MetaPower International, Inc. (PINKSHEETS: MTPR) is pleased to
report a successful first quarter of year 2011. Success in this
report is defined as progress toward our 2011 goals. Q1 Revenues
are on track to meet or exceed goal. EBITDA is slightly behind
target projected on an annual basis. We have increased our website
activity dramatically in the quarter as a result of our marketing
activity. Our current ratio, 0.46 : 1 has not progressed and is far
from our goal.
2011 Performance Goals
-- 2011 Revenue greater than $12.5 million
-- 2011 EBITDA Income greater than $650,000
-- Noble Production Customer in 2011.
-- Current Ratio better than 1.5: 1
Financial Performance
Q1 Revenues were $3,276,639, an increase of 31% over Q1 2010.
EBITDA was $141,195 a decrease of 53% from 2010. This is due to
increased indirect costs, primarily due to marketing and the
development of our Noble Production product. Payroll benefits
increased by $150,834, marketing by $133,252 and product
development by $120,816 quarter to quarter. This ramp up in
spending began in Q2 of 2010 so this amount of change will be less
dramatic next quarter.
Operational Performance
Operations have continued to be stable with low turnover of
personnel, successfully meeting project milestones, and reliable
cash flows.
Our Noble Production product team was expanded as planned with
new technical and marketing resources. We are seeing a response in
the market to our marketing activities and have begun to develop
and manage a pipeline of prospects.
Business Outlook
Q2 is expected to continue to grow revenues and profits. We
anticipate contracting a new Noble Production client in Q3 this
year. We are concerned that our increasing costs could negatively
impact our earnings goals. We will watch these closely in the
coming quarters to balance our growth investment with our 2011
earnings goal. Improving our earnings is important to meeting our
other balance sheet goals for 2011.
The energy market sector continues to be a healthy and
aggressive sector. Our current contracts are stable and growing. We
remain confident in our overall business forecast for 2011 and on
into the near future.
As always, we appreciate the support of our shareholders.
Sincerely,
Kenneth R. Allen
President
MetaPower International, Inc.
2011 Q1 Financial Statements
The following financial statements are for the Q1 2011
operations of MetaPower, Inc. an Oregon corporation. MetaPower,
Inc. is the sole operating subsidiary of MetaPower International,
Inc.
These financial statements have been produced by MetaPower's
internal certified public accountant.
Income Statement
Q1 2011 Q1 2010
----------- -----------
Ordinary Income/Expense
Income
INCOME
CONSULTING INCOME
T&M Consulting 2,700,211 2,074,377
Fixed Price Consulting 0 0
Billed Expenses 566,299 398,769
Total Consulting Income 3,266,510 2,473,146
PRODUCT INCOME
Reoccurring Maint. Contracts 10,129 26,970
Other Product Income 0 0
Total Product Income 10,129 26,970
Other Income
Misc. Income 0 0
Total Other Income 0 65
Total Discounts Taken 0 0
----------- -----------
Total Income 3,276,639 2,500,182
----------- -----------
Total Income 3,276,639 2,500,182
----------- -----------
Cost of Goods Sold
DIRECT EXPENSES
Employees - Direct 25,605 129,003
Total Direct Contractor Expense 2,348,224 1,793,916
----------- -----------
Total DIRECTS 2,373,828 1,922,919
----------- -----------
Total COGS 2,373,828 1,922,919
----------- -----------
Gross Profit 902,811 577,263
----------- -----------
Expense
6000 - G & A
Total Labor Expenses 49,712 32,563
Total Travel Expenses 6,252 29
Total Computer/Software Expenses 9,192 7,045
Total Communication Expenses 18,657 9,224
Total Bank Fees 3,202 3,254
Total Facility Expenses 8,241 4,955
Total Postage & Shipping Expense 391 374
Total Office Expenses 5,174 1,215
Total Professional Fees 86,835 48,605
Total Insurance Fees 2,048 1,255
Total Bad Debt Expense 0 1,935
Total Other G&A Expenses 3,075 2,496
----------- -----------
Total G & A 192,778 112,950
Total H/R - Pay + Ben. 253,508 102,674
Total Marketing 154,852 21,600
Total Research & Development 160,477 39,661
Total Expense 761,616 276,884
Net Operating Income 141,195 300,378
=========== ===========
Other Income/Expense
Other Income
Other Income 75,123 105,452
