Nesscap Energy Inc. a global leader in research, development and manufacturing of ultracapacitor products, reported its financial results for the year ended December 31, 2013.
Revenue for the twelve-month period increased 51% to US $16.6 million, compared to $11.0 million in fiscal 2012. Revenue for the three-month period ended December 31, 2013 increased 35% to $4.4 million compared to $3.2 million for the same period one year ago. The increase in revenue is primarily due to a rebound in European sales and an increase in demand from Asian customers. Gross profit margin for the year improved to 21% from 14% a year ago, primarily as a result of efficiencies related to increased revenue.
Net loss for the year was $3.3 million or $0.015 per share compared to a net loss of $7.2 million or $0.035 per share in fiscal 2012. The improvement in net loss was mainly due to the increased sales volume and gross profit improvement.
At December 31, 2013, the Company had cash and cash equivalents equal to $3.5 million and working capital of $16.3 million.
"We are pleased with our 2013 results and believe the improved performance is sustainable as we continue gaining market recognition for our technology and products," said Jim Zuidema, Acting Chief Executive Officer of Nesscap Energy Inc. "In 2014 we are continuing efforts to strengthen our financial position to further develop our technology, expand production capacity, and attract new customers."
The Company recently announced the renewal of a $5.8 million convertible loan as well as completion of a bridge financing for up to $2.0 million. Detailed terms of the loan and financing can be found in the Company's March 19, 2014 press release as well as the fiscal 2013 MD&A.
Nesscap continues to focus on developing its largest regional markets in Europe and China while strengthening its overall position as a technology leader in the ultracapacitor industry. The strategic focus for the Company includes transportation, consumer electronics, industrial applications, and renewable energy. Nesscap plans to increase investments in new technology, direct and indirect sales channels, market development, and production capacity.
The Company is hosting its annual and general meeting of shareholders on Tuesday, June 24, 2013, at 10:00 a.m. (Toronto time) at the offices of Norton Rose Fulbright Canada LLP located at Suite 3800, Royal Bank Plaza, South Tower, 200 Bay Street, Toronto, ON M5J 2Z4.
