Legend Power Reports Q2 Fiscal 2020 Financial Results Outlook for Balance of Year Already Improving5/28/2020 Vancouver, B.C., Canada – May 28, 2020 – Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today reported its Q2 fiscal 2020 financial results for the six months ended March 31, 2020. A conference call to discuss the results is set for 4:15pm EST today (dial in details below). A complete set of Financial Statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars. Financial Highlights for the three months ending March 31, 2020
Working Capital Update to May 28, 2020
Objectives through fiscal year-end (September 30)
Management Commentary Financial summary for the three and six months ended March 31, 2020 and 2019
1 Gross margin is based on a blend of both equipment and installation revenue. Revenue for the second quarter of 2020 was $676,359, a 12% decrease from $769,443 in the same quarter of 2019. Revenue for the six months ended March 31, 2020 was $1,679,688 a 43% increase from $1,172,843 in the same period 2019. Gross margin in the second quarter of fiscal 2020 was 32%, a decrease from 54% in second quarter of fiscal 2019. Gross margin in the first half of fiscal 2020 was 26%, a decrease from 63% over the first half of 2019. The lower gross margins experienced in the first half of 2020 was due primarily to:
Adjusted EBITDA for the second quarter of fiscal 2020 was negative $1,467,805, compared with negative $1,285,984 in the second quarter of fiscal 2019. Adjusted EBITDA for the first half of fiscal 2020 decreased to negative $2,792,966, from negative $2,334,336 in the first half of fiscal 2019. Net loss for the second quarter of fiscal 2020 was $1,516,627, compared with a net loss of $1,402,451 in the second quarter of fiscal 2019. Net loss for the first six months of 2020 was $2,998,825, an increase of 20% from a loss of $2,493,783 in the same period of 2019. Lower gross margins were the prime contributor to the increase in net loss compared with the same six-month period in fiscal 2019. The Company’s operating expenses for the second quarter of 2020 were $1,736,091, down from $1,845,557 in the same quarter of 2019 and for the first six months of fiscal 2020 were $3,356,522 compared with $3,330,400 in the same six months of 2019. CONFERENCE CALL DETAILS: DATE: Thursday, May 28, 2020 About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements The post Legend Power® Reports Q2 Fiscal 2020 Financial Results Outlook for Balance of Year Already Improving appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2XIxMhj
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Vancouver, B.C., Canada – May 22, 2020 ‐ Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today announced it will release its Q2 2020 financial results for the six months ended March 31, 2020, on Thursday, May 28, 2020 after the close. The Company has scheduled a conference call to provide a business update and discuss its Q2 2020 financial results for Thursday, May 28, 2020 at 4:15PM ET (1:15PM PT). The call will be hosted by Randy Buchamer, President & Chief Executive Officer and Steve Vanry, Chief Financial Officer. CONFERENCE CALL DETAILS: DATE: Thursday, May 28, 2020 About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This Press Release may contain statements which constitute “forward‐looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward‐looking statements. Investors are cautioned that any such forward‐looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward‐looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results to not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward‐looking statements other than as may be required by applicable law. The post Legend Power® Schedules Q2 2020 Financial Results Release and Conference Call appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2ZzKH7s Vancouver, B.C., Canada – Legend Power® Systems (TSX-V: LPS), a global leader in onsite energy management technology, today provided a business update and discussed recent steps taken to ensure a seamless transition to the anticipated normalization of business and economic activity. We are pleased to report that in-process sales cycles have continued and that the uptake of the SmartGATE Insights
Given that Legend provides a product that improves an essential service like electricity, the Company will continue to be flexible and creative to do whatever it can to assist our customers and the occupants of their buildings through the current environment. “Legend took decisive action early, prioritizing the wellbeing of our employees, our customers, our partners, and our communities,” said CEO Randy Buchamer. “We’ve continued monitoring and assessing the impact of COVID-19 and are pleased to see that following their initial scramble to get employees set up for work-from-home initiatives, customers remain engaged in the value that both SmartGATE Insights To ensure Legend continues to execute to plan, we have taken several steps to manage prudently through the current environment. These include:
About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements The post Legend Power® Systems Provides Business Update appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2WzRH11 |
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