TIDMSPSY TIDMSPSC
RNS Number : 0189Z
Spectra Systems Corporation
12 September 2022
Spectra Systems Corporation
Interim Results for the Six Months Ended 30 June 2022
Spectra Systems Corporation (the "Company"), a leader in
machine-readable high speed banknote authentication, brand
protection technologies, and gaming security software, is pleased
to announce its interim results for the six months ended 30 June
2022.
Financial highlights:
-- Revenue of $9,265k (2021: $8,023k) up 15%
-- Adjusted EBITDA (1) up 8% at $3,818k (2021: $3,522k)
-- Adjusted PBTA (1) up 8% to $3,669k (2021: $3,383k)
-- Adjusted earnings(2) per share down 7% to US $6.2 cents (2021: US $6.7 cents)
-- Cash generated from operations of $7,245k (2021: $4,464k)
-- Annual 2021 dividend of US$0.11 per share ($5,004k in aggregate) paid in June 2022
-- Strong, debt-free balance sheet, with cash (3) of $17,961k (2021: $12,851k) at 30 June
-- Buy-back of 350,000 shares in the period
(1) Before stock compensation expense and excludes
noncontrolling interest
(2) Before amortization and stock compensation expense, excludes
noncontrolling interest and fewer remaining tax credits
(3) Does not include $500,000 (2021: $1,099k) of restricted cash
and investments
Operational highlights:
-- Increased total central bank sensor revenue with additional
contract enhancements (amendments) for increased sensor testing and
more flexibility with sorter integration
-- Began a funded development to mitigate supply chain impacts
in raw materials with a central bank customer
-- Successfully completed a second gravure test of TruBrand(TM)
with a major cigarette supplier in China
-- Executed an agreement with a strategic partner for dairy and transit licences in India
-- Rollout of our Fusion(TM) machine readable polymer substrate
at the Banknote 2022 conference
-- Sale of our first Banknote Disinfection System to an Asian central bank
-- Achieved a nearly three-fold increase in sales revenue for
K-cup optical materials through a second large customer
-- Provided polymer substrate samples to a Middle Eastern
central bank with a second set being delivered in H2 of 2022
-- Expanded the lottery business into Canada with a new contract
award and renewed a long-term US customer contract
Commenting on the results, Nabil Lawandy, Chief Executive
Officer, said:
"The Company's first half revenues and earnings are up
substantially from the six months ended June 30, 2021 and in line
with the Board's upward revised expectations for H1. Our cash
position has greatly increased due to sensor development
prepayments, additional sales, and release of part of the
restricted cash associated with the last sensor deployment.
We have obtained new business from a long-standing central bank
customer which supports our position as the technology leader for
the highest-level security requirements. During 2022 the Company
has been granted additional contract enhancements (amendments)
which have increased the value of the sensor development work to
$14.4MM for this customer. Based on the current program timeline,
we continue to plan around a late 2024 delivery for the first order
of sensors with the total value of all units after delivery being
approximately $50m with additional ongoing service revenues.
Spectra Systems, with our proven track record of developing
solutions for our customers in record time, has capitalized on the
environment that was created by the Covid-19 pandemic. While other
companies complained that they could not source materials and
electronics components we took the approach of solving the problems
for our customers. Our efforts on this front have been
two-fold:
-- We have initiated a program with a central bank customer to
shore up the supply chain for taggants by manufacturing in-house a
previously commercially sourced chemical. This effort will result
in development payments and an ongoing price increase for our
high-performance consumables; and
-- We developed the world's largest capacity, and shortest
process time, banknote disinfection machine and sold our first unit
to an Asian central bank.
On the optical materials front, we have significantly grown
revenue from K-cup printers and have had successful TruBrand(TM)
gravure print trials with a second major cigarette supplier in
China. In addition, we are commencing a new testing program with a
large Japanese label supplier, and have executed a supply agreement
with a strategic partner in India for dairy products and transit
vouchers.
Finally, our gaming software operation continues to make steady
progress towards completion of our new Integrity product which will
result in a more compelling sales proposition as well as a
reduction in support costs going forward. Completion of the new
Premier Integrity product is expected to be in late 2023.
"The Board therefore believes that the Company is on track to
achieve record earnings and meet market expectations for the full
year."
