CRS Electronics Inc. has announced financial results for the three and six month periods ended June 30, 2012.
For the three months ended June 30, 2012, the Company reported sales of $687,700 and a net loss of $0.02 per share as compared to sales of $614,900 and a net loss of $0.02 per share in the same period one year ago.
For the six months ended June 30, 2012, the Company reported sales of $2.0 million and a net loss of $2.1 million or $0.05 per share. This compares to sales of $1.2 million and a net loss of $1.1 million or $0.03 per share for the same six-month period last year.
Working capital at June 30, 2012 was $7.4 million, including $6.9 million in cash.
"The second quarter brought about a transitional period for CRS, setting the stage for expanded opportunities and re-aligning our resources to increase sales and achieve profitability," said Scott Riesebosch, President of CRS Electronics. "Our new strategic investor has introduced us to opportunities to reduce production costs and significantly ramp up revenues. As part of the realignment, we are preparing to move production of our LED lamps overseas and use the Canadian base as a distribution centre for our LED products as well as a catalogue of synergistic products sourced through our new investors. The Canadian facility will continue to be utilized for advanced research and development."
During the quarter, CRS closed a 30,400,548 common share private placement at a price of $0.2921 per common share for total proceeds of $8.9 million.