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The Ubika Research Cleantech Stock Watchlist
| CRS Electronics Inc (V.LED) |
| Company Name: |
CRS Electronics Inc |
| HQ Location: |
Welland, Ontario |
| Company Website: |
www.crselectronics.com |
| Shares Outstanding |
24.6 Million |
| Market Cap: |
$22.4 Million |
| 52 Week Range |
$0.16 - $0.95 |
| Average Daily Volume |
41,000 |
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Share Highlight / 1-Year Stock Chart
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Business Overview
CRS Electronics is a leader in the emerging, rapidly-growing market of light-emitting-diode (“LED”), or, solid state (SSL), space lighting. The principal activities of CRS include the development, manufacture and sale, primarily in North America, of exterior warning lighting on school buses utilising LED lighting technology, child safety systems for school buses, contract manufacturing of LED light boards and recently, LED-based space lighting products. The Company currently sells an LED replacement for the MR16 indoor light and LED light engines (“bulbs”) for decorative streetlights. CRS is a well-established supplier to both the school bus industry and the LED contract manufacturing industry, providing a stable and growing revenue source. CRS plans to be a major supplier of LED light engines (bulbs) for a variety of applications to be developed by CRS on its own and in conjunction with its customers.+ More info
What is interesting?
- CRS lighting is tailored to a wide range of applications including street lighting, interior lighting, school bus warning lighting, multi-residential lighting in condominiums and high rise buildings. It has built a name recognition in this niche but fast growing segment.
- CRS Electronics is in the business of LED (light emitting diodes) lighting. CRS makes a low watt MR16 replacement LED lamp tailored to the 50 watt halogen light replacement market. 50 watt halogen lamps are the largest installed lamps in North America. Light emitting diodes (LEDs) have been used for years, primarily in the electronics industry for circuit board mounted indicator lights. Recent technological advancements have helped to expand the use of LEDs into a variety of fields in the transportation, residential and commercial sectors. LEDs provide increased brightness, require less maintenance and have an energy efficiency operating standard superior to incandescent, halogen or fluorescent tube lighting. Average payback on CRS’s LEDs is less than two years from the time of installation.
- LED’s is considered to be a disruptive technology that is on the verge of transforming the global $100 billion lighting industry. It is a fast growing market and according to some research the commercial and industrial replacement LED market is expected to double every year until 2013. The current market penetration of LED lights is less than 1%. So lots of room to grow.
- While there are many LED manufacturers emerging across the world, CRS Electronics has developed a reputation for being technologically and aesthetically superior. This claim has validation from US Department of Energy which does testing for these type of products and gave the CRS MR16 LED lamps the highest ranking.
- The company maintains that their MR16’s are 50% better than competitors. The four-watt MR16 LED produced by CRS is capable of replacing a standard halogen bulb that uses lot more electricity – and no quality compromise. It's a long-life alternative that can burn for 50,000 hours, reduce labour costs and cut energy bills. The lights burn cooler, saving money in air conditioning costs and are perfectly adapted to institutional and commercial operations that are looking for an environmentally friendly alternative to traditional lighting.
- The company’s MR16 LED lamps have been a success. Today they have blue chip clients which have installed their MR 16 lamps. Some of the well known clients include Harvard University, Starbucks, Humber College, Ikea stores etc. The upscale one Beacon court, a 55 storey building also called Bloomberg Tower in Manhattan with high profile occupants like former GE chairman Jack Welch has also installed their MR 16 lamps
- The company generates real revenue. It seems to have sales momentum as they recently announced that in the first two months of 2010 sales increased 60% when compared to the same period in 2009. In the first two months of 2010 it had revenue of $425,000.
- Company is also an outsourced contract manufacturing supplier to other light manufacturers.
Risks
The company is still not profitable and so will require capital to sustain its product development and business while it attains profitability. LED manufacturing is an intensely competitive business with low cost players from China and other countries getting to this market. CRS will have to continue to invest in technology to be the leader as it moves into different applications.
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