Spectra Systems Corporation Tel: +1 (0)401 274 4700
Dr. Nabil Lawandy, Chief Executive Officer
WH Ireland Limited (Nominated Adviser and Tel: +44 (0)20 7220 1650
Joint Broker)
Chris Fielding (Head of Corporate Finance)
Tel: +44 (0)20 3328 5665
Allenby Capital Limited (Joint Broker)
Nick Naylor/James Reeve (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Chief Executive Officer's statement
Introduction
Already in 2022, we have upgraded market expectations twice and
are now significantly outperforming H1 2021 results while our cash
position is the highest in the company's history and nearly at the
IPO closing levels.
Revenue was up 15% at $9,265k (2021: $8,023k) for the first half
of the year. The increased revenues in the first half are derived
principally from pre-production development contracts as well as
larger demand for our materials to meet increased banknote demands
of one of our existing central bank customers.
As a result of the increased revenue, adjusted EBITDA (before
stock compensation expense) for the half year increased 8%, to
$3,818k compared to the prior year of $3,552k.
Having generated cash from operations of $7,245k (2021:
$4,464k), cash at the period end amounted to $17,961k (2021:
$12,851k), excluding $500,000 of restricted cash and investments
(2021: $1,099k). This is notwithstanding $5,004k paid to
shareholders during June in the form of the Company's dividend of
$0.11 per share and $570k used for buying back 350,000 shares.
Review of Operations
Physical and Software Authentication Business
The Authentication Systems business generated revenue of $8,565k
(2021: $7,103k) and Adjusted EBITDA of $3,878k (2021: $3,470k).
Authentication Systems revenues are driven by sales of covert
materials and their associated equipment and service, optical and
security phosphour materials and licence payments from our
licensee. The increased revenue is due to a combination of sizable
materials orders and increased sensor development funding from our
long-standing central bank customer, as well as increased optical
materials sales. The increase in development funding as well as the
central bank lowering our performance bond has also significantly
increased our cash position. We continue to move forward with this
central bank towards the delivery of the first sensors in late
2024.
Through our vertically integrated manufacturing we have been
able to produce high quality conducting and opacified polymer
substrate for evaluation by central banks, ink suppliers and
printing organizations. We have produced a large number of custom
designed sheets for a Middle Eastern central bank print trial which
has resulted in a request for a second set of substrate sheets to
be delivered in 2022 for further evaluation. In addition, the
Company has formed a close working relationship with the largest
commercial printer of polymer banknotes and is developing a house
note which will incorporate both our Fusion(TM) machine readable
security as well as their newest public security feature. The
Directors understand that the result of this joint development will
produce polymer banknotes of the highest quality for a joint
marketing effort.
We are increasing our sales and marketing efforts for Fusion(TM)
as well as our suite of banknote products and are taking full
advantage of the availability of experienced individuals, as well
as equipment, which have become available since the closing of the
Portals Overton facility.
With the TruBrand(TM) authentication product having been
successfully introduced into the Chinese tobacco market with over 6
million packs with our smartphone authentication in retail stores
in 2019, we have completed two successful gravure tests with
another large supplier of cigarettes in China. Although these
successful trials resulted in a binding agreement with this
supplier, progress has been stalled by recent political tensions
between the USA and China. We continue to expand our search for new
TruBrand(TM) customers outside of China, including a major Japanese
printer, a partnership with a company in India bidding on
authentication of both dairy products as well as transit
certificates, and tax stamps in a European country.
In addition, we are in an evaluation phase aimed at increasing
the customer base for the other authentication technology we
acquired several years ago with a printer for a well-respected
French luxury brand to help protect their products sold in China.
The Company also expects to fill orders in H2 for over a hundred
handheld readers for use in authentication tax stamps produced by a
large banknote printer.
Our K-cup materials business has grown significantly after a new
customer began purchasing our products in H2 of 2021. Revenues for
the full year 2022 are expected to be nearly three times higher
than 2021. Through an internal development effort, we have achieved
a significant cost reduction for manufacturing the covert
materials, further boosting our margins on this product.
On the software security side of the Company's business, the
Secure Transactions Group, formed around two gaming technology
acquisitions made in 2012, generated an Adjusted EBITDA of ($60K)
(2021: $112k) on revenue of $700k (2021: $920k). The H1 results are
in line with expectations as we continue development of a new
software platform with heavy staffing costs depressing EBITDA.
While this development continues, we are focusing on the online
lottery sector which grew during the pandemic through a partnership
with NextGen Lotteries.
