Thursday, 9 August 2007

Icron Technologies Is Like The Energizer Bunny

It just keeps going and going! Quarter over quarter over quarter, Icron (IT - TSX V) is proving it has the stuff as was once again evidenced with today's release of second quarter (June 30) results.

The highlights are:

* Posted record Q2 2007 revenues of $2,179,357, representing a 45.8% increase over Q2 2006;

* 2007 year-to-date revenues at record $4,218,233, representing a 45.5% increase over the same six-month period in 2006;

* Recorded its third consecutive profit of $6,340 in Q2 2007 as compared to a loss of $39,747 in the same period of 2006;

* Started shipments of WiRanger Cable Free USB 2.0 Hub;

*Gefen announces version of Cable Free USB based on Icron design;

* Showcased the world’s first USB 2.0 over Power Line solution using HD-PLC Technology from Panasonic at the Panasonic booth at Computex in Taipei;

Like many other Canadian companies, IT felt a little sting from the appreciating Canadian dollar against the U.S. greenback as revenues would have come in around $2.3 million if the average exchange rate had remained as it was in the first quarter of the year.

That aside, Icron is powering on and gave some clues as to what to expect in the future as seen in this quote from Robert Eisses, President & CEO. “The continued strong growth of wired solutions in our core markets of industrial, medical and enterprise solutions accounted for bulk of this growth. Additionally while initial shipments of the WiRanger’s toward the end of the quarter made up a small amount of the growth, we expect more substantial volumes for wireless coming in Q3 and growing through Q4 as more partners like Gefen continue to pick up the product.”

Two other items are noteworthy and perhaps might generate some glimpses of "blue sky potential". First was the demonstration of a PC to TV Home connectivity solution with a Chinese partner at the Hong Kong Electronics Fair in April, "which is the first real entry into the home connectivity space and is potentially a very large market for Icron’s technology."

Next, Icron was also invited by Panasonic to participate at Computex to show a prototyped USB over power line solution using Panasonic’s HD-PLC, which is also an exciting market opportunity as this technology matures to higher data rates and lower costs of implementation. Both initiatives are focused on IT's USB beyond the desktop concept for simplified home connectivity solutions for the consumer markets.

Obviously, the market likes what it sees taking shape at Icron in spite of current nervousness as over the past month the stock has moved to the $1 range from the $0.70 level on good volume.

Icron is debt free, has gone cash flow positive and has approximately $0.20/share in cash.

To read the news release click here.

Also, Conference Call / Web-cast: Thursday August 9th, 2007, 4:30 PM ET, 1:30 PM PST

Icron Technologies will host a conference call to discuss the Company's year-end financial results on Thursday August 9th, 2007 at 4:30PM EST, 1:30PM PST. Participants are asked to call either 1-800-591-7539 or 416-646-3096 (Toronto).

The conference will also be broadcast live over the Internet and archived through the following link: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1846240