ICP Solar Announces Fiscal 2009 Fourth Quarter Financial Results

MONTREAL--(BUSINESS WIRE)--ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer, manufacturer and marketer of proprietary solar panels and products, today announced financial results for the fourth quarter and twelve months ended January 31, 2009.

Highlights for the Quarter

* Sales were $0.9 million for the fiscal fourth quarter, up 39% from $0.7 million in the fourth quarter of fiscal 2008
* SG&A expenses declined 50% in the fourth quarter ended January 31, 2009 versus the fourth quarter of fiscal 2008
* Adjusted EBITDA was $(0.9) million for the quarter, versus $(1.8) million in the quarter ended January 31, 2008
* ICP Solar also recently announced a number of important developments, including an expanded licensing agreement with The Coleman Company, the introduction of additional long-lasting Sunsei® lighting products, and new distribution partnerships with both OutBack Power Systems and Integrated Metering Systems

“In line with what was stated when we reported preliminary results for the fourth quarter in February, ICP Solar has achieved a good deal of progress with regards to both its streamlining efforts and growth initiatives this year,” said Sass Peress, CEO. “Even with the global economy still finding its footing, we are seeing steady demand for our products and a robust order book for fiscal 2010. In addition, we continue to offer superior, innovative solutions within the market for renewable energy applications, as demonstrated by our successful rollout of the Sunsei® GreenMeter® systems in North America and abroad. We believe that the wide variety of stimulus measures being enacted across the globe – and the increasing interest in solar-powered products – will provide upward momentum to our expansion plans going forward.

“In recognition of our current positioning, expertise, and the optimism we see for the future of our industry, ICP Solar will hold its first ever earnings conference call on Wednesday, April 29th for the fourth quarter of fiscal 2009. We certainly hope that many long term investors and equity research analysts can join us as we review results and discuss our growth strategy for fiscal 2010. As the economy recovers and oil prices invariably rise, we anticipate even greater interest in our unique, mobile, technology-leading solar applications. ICP Solar has never been better positioned for growth and performance improvement than it is today.”

Financial Results

Revenue for the fourth quarter of fiscal 2009 was $0.9 million, as compared with $0.7 million in the fourth quarter of fiscal 2008, reflecting increased shipments of the Company’s products in North America. Gross loss was near breakeven at $(28,924), versus a gross loss of $(0.3) million last year. The Company\'s operating loss for the quarter was $(1.3) million versus $(2.6) million in the prior-year period, with the decrease primarily due to lower SG&A expense. Adjusted EBITDA for the fourth quarter of fiscal 2009 was $(0.9) million, as compared with $(1.8) million in the fourth quarter of fiscal 2008. The Company posted a comprehensive net loss for the fourth quarter of $(2.4) million, or $(0.07) per diluted share, compared with a net loss of $(2.6) million, or $(0.09) per diluted share, in fiscal 2008.

Conference Call

ICP Solar will host its first ever earnings conference call at 10:00 a.m. Eastern on April 29, 2009 for the fiscal fourth quarter and year ended January 31, 2009. During the call, Sass Peress, CEO, will review the company’s operations and financial results. The telephone number for the conference call is 800-938-1123.