Dynex Power Announces Record Results
Dynex Power Inc. today announces its financial results for the third quarter, representing the highest quarterly revenue in the history of the company.
Third quarter revenue of $13.1 million was 18% higher than the corresponding quarter of last year and represents the highest quarterly revenue in the history of the company. For the year to date, revenue was $5.7 million or 19% higher than in the first nine months of 2016 (32% higher on a constant currency basis). This reflected significant increases in bipolar sales and services which more than offset smaller reductions in sales of power assemblies.
Clive Vacher, President and Chief Executive Officer, commented, “The record quarterly revenue has contributed to greater than 30% increase in year-to-date revenue versus 2016, on a constant-currency basis. This, coupled with a year-to-date reduction in losses of 73%, and strong positive operating cash flow of $3.3 million, are encouraging signs that the business turnaround plan is yielding positive results.
“We have a considerable amount of work still to do, however, to improve margins and show an acceptable return to our shareholders. The underlying margin performance in the 3rd quarter 2017 (just the right side of break-even) is, in fact, considerably better than the equivalent period last year, as quarters 3 and 4 2016 showed some positive one-time items. We continue to work a number of initiatives to improve our return on sales, including improved yields, more targeted R&D spend, a review of pricing strategy leading to an increase in higher-margin work, and greater control of costs.
Press announcements and other information about Dynex are available at www.dynexpower.com