Banknote Cleaning and Disinfection Business
We have sold our first Banknote Disinfection System (BDS) for
use by an Asian central bank. The unit will be installed in H2 and
the terms included a 30% up-front payment as well as a follow-on
service agreement. As this system is scalable from 250,000 notes to
over five million notes in a single cycle of one hour, we have the
ability to accommodate a large spread of potential customer
requirements. With this first unit sold, we are ramping up our
sales and marketing process to other central banks as well as the
casino industry.
Solaris BioSciences Investment Asset
In December 2020, the Company made an investment in Solaris
BioSciences, whose results are consolidated by the Company. The
technology is entirely optical and has three major target
opportunities which are all focused on extremely low volumes of
biofluids: blood plasma viscosity for inflammation, milk viscosity
for dysphagia in newborns, and protein markers for cancer survivors
to track metastasis. The combined market opportunity for a
two-minute, microliter sample volume (pinprick) tests are believed
to be well over 1 billion per annum in consumables.
During H1, Solaris BioSciences Holdings was formed as a UK
company and has obtained EIS status with HMRC. Solaris has also
engaged W H Ireland to undertake a private equity financing which
is currently underway.
Corporate Governance
Spectra Systems is an AIM listed company and has always tried to
abide by best practices as advised by both our bankers as well as
our shareholders. Recently ISS has issued certain recommendations
regarding board composition, committee assignments, and option
grants.
Our board has comprised the same Directors since our listing
with the exception of the addition of Mr. Jeremy Fry (UK based) who
replaced Mr. Martin Jaskel after his untimely passing away. In
order to add a new dimension to the board, we are actively
recruiting a new board member. We have identified a candidate and
are working through the regulatory approval process.
With the addition of this new board member, Dr. Nabil Lawandy
will be able to exit the Audit Committee assignment as there will
be a suitable replacement to share the burden of committee
assignments.
With regards to Director option grants, the Company has adopted
a new policy which will allow new Directors to receive a one-time
option grant upon joining the board of directors. Going forward, no
Directors will be issued new options beyond the ones received at
joining the board. This is a compromise position relative to USA
standards and ISS recommendations that Directors hold no
options.
Strategy
The Company's strategy for increasing revenue and earnings
continues to be focused on selling more products to existing
customers as well as opening new sales channels for the full
spectrum of our product offering. We have had very good success in
upselling existing central bank customers and commercially
exploiting supply chain and pandemic related issues as part of our
strategy. Examples of these successes are the expansion of sensor
capabilities for exotic counterfeits, the development and first
sale of a banknote disinfection machine, and the commencement of a
program with our customer to deal with supply chain issues now and
going forward.
Our strategy for growing our newest and potentially
transformative technology for polymer banknotes is based on
validation, followed by commemorative banknote contract and then a
full banknote denomination contract. The validation is focused on
three major stakeholders in the polymer banknote industry: the ink
manufacturers, the commercial printers, and the state printworks.
Our primary targets are central banks which are currently using
paper substrates and are contemplating a transition to polymer as
well as central banks who have decided not to use polymer for
higher denominations due to security concerns.
With regards to our optical materials and brand authentication
products, we continue to propose to both central banks and overt
security suppliers the concept of upgrading such features to
incorporate public and machine-readable security. The strategy
behind this approach is based around partnering with current
contract holders who can benefit from our technology and materials
to upsell their existing customers. This approach is being
implemented with TruBrand(TM) as well as with our gaming software
business where we have partnered with online lottery suppliers to
mutually benefit from the combination of capabilities at a
compelling price point.
Finally, we are exploring possible mergers and acquisitions
which can immediately open doors to implement our upselling
strategy and expand our customer base. The exploration of such
opportunities has always been in the background but is now becoming
more viable at larger scales as we expect to have significant cash
resources through the successful delivery of the major central bank
sensor contract.
Prospects
The Company continues to have a multitude of new short-term and
long-term prospects. The short-term opportunities are expected in
the 2022-2024 period and the long-term opportunities are expected
in the 2025-2030-time frame.
