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Energy Mad turned to ebitda profit in first-quarter

Tuesday 9th July 2013

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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.

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