Xantrex Technology Inc. (TSX:XTX) reported a net loss for the year ending December 31, 2007, despite a 48% increase in annual revenue.
Revenue for the Burnaby company rose to $234.2 million from $158.1 million as a result of growth in its renewable, programmable, mobile and portable power divisions.
However, the company reported a net loss of $1.9 million for the year compared with 2006's $5.5 million net profit.
Expenses related to its acquisition of Elgar Electronics in early 2007, a strong Canadian dollar and charges associated with the consolidation of Xantrex's manufacturing facilities all eroded the company's profit for the year.
But Xantrex is optimistic about 2008 and expects continued growth in its power generation divisions.
Xantrex's share price range during the past week: between $6.98 and $7.91; 52-week high: $13.19; 52-week low: $6.13