The near-term opportunities are:
o A new supply chain impact mitigation contract with a central
bank
o Increase in taggant pricing with a central bank customer
o Completion of sensor development and revenue recognition of
the remaining $7.7m of sensor development payments
o New online Quality Control system contract
o First sensor shipments to a central bank
o TruBrand(TM) revenue reaching $1m per annum levels
o Sale of additional Banknote Disinfection Systems
o Increased sales of our newest phosphour products
o Expansion of our gaming software business in Canada and other
non-USA customers and in the online lottery market
The longer-term opportunities are:
o A commemorative note series using our Fusion polymer
substrate
o Supply of upgraded sensors worth up to $50MM in hardware to a
central bank customer
o Supply of Fusion(TM) polymer substrate and sensors to a
central bank for a banknote denomination
o Significantly increased adoption of covert authentication
materials by a current or new central bank customer
The combination of these prospects, both short and long-term,
has positioned the Company to continue its revenue and earnings
growth over the coming years. We continue to develop cutting edge
technologies to remain the technology leader in the authentication
industry and to offer our shareholders growth through innovation
for both new and existing customers.
Nabil M. Lawandy
Chief Executive Officer
September 12, 2022
Consolidated statements of income
for the half year ended 30 June 2022
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
Note USD '000 USD '000 USD '000
Revenues
Product $ 5,488 $ 4,607 $ 9,281
Service 2,907 2,548 5,524
License and royalty 870 868 1,787
-------------- -------------- --------------
Total revenues 9,265 8,023 16,592
Cost of sales 3,145 2,578 6,069
-------------- -------------- --------------
Gross profit 6,120 5,445 10,523
Operating expenses
Research and development 837 755 1,399
General and administrative 1,481 1,433 2,743
Sales and marketing 478 230 471
-------------- -------------- --------------
Total operating expenses 2,796 2,418 4,613
-------------- -------------- --------------
Operating profit 3,324 3,027 5,910
Interest and other income 8 29 40
Loss on sale of equipment - (19) (19)
Foreign currency gain(loss) 3 (3) 12
-------------- -------------- --------------
Profit before taxes 3,335 3,034 5,943
Income tax expense 707 157 878
-------------- -------------- --------------
Net income 2,628 2,877 5,065
Net loss attributable
to noncontrolling interest 22 71 98
-------------- -------------- --------------
Net income attributable
to Spectra Systems Corporation $ 2,650 $ 2,948 $ 5,163
============== ============== ==============
Earnings per share
Basic $ 0.06 $ 0.06 $ 0.11
Diluted $ 0.06 $ 0.06 $ 0.11
All of the Group's operations are continuing
Consolidated statements of comprehensive income
for the half year ended 30 June 2022
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Net income $ 2,628 $ 2,877 $ 5,065
Other comprehensive
income (loss)
Unrealized gain (loss)
on currency exchange 1 (6) 10
Reclassification for
realized (gain) loss
in net income (3) 3 (12)
-------------- -------------- --------------
Total other comprehensive
loss (2) (3) (2)
-------------- -------------- --------------
Comprehensive income 2,626 2,874 5,063
Net loss attributable
to noncontrolling interest 22 71 98
-------------- -------------- --------------
Comprehensive income
attributable to Spectra
Systems Corporation $ 2,648 $ 2,945 $ 5,161
Consolidated balance sheets
as of 30 June 2022
As of As of As of
30 Jun 2022 30 Jun 2021 31 Dec 2021
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Current assets
Cash and cash equivalents $ 17,961 $ 12,851 $ 16,775
Trade receivables, net of allowance 1,384 1,870 2,242
Unbilled and other receivables 527 478 630
Inventory 2,192 2,737 1,944
Prepaid expenses 1,272 327 299
Total current assets 23,336 18,263 21,889
Non-current assets
Property, plant and equipment, net 1,617 1,557 1,439
Operating lease right of use assets, net 828 1,045 972
Intangible assets, net 7,057 7,178 7,161
Restricted cash and investments 500 1,099 500
Deferred tax assets 530 1,400 1,080
Other assets 105 118 111
---------------- ---------------- ----------------
Total non-current assets 10,637 12,397 11,263
Total assets $ 33,973 $ 30,660 $ 33,152
================ ================ ================
Current liabilities
Accounts payable $ 664 $ 681 $ 490
Accrued expenses and other liabilities 465 446 512
Operating lease liabilities, short term 289 267 286
Taxes payable 49 28 262
Deferred revenue 1,898 2,066 2,184
---------------- ---------------- ----------------
Total current liabilities 3,365 3,488 3,734
Non-current liabilities
Operating lease liabilities, long term 595 827 739
