Energy Mad cuts guidance, again, after deal delays
Christchurch based light bulb maker, Energy Mad, is expected to post a full-year loss, following its second earning guidance cut in a single month.
Following the company’s failed attempt to close a $1.8 million deal with a major client, the Christchurch based company has said it is expecting a forecast of earnings before interest, tax, amortisation and depreciation loss of $700,000, from last month’s EBITDA profit of $1.1 million.
Chairman of Energy Mad, Rick Ramsay said in a statement that the company is mainly project driven which explains its recent slump in revenue.
“Energy Mad has made substantial progress since it listed late last year, has sufficient cash reserves to execute its plans, and remains committed to delivering its full-year 2013 forecast in full.”
Last week the company had attained Australian accreditation and has said production within the company is expected to reach its full capacity by the end of February 2012.
The 2013 year still expects to be profitable for the light bulb manufacturer, forecasting EBITDA of $6.2 million on revenue of $21.3 million in the 2013 financial year.
Shares remained unchanged at 58 cents last week Friday, having decreased 42% from its listing price of $1 in November last year.