Published On: Sun, Aug 31st, 2014

CRS Electronics (OTCMKTS:LEDCF): Announcement of 2Q14 Financial Results

On August 29, 2014, CRS Electronics (OTCMKTS:LEDCF) announced its financial results for 2Q14 ended June 30, 2014. President and Chief Executive Officer of CRS Electronics, Travis Jones commented that sales of 2Q14 were 26 percent higher than 2Q13. Due to reduced product cost, gross margin of the company increased by 48 percent during 2Q14 as compared to 2Q13, allowing the company to be competitive in the commercial marketplace. LED lamp sales of the company were 86 percent higher during 2Q14 as compared to 2Q13, and the company is very happy to experience Lumenova™ gain acceptance in the North American commercial market. The strategy of the company is to continue reducing costs while increasing sales as it prepares for major new product introductions in 3Q14.

For 2Q14, cost of sales of CRS Electronics (OTCMKTS:LEDCF) was $0.71 million as compared to $0.57 million for 2Q13. For 2Q14 the company reported net loss and comprehensive loss of $(1.03) million as compared to $(1.21) million for 2Q13. On a per share basis, the company reported loss of $(0.01) per basic and fully-diluted share during 2Q14 as compared to $(0.02) per basic and fully-diluted share during 2Q13. Total expenses of the company for 2Q14 were $0.97 million as compared to $0.98 million for 2Q13. As at June 30, 2014, the company’s cash and cash equivalents were $0.62 million as compared to $3.08 million as at December 31, 2013.

Company Brief:

CRS Electronics (OTCMKTS:LEDCF) is a leader in the rapidly-growing and emerging market of high efficiency LED (light-emitting-diode) or SSL (solid state lighting). The company is primarily engaged in the development, manufacture and sale, mainly in North America, of indoor products like exterior LED warning lights for school buses, LED architectural lighting fixtures, LED replacement lamps, contract manufacturing of LED circuit boards and child safety systems for school buses. As an innovator of LED solutions since 1998, the company continues to expand its market presence and product portfolio with customers and business partners, and under its own product brands, which include CRS Electronics and Lumenova™.

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