Energy Mad projects $1.1m FY loss against $4m profit in prospectus

Energy efficient lightbulb innovator and marketer Energy Mad has issued the latest in a string of downgrades since its listing in late 2011 and is now projecting a loss of $1.1 million for the year to March 31.

That compares to a $4 million forecast profit in its 2011 prospectus and a revision just two months ago to expect a profit at the low end of a range between $100,000 and $2 million.

The latest downward revision has been caused by "delays in securing a further large United States order before the end of the current financial year".

The business has already faced manufacturing problems at its plant in China and slower than anticipated regulatory approvals in Australia, which have held back growth projections across the Tasman.

The company is embarking on a cost-cutting drive to find $900,000 in operational savings and has dispensed with the role of chief operating officer.

Energy Mad also announced today its chief financial officer, Paul Ravlich, will become chief executive, replacing managing director Chris Mardon, who will be freed up to focus on sales growth, particularly the 12-volt Ecobulb in the Australian market and opportunities in the US with retailer Walgreens and with electricity utility operators.

Shares of Energy Mad last traded at 42 cents.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Post Comment

3 Comments & Questions

Commenter icon key: Subscriber Verified

Yes - shares are such a good investment, aren't they!

Reply
Share
  • 0
  • 0

This has gone well. Perhaps they should merge with Rakon?

Reply
Share
  • 0
  • 0

I wouldn't want to have signed off on that Prospectus!

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7424 -0.0011 -0.15%
AUD 0.9359 -0.0026 -0.28%
EUR 0.6607 -0.0006 -0.09%
GBP 0.4915 -0.0015 -0.30%
HKD 5.7552 -0.0089 -0.15%
JPY 87.8090 -0.3520 -0.40%

Commods

Commodity Price Change Time
Gold Index 1279.4 -13.200 2015-01-26T00:
Oil Brent 49.4 -0.560 2015-01-26T00:
Oil Nymex 45.1 -0.410 2015-01-26T00:
Silver Index 18.0 -0.320 2015-01-26T00:

Indices

Symbol Open High Last %
NZX 50 5698.7 5737.7 5698.7 0.69%
NASDAQ 4752.4 4774.2 4757.9 0.29%
DAX 10593.0 10807.6 10649.6 1.40%
DJI 17668.1 17696.4 17672.6 0.03%
FTSE 6832.8 6855.9 6832.8 0.29%
HKSE 24995.1 24995.1 24909.9 -0.77%
NI225 17649.4 17748.0 17468.5 1.56%