Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Energy Mad flags $1.4 million of impairments

By Suze Metherill

May 22 (BusinessDesk) - Energy Mad, the energy efficient light bulb marketer, has flagged a $1.4 million impairment and lowered the value of research and development intangible assets to $400,000 ahead of announcing full-year earnings next week.

The impairment recognised a reduced value for R&D for its older compact fluorescent lamps which have now been superseded by its Ecobulb LED range, the Christchurch-based company said in a statement. It took an end of year stock provision of $200,000 on the older range.

Last year Energy Mad reported a $2.5 million loss, including writing off a $2 million tax benefit for the six months ended September, as it struggled to secure a foothold in the Australian and US markets.

Shares in the New Zealand Alternative Exchange-listed company were unchanged at 36 cents and have gained 50 percent year-to-date. The share price surged in January to reach 69 cents after the light bulb maker announced deals with online retailer Amazon and retail chain Walgreens to sell its bulbs in the US market before falling on issues of stock availability.

Energy Mad has suffered a series of setbacks since its IPO in 2011, consistently missing prospectus forecasts. In October last year the company was fined $30,000 by the NZX for not issuing a profit warning soon enough.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news