Wellington Drive Technologies Ltd. reported audited consolidated and earnings results for the full year ended December 31, 2012. For the period, the group reported revenue of NZD 35,562,000 against NZD 34,985,000 a year ago. Loss before interest & taxation was NZD 6,280,000 against NZD 14,460,000 a year ago. Loss before income tax and loss was NZD 6,319,000 against NZD 14,472,000 a year ago. Loss for the year attributable to the owners of the company was NZD 7,137,000 or 21.68 cents per diluted share against NZD 14,472,000 or 21.68 cents per diluted share a year ago. Net cash outflow from operating activities was NZD 3,453,000 against NZD 6,518,000 a year ago. Payments for plant and equipment were NZD 137,000 against NZD 503,000 a year ago. Loss before Interest, Tax, Depreciation and Amortisation and Impairment (EBITDA) show a loss of NZD 4.1 million, a significant improvement over the previous year's loss of NZD 12 million.

For the period, the parent company reported revenue of NZD 34,395,000 against NZD 33,452,000 a year ago. Loss before interest & taxation was NZD 7,232,000 against NZD 12,885,000 a year ago. Loss before income tax and loss was NZD 7,270,000 against NZD 12,885,000 a year ago. Loss for the year attributable to the owners of the company was NZD 7,270,000 against NZD 12,885,000 a year ago. Net cash outflow from operating activities was NZD 1,144,000 against NZD 5,167,000 a year ago. Payments for plant and equipment were NZD 116,000 against NZD 313,000 a year ago.

In 2013, Group revenues are expected to be in the range of NZD 30 million and NZD 33 million with Commercial Refrigeration US Dollar revenues projected to grow by 22%. This growth will partially offset the absence of ventilation sales, with those sales projected at only NZD 1.6 million compared to NZD 7.6 million achieved in 2012. For 2013 Wellington is planning a further gross margin improvement of between 4% and 6% versus the 2012 reported number. The company expects a further reduction in its EBITDA loss with a full year targeted loss below NZD 3.0 million. It is expected that the improvements planned in 2013 will set the company up for its first positive EBITDA result in 2014. Management accounts for January 2013 show revenues of NZD 3.1 million and gross margin of 15.6%, consistent with plan expectations.