LED lamps (bulbs) and architectural lighting fixtures in North America, and achieving ENERGY STAR® certification and DLC certification to support this commercial effort. "We have solidified our Asian supply chain and realized a significant decrease in product costs without compromising quality," said Travis Jones, President & CEO of CRS Electronics. "I'm delighted with our quality, and we are ramping up inventory for a major LED lamp introduction this autumn."
CRS Electronics, Inc. (TSX VENTURE:LED), a Lighting Facts partner, is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The principal activities of CRS Electronics include the development, manufacture and sale, primarily in North America, of indoor lighting products such as LED replacement lamps, exterior LED warning lights for school buses, child safety systems for school buses, LED architectural lighting fixtures, and contract manufacturing of LED circuit boards. As an innovator of LED solutions since 1998, CRS Electronics continues to expand its product portfolio and market presence with business partners and customers, and under its own product brands, which include CRS Electronics™, QuantumLED™ Lighting, and Lumenova™ Architectural Lighting.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
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Matthew Groen, Chief Financial Officer
Paul Pohl, Director of Marketing