Luxor Continues to Pursue New Wood Product Lines
VANCOUVER, British Columbia, May 2, 2012 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (Pink Sheets:LXRRF) (TSX-V:LRL) is pleased to announce the Company's sales for the 12 months ended December 31, 2011 were $3,233,877. Sales increased by 170 % compared to the same period of 2010, which were $1,199,502. Sales for the 3 months ended December 31, 2011 were approximately $970,000 compared to approximately $330,000 for the same period in 2010.
The net income, excluding non-cash items (amortization expense and stock option plan expense), for 2011 was $342,397, compared to a net loss of $231,909 in 2010.
Following the downturn in residential construction in 2008, Luxor has focused on sales in the industrial and commercial markets for wood products. The increase in sales is mainly attributed to sales of specialty wood products to oil and gas exploration companies and the wholesale of engineered wood products.
Luxor is working on developing a heavy timber line for specialty wood products. It has completed initial engineering and is meeting with interested North American customers.
Luxor continues to experience significant sales growth based on progress made with new and existing products and will keep shareholders advised of further developments.
About Luxor Industrial Corporation
Luxor manufactures and markets its patented IBS 2000® and patent pending IBS3000™ engineered bridging. Both enable a floor to act as a system with unparalleled scale of gain in stiffness and rigidity. Luxor has spent years analyzing wood-frame floor construction, establishing itself as a leading authority in wood floor performance engineering.
Luxor also manufactures other building components, architectural and utility wood products including specialty products for the natural resource sector. It distributes laminated beams and offers various custom wood cutting services. Luxor offers coating services, which protect wood against mold, decay, and insects and provide fire protection.
The TSX Venture Exchange has neither approved nor disapproved this announcement
CONTACT: Luxor Industrial Corporation Terry Lashman (800) 665-2454 (604) 684-7929 John Taylor (877) 496-4355 (604) 864-9601 www.luxorcorp.com
