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The impairment recognised a reduced value for R&D for its older compact fluorescent lamps which have now been superseded by its Ecobulb LED range, the Christchurch-based company said in a statement.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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news