Tuesday 9th July 2013
|Text too small?|
Energy Mad, whose shares are trading at less than a third of their 2011 IPO price, claims it recorded positive earnings in its first quarter, but is refusing to give any numbers.
It says the positive helped by cost cutting, a foreign exchange gain and a better performance from its direct installation business.
Unaudited earnings before interest, depreciation and amortisation were ahead of budget in the three months ended June 30, the company said, without giving specific numbers. It posted a loss of $1.5 million for the 12 months ended March 31 and has consistently undershot both prospectus and earnings guidance since listing on the NZX in late 2011.
"We've gone from a significant loss last year to being profitable," managing director Chris Mardon told BusinessDesk. While the company doesn't release quarterly details, "investors were very keen to know when that happened."
The shares jumped 13 percent to 34 cents, having shed 41 percent in the past year. Sales jumped 59 percent last year but were less than half the company's prospectus for its initial public offering. The annual loss reflected delays in Australian sales after design changes to its 12 volt ecobulb, slower than expected regulatory approvals and production problems at a Chinese plant.
Mad Energy's Direct Installation unit sells and installs its Ecobulb down-lights in New Zealand homes.
The company will give more detailed guidance on its 2014 financial projections later in the year, Mardon said.
No comments yet
Energy Mad relents, gives numbers for modest 1st-quarter earnings
Energy Mad posts wider-than-expected annual loss of $2.5 million after bulb delays crimp sales
Energy Mad lowers FY guidance, gets $1M from SuperLife
Energy Mad 1H loss widens as quality control stymies Australian sales
Energy Mad outlines risks for return to profit
Energy Mad posts $1.1M loss, thanks investors for patience
Energy Mad needs to smarten its act, says IPO organiser
Energy Mad faces full-year EBITDA loss
Energy Mad slashes EBITDA forecast
Energy Mad secures $2 mln banking facility with HSBC to help fund major orders