It’s reported that Lightscape Technologies Inc., an operator of outdoor LED billboards and provider of LED solutions, reported financial results on August 14 for the fiscal first quarter ending June 30, 2008.
Total net revenue for the three months ended June 30, 2008 was $1,558,707 representing a 91% increase from the total net revenue of $814,896 for the three months ended June 30, 2007. The increase in net revenues is primarily attributable to the increase in sales and contract revenue from LED solutions and the increase in sales of lighting source products.
Specifically, Operating expenses, consisting of selling and marketing expenses and general and administrative expenses, for the three months ended June 30, 2008 were $1.13 million, compared with $0.87 million for the three months ended June 30, 2007. Selling and marketing expenses decreased approximately 19% to $163,975 from $195,307 for the three months ended June 30, 2007. The decrease was mainly due to decreased advertising expenses and staff costs. General and administrative expenses increased by 23% during the three months ended June 30, 2008 to $936,794 from $758,800 for the three months ended June 30, 2007. The increase was mainly due to increased staff and business development costs for the three months ended June 30, 2008 to provide the foundation to support the Company's anticipated overall business growth, particularly its LED outdoor advertising and LED solutions businesses.
Lightscape incurred capital expenditures of $2,814 during the three months ended June 30, 2008 and $90,174 for the three months ended June 30, 2007. The decrease in capital expenditures for the three months ended June 30, 2008 as compared to June 30, 2007 was mainly attributable to decreased purchases of equipment.
Besides, Net loss for the three months ended June 30, 2008 was $0.99 million, or $0.02 per fully diluted share, compared to a net loss of $1.32 million, or $0.04 per fully diluted share, for the three months ended June 30, 2007.
About Lightscape Technologies
Lightscape Technologies Inc. is one of the leading digital media and LED solutions companies in Asia. Through a joint venture agreement, Lightscape is building an outdoor LED media network in China focused on LED billboards in prime locations. The Company also designs, markets, sells and installs large-scale LED video screens and LED systems, operates outdoor LED advertising billboards, and provides LED screen rentals. Lightscape is headquartered in Hong Kong, and the Company has offices in Singapore, China and Macau.
