Energy Mad relents, gives numbers for modest 1st-quarter earnings

Energy Mad, whose shares have jumped more than 20 percent this week since it said first-quarter earnings were ahead of budget without giving details, has now released numbers showing it had only expected to earn $7,000.

Unaudited earnings before interest, depreciation and amortisation were $120,000 in the three months ended June 30, of which $95,000 related to year-earlier depreciation and amortisation charges, from a loss of $450,000 in the first quarter last year, the Christchurch-based company said in a statement. Pretax profit was $26,000, from a year-earlier loss of $539,000.

The shares were last at 36 cents, about a third of their 2011 IPO price. It posted a loss of $1.5 million for the 12 months ended March 31 and has consistently undershot both prospectus and earnings guidance since listing on the NZX in late 2011. The annual loss reflected delays in Australian sales after design changes to its 12 volt ecobulb, slower than expected regulatory approvals and production problems at a Chinese plant.

It says earnings in the latest quarter were helped by cost cutting, a foreign exchange gain and a better performance from its direct installation business.

Mad Energy's Direct Installation unit sells and installs its Ecobulb down-lights in New Zealand homes.

The company says it will give more detailed guidance on its 2014 financial projections later in the year.

BusinessDesk.co.nz

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