SEOUL, SOUTH KOREA -- (Marketwired) -- 08/28/13 -- 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 six month periods ended June 30, 2013.
Revenue for the three-month period increased 42% to $4.0 million (USD), compared to $2.8 million in the same period in 2012. Revenue for the six-month period increased 27% to $7.2 million compared to $5.7 million for the same period one year ago. The increase is primarily due to stronger sales in Asia and Europe, relative to the same period in the previous year.
Net loss for the quarter was $41 thousand or $0.000 per share compared to a net loss of $0.8 million or $0.004 per share for the same period in 2012. The decrease in net loss is mainly due to an increase in gross profit and a decrease in SG&A expenses.
At June 30, 2013, the Company had cash and cash equivalents equal to $3.4 million and working capital of $17.3 million.
"Our success in the second quarter is consistent with stronger overall demand and was helped significantly by our continued focus on increasing efficiencies in the factory," said Jim Zuidema, Acting Chief Executive Officer of Nesscap Energy Inc. "We are making steady progress solidifying our sales order pipeline and are currently increasing our production capacity to meet existing and expected delivery schedules. At the same time, we are continuously advancing our longer term business prospects as demonstrated by our recent awards to supply the European Automotive Industry."
Nesscap is well positioned to build on the solid foundation that it has established to accelerate growth over the coming years in the exciting market for new power delivery solutions and is committed to continuing its efforts to develop "best in class" ultracapacitors. To help realize its business objectives, the Company plans several investments to increase production capacity, develop its marketing capability, and accelerate development of technology. Key areas of focus for the Company include the transportation, consumer electronics, voltage stabilization, and renewable energy segments in Europe, North America, and Asia.
The financial statements for the second 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.
Nesscap Energy Inc.
Nesscap Energy Inc.
Chief Executive Officer (Acting)
Chief Financial Officer
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