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     216  0 Kommentare XPEL Reports Record Second Quarter Revenue of $30.1 Million; Gross Margin Improves to 35.3%

    XPEL, Inc. (Nasdaq: XPEL), a global provider of protective films and coatings, announced results for the second quarter and six months ended June 30, 2019.

    Second Quarter Highlights:

    • Revenues increased 4.5% to $30.1 million compared to second quarter 2018, the highest revenue quarter in the history of XPEL; Sequential revenue growth of 21.7% compared to first quarter of 2019
    • Gross margin improved to 35.3% compared to 29.7% in second quarter 2018
    • Earnings per share of $0.11 compared to $0.09 per share in second quarter 2018

    Ryan Pape, President and Chief Executive Officer of XPEL, commented, “We continued to see strong revenue growth in the second quarter in most of our regions led by the US which posted 55.5% growth. As expected, this growth was partially offset by continued declines in China due to the timing of China sales acceleration in the first half of 2018, but we expect that impact to moderate in the third quarter. While overall revenue growth was moderate in the second quarter, we drove substantially improved gross margin through increased sales to our higher margin customers and due to our continued focus on gross margins. We are energized by the opportunities we’re seeing across the majority of our geographic markets, and believe we are well positioned for continued growth as we move through the balance of 2019.”

    For the Quarter Ended June 30, 2019:

    Revenues. Revenues increased approximately $1.3 million or 4.5% to $30.1 million as compared to $28.8 million in the prior year.

    Gross Margin. Gross margin was 35.3% versus 29.7% in the second quarter of 2018. The increase was related to an improved mix of increased sales to higher margin customers and continued improvements in per unit costs.

    Expenses. Selling, general and administrative expenses increased to $6.7 million or 22.1% of sales as compared to $5.1 million or 17.7% of sales in the prior year period. This increase was due mainly to increases in personnel, occupancy, information technology and research and development costs to support the ongoing growth of the business and increased professional fees due to ancillary costs related to the Company’s U.S. regulatory filings. Additionally, in the second quarter of 2019 the Company incurred costs associated with its annual dealer conference which was held in the first quarter of 2018 and in the second quarter of 2019.

    EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased to $4.4 million, or 16.4%, as compared to $3.8 million in the prior year1.

    Net income. Net income increased to $3.0 million, or $0.11 per basic and diluted share versus net income of $2.6 million, or $0.09 per basic and diluted share in the second quarter of 2018.

    For the Six Months Ended June 30, 2019:

    Revenues. Revenues increased approximately $0.9 million or 1.7% to $54.8 million as compared to $53.9 million in the first half of the prior year.

    Gross Margin. Gross margin was 34.3% versus 30.0% in the first six months of 2018. The increase was related to an improved mix of increased sales to higher margin customers and continued improvements in per unit costs.

    Expenses. Selling, general and administrative expenses increased to $12.3 million or 22.5% of sales as compared to $9.9 million or 18.4% of sales in the prior year period. This increase was due mainly to increases in personnel, occupancy, information technology and research and development costs to support the ongoing growth of the business and increased professional fees due to ancillary costs related to the Company’s U.S. regulatory filings.

    EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased to $7.2 million, or 5.2%, as compared to $6.9 million in the prior year2.

    Net income. Net income increased to $4.9 million, or $0.18 per basic and diluted share versus net income of $4.7 million, or $0.17 per basic and diluted share for the first half of 2018.

    Conference Call Information

    The Company will host a conference call and webcast today, Wednesday, August 21, 2019 at 11:00 a.m. Eastern Time to discuss the Company’s results for the second quarter of 2019.

    To access the live webcast, please visit the XPEL, Inc. website at www.xpel.com/investor.

    To participate in the call by phone, dial (877) 407-8033 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8033.

    A replay of the teleconference will be available until September 21, 2019 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52951.

    About XPEL, Inc.

    XPEL is a leading provider of protective films and coatings, including automotive paint protection film, surface protection film, automotive and architectural window films and ceramic coatings. With a global footprint, a network of trained installers and proprietary DAP software, XPEL is dedicated to exceeding customer expectations by providing high-quality products, leading customer service, expert technical support and world-class training. XPEL, Inc. . (Nasdaq: XPEL; TSXV: XPEL.U) is publicly traded on Nasdaq and the TSX Venture Exchange.

