Sealegs Reports Record Operating Revenue
29 May 2009
AUCKLAND, Wednesday 27th May 2009: Sealegs Corporation (NZX:SLG) today announced record operating revenue for the year ended 31 March 2009.
The listed amphibious marine craft manufacturer reported record operating revenue for the full year of $11.5 million, an increase of 20% on last year's figure
of $9.6 million.
of $9.6 million.
Sealegs CEO David McKee Wright says considering the economic downturn experienced in the second half of the year he was happy with the result.
He reported that the company shipped 105 boats for the year. The 20% increase in revenue was assisted by an increase in the average unit price per boat. The operating loss of $869,000 was disappointing and a reflection of a downturn in orders for the second half of the year.
The total deficit for the year of $5.8 million compared with $1.7 million for the same period last year, Mr McKee Wright says was mainly attributable to the International Financial Reporting Standards (IFRS) treatment of a one-off cost of cancelling the Employee Share Option Plan. The total deficit also included an IAS36 impairment write-down of $1.7m of Research & Development and Goodwill. The options and write-off of goodwill had no cash flow effect.
Net operating cash outflow for the year was $1m and the company had cash reserves of $3.2m at 31 March 2009.
