SEOUL, SOUTH KOREA--(Marketwired - Nov. 21, 2013) - Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, reported its financial results for the three and nine-month periods ended September 30, 2013.
Revenue for the three-month period increased 147% to $5.1 million (USD), compared to $2.0 million in the same period in 2012. Revenue for the nine-month period increased 58% to $12.3 million compared to $7.8 million for the same period one year ago. The increase is primarily due to stronger sales in Europe relative to the same period last year.
Net loss for the quarter was $2.0 million or $0.009 per share compared to a net loss of $1.9 million or $0.009 per share for the same period in 2012. The net loss was driven mainly by foreign exchange loss resulting from translation of local currencies into the company's functional currency.
At September 30, 2013, the Company had cash and cash equivalents equal to $3.3 million and working capital of $16.2 million.
"We are extremely pleased with our continued forward progress this year, including record quarterly revenue in the third quarter," said Jim Zuidema, Acting Chief Executive Officer of Nesscap Energy Inc. "During the quarter, we continued critical market and product development initiatives to position Nesscap for ongoing success in this exciting market for energy storage solutions."
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, voltage stabilization, and renewable energy. Nesscap plans to increase investments in new technology, direct and indirect sales channels, market development, and production capacity.
The financial statements for the third quarter of 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.