Yesterday, CRS Electronics was glad to inform about signing a deal with Eveready Battery Company Inc., a subsidiary of Energizer Holdings, Inc. Pursuant to the agreement, the company will be able to manufacture a suite of LED lighting products under the brand name “Energizer”.
This is a huge achievement for CRS Electronics which made the shares fly by 47% on the CVE. Quite impressive for the company was the turnover of 324K shares, it beats eleven times the average.
Last September, the company received a commitment from Best Buy Co to replace their 50 watt halogen lamps with the 6 watt CRS LED MR16. This is considered as yet another success for CRS.
The company’s main motto is “to reduce energy while maintaining quality”. CRS Electronics is aiming to develop LED technologies that provide durable solutions for clients’ lighting needs. CRS has been chosen as LED contract manufacturer by over 50 companies working in aviation, architectural, automotive, underwater lighting, fire fighting, navigation, etc.
However, the filed by CRS Electronics Inc. financial statements contain enough negative trends, that could influence badly the up-move of the company’s shares and even reverse it downwards in the future. Some highlights from the financial reports:
- Revenues for the third quarter of 2010 declined to $704K or by 19.8% from the same period in 2009;
- For the nine months ended Sep. 30, 2010, gross profit was 3% lower compared to the same period last year;
- For the mentioned nine month period, selling and marketing expenses increased by 21.5% to $420K, in comparison with the same period in 2009;
- For the nine months ended Sep. 30, 2010, the net loss was $890K, almost 40% higher than the loss for the same period in 2009.
These considerations indicate that company’s managers still have a lot of work ahead of them and should put even more efforts if they want CRS to become a flourishing corporation in the future.
