Xplore Technologies Corp. develops, manufactures, markets and sells award-winning rugged tablet PCs. The company’s mobile wireless PC computing systems allow users to receive, collect, analyze and transmit information in a variety of environments not suited for traditional non-rugged computing devices. The company’s end-users are in markets that include utility, logistics, public safety, delivery and transportation, military and homeland security.
Xplore has announced today its financial results for the three months ended June 30, 2009. Revenues came in at $4,994,000 as compared to $4,451,000 for the same period last year, an increase of 12%. The increase in revenue was attributed to an increase in unit sales of approximately 35%, which was offset by a decline in average selling price of approximately 16%.
Xplore also reported significant reductions in operating expenses for the period ended June 30, 2009. Operating expenses for the period were slashed to $2,157,000, a 61% decrease from the $5,464,000 in operating expenses during the same period last year. The majority of the decline in operating expenses was due to decreased R&D spending. The net cash used for the three months ended June 30, 2009 was only $88,000. This amount was significantly lower than the net cash used in the same period last year of $1,190,000.
President and COO of Xplore Technologies, Mark Holleran, stated, â€œThe significant reduction in our cash burn rate in our first quarter of fiscal 2010, evidenced by use of only $88,000 of cash in our operating activities, indicates we have made significant progress toward of our goal of becoming self funding. In the challenging economic environment, we have been able to maintain our revenues, significantly reduce our operating expenses and improve our asset management performance.â€