Eurocontrol Reports First Quarter 2017 Results - Seite 2

Bruce Rowlands, Chairman and Chief Executive Officer stated: "We are pleased that our investment to update the Xenemetrix product line and increased marketing efforts are starting to show results. In particular, our introduction of P-Metrix earlier this year has resulted in increased interest. P-Metrix is a portable ED-XRF battery operated laboratory system that weighs 32 lbs and is the newest product that continues our innovative approach of taking the lab to the field. We are looking forward to further advancements for Xenemetrix and also for XwinSys and Croptimal as these two subsidiaries continue to make solid progress towards first revenue."

Financial and Operating Highlights *

• Achieved first quarter revenue of $560,248 from continuing operations, an 85% increase from March 31, 2016 revenue of $302,673.
• Recognized $143,141 in gross profit, an increase of 67% from March 31, 2016.
• Recognized first quarter net loss excluding discontinued operations of $1,378,799 compared to a net loss of $1,501,246 in 2016.
• 2017 investment in R&D of $827,009.

		Three Months Ended March 31,
		2017	2016
		$	$
Revenue		560,248	302,673
Cost of sales
	Cost of sales - direct production costs	(372,758)	(172,537)
	Cost of sales - amortization and other non cash items	(44,349)	(44,349)
		(417,107)	(216,886)
Gross profit		143,141	85,787
Expenses		(1,765,930)	(1,955,031)
Other (expense) income		185,990	367,998
Income tax recovery		58,000	-
Gain on sale of subsidiary - discontinued operations		-	16,484,172
Net loss - continuing operations		(1,378,799)	(1,501,246)
Net income - discontinued operations		-	16,484,172
Net income (loss)		(1,378,799)	14,982,926
Basic loss per share
	- from continuing operations	(0.02)	(0.02)
	- from discontinued operations	-	0.18
	- net income (loss)	(0.02)	0.16
Diluted loss per share
	- from continuing operations	(0.02)	(0.02)
	- from discontinued operations	-	0.17
	- net income (loss)	(0.02)	0.15
EBITDA		(1,565,719)	17,388,949
EBIT		(1,626,739)	17,332,680

* Certain comparative figures have been reclassified to conform to the current year's presentation. These reclassifications did not affect prior years' net losses.