    Safe harbor statement

    This release includes forward-looking statements regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company's growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "is expected," "expects," "scheduled," "intends," "contemplates," "anticipates," "believes," "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of XPEL. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, performance and acceptance of the company's products, economic factors, competition, the equity markets generally and many other factors beyond the control of XPEL. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

    1see reconciliation of non-GAAP financial measures below.

    2see reconciliation of non-GAAP financial measures below.

     

    XPEL, Inc.

    Condensed Consolidated Statements of Income

    (Unaudited)

     

     

     

     

     

     

     

     

     

    Three Months Ended
    June 30,

     

     

    Six Months Ended
    June 30,

     

     

     

    2019

     

     

    2018

     

     

    2019

     

     

    2018

     

    Revenue

     

     

     

     

     

     

     

     

     

     

     

     

    Product revenue

     

    $

    25,425,489

     

     

    $

    24,988,880

     

     

    $

    46,480,212

     

     

    $

    47,083,121

     

    Service revenue

     

     

    4,668,665

     

     

     

    3,802,011

     

     

     

    8,339,388

     

     

     

    6,829,289

     

    Total revenue

     

     

    30,094,154

     

     

     

    28,790,891

     

     

     

    54,819,600

     

     

     

    53,912,410

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of product sales

     

     

    18,551,030

     

     

     

    19,560,320

     

     

     

    34,239,063

     

     

     

    36,410,156

     

    Cost of service

     

     

    917,111

     

     

     

    665,731

     

     

     

    1,804,444

     

     

     

    1,332,270

     

    Total cost of sales

     

     

    19,468,141

     

     

     

    20,226,051

     

     

     

    36,043,507

     

     

     

    37,742,426

     

    Gross Margin

     

     

    10,626,013

     

     

     

    8,564,840

     

     

     

    18,776,093

     

     

     

    16,169,984

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Sales and marketing

     

     

    2,064,836

     

     

     

    1,479,510

     

     

     

    3,663,942

     

     

     

    3,036,608

     

    General and administrative

     

     

    4,589,906

     

     

     

    3,620,542

     

     

     

    8,667,857

     

     

     

    6,895,140

     

    Total operating expenses

     

     

    6,654,742

     

     

     

    5,100,052

     

     

     

    12,331,799

     

     

     

    9,931,748

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income

     

     

    3,971,271

     

     

     

    3,464,788

     

     

     

    6,444,294

     

     

     

    6,238,236

     

    Interest expense

     

     

    29,074

     

     

     

    47,130

     

     

     

    57,780

     

     

     

    104,084

     

    Foreign currency exchange loss (gain)

     

     

    (3,518)

     

     

     

    56,505

     

     

     

    14,908

     

     

     

    23,124

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

     

    3,945,715

     

     

     

    3,361,153

     

     

     

    6,371,606

     

     

     

    6,111,028

     

    Income tax expense

     

     

    938,405

     

     

     

    808,011

     

     

     

    1,504,293

     

     

     

    1,469,073

     

    Net income

     

     

    3,007,310

     

     

     

    2,553,142

     

     

     

    4,867,313

     

     

     

    4,641,955

     

    Income (loss) attributed to non-controlling interest

     

     

    1,293

     

     

     

    (1,968)

     

     

     

    2,709

     

     

     

    (10,513)

     

    Net income attributable to stockholders of the
    Company

     

    $

    3,006,017

     

     

    $

    2,555,110

     

     

    $

    4,864,604

     

     

    $

    4,652,468

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings per share attributable to stockholders of
    the Company

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

    $

    0.11

     

     

    $

    0.09

     

     

    $

    0.18

     

     

    $

    0.17

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted Average Number of Common Shares

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

     

    27,612,597

     

     

     

    27,612,597

     

     

     

    27,612,597

     

     

     

    27,612,597

     

     

    XPEL Inc.