Deferred revenue 4,968 650 758
---------------- ---------------- ----------------
Total non-current liabilities 5,563 1,477 1,497
Total liabilities 8,928 4,965 5,231
---------------- ---------------- ----------------
Stockholders' equity
Common stock 451 453 453
Additional paid in capital - common stock 53,336 53,795 53,833
Accumulated other comprehensive loss (138) (137) (137)
Accumulated deficit (29,224) (29,085) (26,870)
Total Spectra Systems Corporation stockholders' equity 24,425 25,026 27,279
Noncontrolling interest 620 669 642
---------------- ---------------- ----------------
Total stockholders' equity 25,045 25,695 27,921
---------------- ---------------- ----------------
Total liabilities and stockholders' equity $ 33,973 $ 30,660 $ 33,152
================ ================ ================
Consolidated statements of cash flows
for the half year ended 30 June 2022
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Cash flows from operating
activities
Net income $ 2,628 $ 2,877 $ 5,065
Adjustments to reconcile net
income to net cash provided
by operating activities
Depreciation and amortization 418 398 831
Stock based compensation expense 65 33 71
Lease amortization expense 142 137 274
Deferred taxes 550 - 320
Provision for excess and obsolete
inventory - - 494
Loss on sale of equipment - 19 19
Changes in operating assets
and liabilities
Accounts receivables 861 719 346
Unbilled and other receivables 102 (1) (153)
Inventory (248) 57 356
Prepaid expenses (974) (53) (25)
Accounts payable 175 146 (44)
Operating leases (140) (132) (265)
Accrued expenses and other
liabilities (262) (230) 71
Deferred revenue 3,928 494 724
-------------- -------------- --------------
Net cash provided by operating
activities 7,245 4,464 8,084
Cash flows from investing
activities
Restricted cash and investments - - 599
Payment of patent and trademark
costs (147) (223) (471)
Proceeds from sale of equipment - 36 36
Purchases of property, plant
and equipment (338) (32) (76)
-------------- -------------- --------------
Net cash provided by (used
in) investing activities (485) (219) 88
Cash flows from financing
activities
Dividends paid (5,004) (4,302) (4,302)
Repurchase of shares (570) (1,170) (1,170)
Proceeds from exercise of stock
options 6 37 38
-------------- -------------- --------------
Net cash used in financing
activities (5,568) (5,435) (5,434)
Effect of exchange rate on
cash and cash equivalents (6) 3 (1)
-------------- -------------- --------------
Net increase(decrease) in
cash and cash equivalents (1,186) (1,187) 2,737
Cash and cash equivalents
, beginning of period 16,775 14,038 14,038
-------------- -------------- --------------
Cash and cash equivalents
, end of period $ 17,961 $ 12,851 $ 16,775
============== ============== ==============
Notes to financial information
1. Basis of preparation
This report was approved by the Directors on the 9(th) of
September 2022.
This financial information has been prepared using the
recognition and measurement principles of US Generally Accepted
Accounting Principles (GAAP). The Group has not elected to apply
IAS 34 Interim Financial Reporting.
The principal accounting policies used in preparing the interim
results are those the Company expects to apply in its financial
statements for the year ending 31 December 2022 and are unchanged
from those disclosed in the Company's Annual Report for the year
ended 31 December 2021.
The results for the half year are unaudited. The financial
information for the year ended 31 December 2021 does not constitute
the full statutory accounts for that period. The Annual Report and
financial statements for the year ended 31 December 2021 have been
filed with the Registrar of Companies. The Independent Auditors'
Report on the financial statements for the year ended 31 December
2021 was unmodified and did not draw attention to any matters by
way of emphasis.
2. Earnings per share
The calculation of basic earnings per share is based on the net
income divided by the weighted average number of common shares
outstanding. Diluted earnings per share is calculated by
considering the dilutive impact of common stock equivalents under
the treasury stock method as if they were converted into common
stock as of the beginning of the period or as of the date of grant,
if later. Excluded from the calculation of diluted earnings per
common share for the six months ended June 30, 2022 and the year
ended December 31, 2021 were 159,845 and 125,425 shares related to
stock options, respectively, because their exercise prices would
render them anti-dilutive. For the six months ended June 30,
2021,118,740 were excluded from the calculation of diluted earnings
per common share. The following table shows the calculation of
basic and diluted earnings per common share .
