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XZERES Reports First Quarter Fiscal Year 2012 Financial Results
XZERES Reports First Quarter Fiscal Year 2012 Financial Results
XZERES Corp.(OTCBB: XPWR), designer, developer and producer of distributed generation wind power systems for the small wind market
Wilsonville,
OR,
United States of America
(prbd.net)
17/07/2011
Wilsonville, Oregon, July 16, 2011 - XZERES Corp.(OTCBB: XPWR), designer, developer and producer of distributed generation wind power systems for the small wind market (2.5kW-100kW) and power management and efficiency devices for the commercial and light industrial market, announced today its financial results for its fiscal first quarter ended May 31,2011.
Financial Results
Revenue for the fiscal first quarter ended May 31, 2011was $1,017,217a57%sequentialincreaseas compared to the previous fiscal fourth quarter ending February 28, 2011. Revenue by channel for the first quarter for our wind power systems business grew to 47.2% direct and 52.8% indirect as compared to32.8%directand67.2%indirect for the previous fourth quarter. In future quarters, as we grow sales of our recently acquired line of power management and power efficiency products, we expect to report revenue by channel and figures for this business segment, as well.
"During the first quarter, we saw continued growth as we began initial deliveries of our new 442SR next generation 10-kilowatt turbine small wind power systems. We also achieved significant sales model progress in terms of our revenue by channel mix, with an increasing percentage of our sales being direct. This direct sales success is the result of our efforts that began last July, when we decided to initiate a disruptive sales model approach to the conventional, purely dealer-based, distribution model that has been prevalent in the wind turbine business and instead focus more of our efforts upon direct, self-reliant, internally generated business, thereby gaining several distinct advantages. While we welcome and appreciate dealer business, and our dealer business is growing meaningfully, we will continue to aggressively implement this direct sales model domestically and additionally begin to apply it internationally - initially in the United Kingdom- as we ramp our international sales. We will also apply this direct sales model domestically to our new line of power management and power efficiency solutions," said Frank P. Greco, CEO and President.
Quarterly Business Highlights
* Initiated pilot project deploying our 442SR next generation 10-kilowatt turbine small wind power system for a potentially large, micro-grid, island electrification opportunity in Vietnam
* Began final testing of our own proprietary battery charging controller and solution for remote electrification
* Shipped our first container (9 units) of 442SR small wind power systems to the United Kingdom
*Integrated manufacturing and completed initial product sales of recently acquired line of power management and power efficiency devices
Outlook
We expect continued strong growth in our distributed energy, small wind power systems business and based upon early indications of exceedingly strong, but initial market feedback, on a relative basis, potentially even faster growth for our power management and power efficiency business segment. We further expect that by fiscal year end ( February 28, 2012) our power management/power efficiency business will become a meaningful, if not significant, part of our overall business on a going-forward, revenue run-rate basis; and while perhaps still smaller in absolute revenue dollars than our wind power systems business, potentially our fastest growing business segment, due to this product line's fast sale cycle and low average selling price. Despite potential quarterly fluctuations, due to product development activities or establishment of production processes associated with bringing new products to market, on an annual basis, we still expect gross margins to rise substantially from current levels over the next two fiscal years as we develop, acquire and deploy new products, services and business models. Furthermore, we maintain our goal [ not a guarantee] for FY 2012 ending February 28, 2012, to significantly more than quadruple our revenues, as compared to the recently completed fiscal year 2011.
For more information about XZERES or any of its products, please visit www.xzeres.com and www.xzeresenergy.com
About XZERES:
XZERES Corp. is a renewable energy and clean energy technology company that designs, develops, manufactures and markets distributed generation, wind power systems for the small wind (2.5kW-100kW) market as well as power management and power efficiency solutions for the commercial, light industrial and residential markets. Our grid connected and off grid wind turbine systems, which consist of our 2.5kW and 10kW devices and related equipment, are utilized for electrical power generation for applications and markets such as residential, micro-grid based rural and island electrification, agricultural, small business, rural electric utility systems, as well as other private, corporate infrastructure and government applications. Our wind power systems are focused on distributed energy, where a specific machine's energy output is largely or entirely used on-site where the equipment is installed, as well as grid connected applications. While many of our customers take advantage of their local net-metering rules within the United Statesand Feed In Tariffs that are often available in Europeand Internationally (to sell power back to the grid), our wind power systems are not dependent on transmission needs to carry the energy produced to another location and are therefore well suited for remote electrification, available with or without a battery coupled solution. Our power management and power efficiency solutions are deployed primarily for commercial and light industrial applications, and secondarily residential usage and target both urban and rural customers.
Suzanne Holbrook
Contact:
Tina Mortensen
XZERES Corp
9025 SW Hillman Court
Suite 3126
Wilsonville, OR 97070
503-388-7331
info@xzeres.com
http://www.xzeres.com
About
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