Energy Mad warns of loss
Christchurch manufacturer Energy Mad now expects to make a $1.1 million loss for the full year to March due to delays in securing a large order in the United States before the end of the financial year.
Earlier this month the energy efficient lightbulb-maker was still expecting to clear a profit of about $100,000 but this morning, in an announcement to the exchange, said it was now expecting revenue of $9.8 million and a loss of $1.1 million.
The firm had been working on securing direct mail promotions with some large US electricity utilities but despite good progress, none of those projects and associated orders had been secured in time for delivery to be classed as revenue for the current financial year.
However revenue for the year to March 2013 was 58 per cent higher than the previous year.
Energy Mad also announced today it has promoted its chief financial officer Paul Ravlich to the role of chief executive.
Ravlich would retain his chief financial officer duties and also focus on running the Energy Mad business and leading cost-cutting measures.
Managing director Chris Mardon would now concentrate on growing Energy Mad's sales.
The stock was unchanged at 42 cents a share by mid-morning, less than half the $1 price it listed at in October 2011.