Net Equity Investment from MPC 0 0
----------- -----------
Total Other Income 75,123 105,452
----------- -----------
Other Expense
Interest Taxes Depreciation Amortization
Interest Expense 114,051 74,839
Taxes (3,538) 10,500
Provision for Income Taxes 33,910 125,768
(Gain)/loss on Currency translation (3,716) (35,861)
Loss on disposal of assets 0 0
Depreciation 0 0
Amortization 12,635 8,016
Penalties 0 0
----------- -----------
Total Interest Taxes Depreciation
Amortization 153,342 183,261
----------- -----------
Total Other Expense (78,219) (77,809)
----------- -----------
Net Income 62,976 222,570
=========== ===========
Balance Sheet
Consolidated
3/31/2011
---------------
ASSETS
Current Assets
Total Checking/Savings $ 73,583.02
---------------
Total Accounts Receivable $ 129,329.26
---------------
Other Current Assets
Prepaid Expenses $ 323,001.01
---------------
Total Other Current Assets $ 323,001.01
---------------
Total Current Assets $ 525,913.30
Fixed Assets
FIXED ASSETS
Office Furniture $ 3,531
Computers $ 32,207
Computer Software $ 106,181
UCODA Patent $ 86,785
Accum Depreciation $ (15,630)
Accumulated Amortization $ (67,198)
---------------
Total Fixed Assets $ 145,876
Other Assets
Misc Assets
Amortization - Intellectual Capital $ (258,128)
Intellectual Capital $ 258,128
---------------
Total Other Assets $ 0
---------------
TOTAL ASSETS 671,789
===============
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Total Accounts Payable $ 528,722.81
Total Credit Cards $ 47,401.49
---------------
Other Current Liabilities
OTHER CURRENT LIABILITY
Accrued Expense - LaPlante Buy Out $ 0
Preferred Dividend $ 2,167
Accrued Expenses $ 144,418
Deferred Revenue $ 20,258
GST $ 126,802
Settlement Account $ 40,000
Reg 105 w/h $ 128,505
Accrued Interest $ 67,802
MPC GST Adjustments $ 30,908
---------------
Total OTHER CURRENT LIABILITY $ 560,861
Total Other Current Liabilities $ 560,861
---------------
Total Current Liabilities $ 1,136,985
Long Term Liabilities
LONG TERM LIABILITY
Third Party Notes Payable
Note Payable - Stiltner $ 130,000
Robert Allen Note 2 Payable $ 6,375
Total Third Party Notes Payable $ 136,375
Deferred Compensation
Defered Officer Commission $ 66,594
Deferred Officer Salary $ 951,432
Deferred Officer Bonus $ 3,705
Deferred Employee Salary $ 294,828
Deferred Employee Commission $ 8,664
---------------
Total Deferred Compensation $ 1,325,224
Employee Notes Payable
Ed Gibson FY2000 Profit $ 5,446
Note Payable - Chuck Rice $ 37,308
Ken Allen FY2000 Profit $ 28,008
Steve Ivy FY2000 Profit $ 2,723
John Prouty FY2000 Profit $ 2,723
Jane Ross Note-2 $ 42,037
Ed Gibson Note 10 $ 160,132
John Prouty Note 4 $ 130,797
---------------
Total Employee Notes Payable $ 409,173
Other Long Term Liabilities
US Bank Credit Line 0
---------------
Total Other Long Term Liabilities $ 0
---------------
Total LONG TERM LIABILITY $ 1,870,772
---------------
Total Long Term Liabilities $ 1,870,772
---------------
Total Liabilities 3,007,757
===============
Equity
EQUITY
Opening Bal Equity
Capital Stock - Common 20,310
Dividends Paid (6,500)
Paid in Capital 308,432
Series B Preferred Stock 2
---------------
Other Comprehensive Income
Foreign Currency Translation (115,631)
---------------
Total Other Comprehensive Income (115,631)
Total EQUITY $ 206,612
Retained Earnings $ (2,605,555.97)
Net Income $ 62,975.65
---------------
Total Equity $ (2,335,968)
---------------
TOTAL LIABILITIES & EQUITY 671,789
===============
Management Discussion and Analysis
-- These financial reports are compliant with GAAP Standards. Changes have
been made from previous reporting periods as necessary to comply with
GAAP standards.
-- Revenues are primarily due to the Suncor Energy contract through the
MetaPower Canada wholly owned subsidiary.
-- Maintenance Contract revenues are from the Wolf Creek Nuclear Operating
Company and includes the monthly maintenance for the UCoDA software
system. Monthly revenues of approximately $5,000 are expected to
continue throughout the year and into the future.
-- Finance costs for indebtness, other than factoring were generally the
same quarter to quarter.
-- All other factors are similar to prior periods.
Contact: Steve Ivy 360-450-4209 www.metapower.com
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