SEOUL, SOUTH KOREA--(Marketwired - April 24, 2014) - Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, reported its financial results for the year ended December 31, 2013.
Revenue for the twelve-month period increased 51% to US $16.6 million, compared to $11.0 million in fiscal 2012. Revenue for the three-month period ended December 31, 2013 increased 35% to $4.4 million compared to $3.2 million for the same period one year ago. The increase in revenue is primarily due to a rebound in European sales and an increase in demand from Asian customers. Gross profit margin for the year improved to 21% from 14% a year ago, primarily as a result of efficiencies related to increased revenue.
Net loss for the year was $3.3 million or $0.015 per share compared to a net loss of $7.2 million or $0.035 per share in fiscal 2012. The improvement in net loss was mainly due to the increased sales volume and gross profit improvement.
At December 31, 2013, the Company had cash and cash equivalents equal to $3.5 million and working capital of $16.3 million.
"We are pleased with our 2013 results and believe the improved performance is sustainable as we continue gaining market recognition for our technology and products," said Jim Zuidema, Acting Chief Executive Officer of Nesscap Energy Inc. "In 2014 we are continuing efforts to strengthen our financial position to further develop our technology, expand production capacity, and attract new customers."
The Company recently announced the renewal of a $5.8 million convertible loan as well as completion of a bridge financing for up to $2.0 million. Detailed terms of the loan and financing can be found in the Company's March 19, 2014 press release as well as the fiscal 2013 MD&A.
Nesscap continues to focus on developing its largest regional markets in Europe and China while strengthening its overall position as a technology leader in the ultracapacitor industry. The strategic focus for the Company includes transportation, consumer electronics, industrial applications, and renewable energy. Nesscap plans to increase investments in new technology, direct and indirect sales channels, market development, and production capacity.
The Company is hosting its annual and general meeting of shareholders on Tuesday, June 24, 2013, at 10:00 a.m. (Toronto time) at the offices of Norton Rose Fulbright Canada LLP located at Suite 3800, Royal Bank Plaza, South Tower, 200 Bay Street, Toronto, ON M5J 2Z4.
The financial statements for fiscal 2013 and related MD&A can be found on SEDAR at www.sedar.com.
Since its inception in 1999, Nesscap Energy Inc. has become an award winning global leader in technology innovation and product development of ultracapacitors. Attributes of the ultracapacitor allow for the technology to be used in applications where power, life cycle requirements, or environmental conditions limit the suitability of batteries or capacitors. Nesscap products are available in both cells and modules and are used to enhance the performance of modern applications ranging from portable electronic devices to high performance windmills and high-tech 'green' cars. Nesscap features the widest array of standard commercial products in the market from 3 farads to 6,200 farads with industry recognized alternative organic electrolytes. Customers of the Company include transportation, power, and consumer markets. Technical and sales information can be found at www.nesscap.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) has in any way approved or disapproved of the contents of this press release.
Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.