     

    Condensed Consolidated Balance Sheets

     

     

     

     

     

     

    (Unaudited)

     

    (Audited)

     

     

     

     

     

    June 30,

     

    December 31,

     

     

     

     

     

    2019

     

    2018

     

     

     

     

     

     

     

     

     

     

     

    Assets

     

     

     

     

     

     

     

     

     

    Current

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    5,473,964

     

    $

    3,971,226

     

    Accounts receivable, net

     

     

     

    7,549,789

     

     

    5,554,313

     

    Inventory, net

     

     

     

     

    15,304,778

     

     

    10,799,611

     

    Prepaid expenses and other current assets

     

    1,312,016

     

     

    706,718

     

    Total current assets

     

    29,640,547

     

     

    21,031,868

     

     

     

     

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    3,711,031

     

     

    3,384,206

     

    Right-of-Use lease assets

     

     

     

    4,016,516

     

     

    -

     

    Intangible assets, net

     

     

     

    3,595,785

     

     

    3,804,026

     

    Other non-current assets

     

     

     

    35,999

     

     

    -

     

    Goodwill

     

     

     

     

    2,349,501

     

     

    2,322,788

     

    Total assets

    $

    43,349,379

     

    $

    30,542,888

     

    Liabilities

     

     

     

     

     

     

     

     

     

    Current

     

     

     

     

     

     

     

     

     

    Current portion of notes payable

     

    $

    670,516

     

    $

    853,150

     

    Current portion lease liabilities

     

    976,339

     

     

    -

     

    Accounts payable and accrued liabilities

     

     

    11,255,718

     

     

    6,292,093

     

    Income tax payable

     

    565,350

     

     

    1,337,599

     

    Total current liabilities

     

    13,467,923

     

     

    8,482,842

     

    Deferred tax liability, net

     

     

     

    549,257

     

     

    478,864

     

    Non-current portion of lease liabilities

     

     

     

    3,137,297

     

     

    -

     

    Non-current portion notes payable

     

     

     

    502,080

     

     

    968,237

     

    Total liabilities

     

    17,656,557

     

     

    9,929,943

     

    Stockholders‘ Equity

     

     

     

     

     

     

     

     

     

    Preferred stock, $0.001 par value; authorized
    10,000,000; none issued and outstanding

     

     

     

     

    -

     

     

    -

     

    Common stock, $0.001 par value; 100,000,000
    shares authorized; 27,612,597 and 27, 612,597
    issued and outstanding, respectively

     

     

     

    27,613

     

     

    27,613

     

    Additional paid-in-capital

     

    11,348,163

     

     

    11,348,163

     

    Accumulated other comprehensive loss

     

     

     

     

    (976,292

    )

     

    (1,190,055

    )

    Retained Earnings

     

     

     

     

    15,481,857

     

     

    10,617,253

     

     

     

    25,881,341

     

     

    20,802,974

     

    Non-controlling interest

     

     

     

    (188,519

    )

     

    (190,029

    )

    Total stockholders‘ equity

     

     

     

    25,692,822

     

     

    20,612,945

     

    Total liabilities and stockholders‘ equity

    $

    43,349,379

     

    $

    30,542,888

     

    Reconciliation of Non-GAAP Financial Measure

    EBITDA is a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as alternatives to revenue or net income (loss), as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP.

    EBITDA does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of ongoing operations and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

     

    EBITDA Reconciliation

     

     

    Three Months
    Ended
    June 30,
    2019

    Three Months
    Ended
    June 30,
    2018

    Six Months
    Ended
    June 30,
    2019

    Six Months
    Ended
    June 30,
    2018

    Net income

    $3,007,310

    $2,553,142

    $4,867,313

    $4,641,955

    Interest

    29,074

    47,130

    57,780

    104,084

    Taxes

    938,405

    808,011

    1,504,293

    1,469,073

    Depreciation

    220,270

    179,549

    421,088

    338,867

    Amortization

    186,824

    175,532

    371,372

    312,169

    EBITDA

    $4,381,883

    $3,763,364

    $7,221,846

    $6,866,148

     



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    XPEL Reports Record Second Quarter Revenue of $30.1 Million; Gross Margin Improves to 35.3% XPEL, Inc. (Nasdaq: XPEL), a global provider of protective films and coatings, announced results for the second quarter and six months ended June 30, 2019. Second Quarter Highlights: Revenues increased 4.5% to $30.1 million compared to second …