VIASPACE Reports Financial Results for Fourth-Quarter 2010 and Full Year.
IRVINE, Calif. ? April 1, 2011?VIASPACE Inc. (OTC Bulletin Board: VSPC - News), a clean energy company growing Giant King? Grass as a low-carbon, renewable biomass crop, today reported financial results for the fourth-quarter and year ended December 31, 2010.
Total revenue for fourth-quarter 2010 was $1,040,000 which included $1,008,000 from Inter-Pacific Arts (IPA). Total revenue for fourth-quarter 2009 was $851,000 and included $683,000 from IPA.
For the quarter, cost of revenues was $752,000, compared to $541,000 in fourth-quarter 2009. Gross profit for the quarter was $288,000, compared to gross profit of $310,000 for fourth-quarter 2009.
Total operating expenses for fourth-quarter 2010 were $922,000, including $860,000 of selling, general and administrative (SG&A) expense and $62,000 for operations. SG&A included $420,000 in stock-based compensation. Total operating expenses for fourth-quarter 2009 were $1,068,000 and included $1,062,000 in SG&A and $6,000 for operations. SG&A in 2009 included $345,000 in stock-based compensation. Operating loss for the quarter was $634,000, compared to an operating loss of $758,000 in fourth-quarter 2009.
Fourth-quarter 2010 other expense, net, was $61,000, compared to other expense, net, of $79,000 for fourth-quarter 2009.
Net loss for the fourth-quarter 2010 was $657,000 compared to a net loss in fourth-quarter 2009 of $839,000. Net loss for fourth-quarter 2010 and fourth-quarter 2009 was less than $0.01 per share in each quarter.
Total revenue for 2010 was $3,643,000 which included $3,240,000 from Inter-Pacific Arts (IPA) and $388,000 from U.S. military contracts from security contracts with the U.S. Navy and U.S. Army. Total revenue for 2009 was $4,376,000 and included $3,618,000 from IPA and $701,000 from U.S. military contracts for security products.
For 2010, cost of revenues was $2,634,000, compared to $2,686,000 in 2009. Gross profit for 2010 was $1,009,000, compared to gross profit of $1,690,000 for 2009.
Total operating expenses for 2010 were $3,828,000, including $3,650,000 of selling, general and administrative (SG&A) expense and $178,000 for operations. SG&A included $1,690,000 in stock-based compensation. Total operating expenses for 2009 were $4,417,000 and included $4,387,000 in SG&A and $30,000 for operations. SG&A in 2009 included $1,784,000 in stock-based compensation. Operating loss for 2010 was $2,819,000, compared to an operating loss of $2,727,000 in 2009.
2010 other expense, net, was $142,000, compared to other expense, net, of $194,000 for 2009. ----------- Russian Investor on Tour!
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