Sharechat Logo

Energy Mad relents, gives numbers for modest 1st-quarter earnings

Friday 12th July 2013

Text too small?

Energy Mad, whose shares have jumped more than 20 percent this week since it said first-quarter earnings were ahead of budget without giving details, has now released numbers showing it had only expected to earn $7,000.

Unaudited earnings before interest, depreciation and amortisation were $120,000 in the three months ended June 30, of which $95,000 related to year-earlier depreciation and amortisation charges, from a loss of $450,000 in the first quarter last year, the Christchurch-based company said in a statement. Pretax profit was $26,000, from a year-earlier loss of $539,000.

The shares were last at 36 cents, about a third of their 2011 IPO price. 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. 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.

It says earnings in the latest quarter were helped by cost cutting, a foreign exchange gain and a better performance from its direct installation business.

Mad Energy's Direct Installation unit sells and installs its Ecobulb down-lights in New Zealand homes.

The company says it will give more detailed guidance on its 2014 financial projections later in the year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Energy Mad turned to ebitda profit in first-quarter
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