Chris Mardon, co-founder of Christchurch-based company Energy Mad. Photo / Dean Purcell
Energy Mad - the energy-efficient light bulb maker - says it is now looking at a loss for this financial year rather than the profit that it forecast in its prospectus, but says it's on target for a turnaround next year.
It was the second downward earnings revision for the
tiny Christchurch-based company in just over a month.
In January, Energy Mad revised its March, 2012 year ebitda (earnings before interest, tax, depreciation and amortisation) forecast to $1.1 million from $3.5 million as a result of delays in both the manufacture of its new Ecobulb downlights in China and in gaining accreditation for its spiral ecobulb in Australia.
The company said production of the downlights, used as an alternative to halogen bulbs in recessed fittings, would reach full capacity by the end of this month and Australian accreditation was achieved on February 21.
Energy Mad chairman Rick Ramsay said the company's business was project-driven and its revenues were "lumpy" as a consequence.