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2022 2021 2021
Numerator:
Net income $ 2,650,000 $ 2,948,000 $ 5,162,830
Denominator:
Weighted average common
shares 45,569,258 45,415,199 45,353,550
Effect of dilutive securities:
Stock Options 2,233,298 2,662,613 2,385,480
----------------- ----------------- -----------------
Diluted weighted average
common shares 47,802,556 48,077,812 47,739,030
================= ================= =================
Earnings per common share:
Basic: $ 0.06 $ 0.06 $ 0.11
================= ================= =================
Diluted: $ 0.06 $ 0.06 $ 0.11
================= ================= =================
3. Investment in affiliates and other entities
During the course of business, the Company enters into various
types of investment arrangements. The Company determines whether
such investments involve variable interest entities (VIEs). If the
entity is determined to be a VIE, then management determines if the
Company is the primary beneficiary of the entity and whether or not
consolidation of the VIE is required. The primary beneficiary
consolidating the VIE must normally have both (i) the power to
direct the activities of a VIE that most significantly affect the
VIE's economic performance and (ii) the obligation to absorb losses
of the VIE or the right to receive benefits from the VIE, in either
case that could potentially be significant to the VIE. When the
Company is deemed to be the primary beneficiary, the VIE is
consolidated and the other party's equity interest in the VIE is
accounted for as a noncontrolling interest.
On December 10, 2020, the Company invested $702,000 in Solaris
BioSciences ("Solaris") and increased its equity interest from
4.79% to 48.65% on an as converted basis. A noncontrolling interest
is attributable to the 51.35% of Solaris not owned by the Company.
Prior to the investment, the Chief Executive Officer of Spectra
owned 84.54% of Solaris which declined to 46.01% after the
transaction. As part of the transaction, the Company committed to
provide $100,000 of services at cost to Solaris, of which $93,558
were provided during the six months ended June 30, 2021. In
addition, the Company will provide nominal accounting support to
Solaris and allow Solaris use of optical table space and facilities
at Spectra. In accordance with Delaware law, the transaction was
(a) unanimously approved by all three of Spectra's non-executive
Directors and (b) specially approved by a majority-in-interest of
the disinterested stockholders of Solaris. In addition, going
forward Spectra's shares in Solaris will be voted as directed by
Spectra's non-executive Directors. The Chief Executive Officer of
Solaris is also the Chief Executive Officer of Spectra.
The Company has concluded that Solaris is a VIE and the Company
is the primary beneficiary. The Company has consolidated the
accounts of Solaris as of December 10, 2020. The aggregate carrying
value of Solaris' assets and liabilities after elimination of any
intercompany transactions and balances in the consolidated balance
sheets were as follows:
As of As of As of
30 Jun 2022 30 Jun 2021 31 Dec 2021
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Assets
Cash $ 101 $ 218 $ 150
Property, plant and equipment, net 7 8 8
Intangible assets, net 56 8 40
---------------- ---------------- ----------------
Total Assets 164 234 197
Liabilities
Accounts payable - 10 21
Accrued expenses and other liabilities - 8 -
Total liabilities $ - $ 18 $ 21
4. Copies of this statement are available to the public on the
Company's website at http://www.spsy.com.
Appendix - Reconciliation of Non-GAAP measures
The Company publishes certain additional information in a
non-statutory format in order to provide readers with an increased
insight into the underlying performance of the business.
Reconciliations to the GAAP measures are shown in the following
tables:
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2022 2021 2021
Unaudited Unaudited Unaudited
USD '000 USD '000 USD '000
Adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA)
Operating profit $ 3,324 $ 3,027 $ 5,910
Depreciation 159 146 307
Amortization 257 252 524
Stock compensation 65 33 71
Operating loss - noncontrolling
interest 22 71 101
Stock compensation - noncontrolling
interest (10) (7) (17)
Adjusted EBITDA $ 3,817 $ 3,522 $ 6,896
Adjusted profit before taxes and
amortization (PBTA)
Profit before taxes $ 3,335 $ 3,034 $ 5,943
Amortization 257 252 524
Stock compensation 65 33 71
Operating loss - noncontrolling
interest 22 71 101
Stock compensation - noncontrolling
interest (10) (7) (17)
Adjusted PBTA $ 3,669 $ 3,383 $ 6,622
Adjusted earnings per share
Adjusted PBTA $ 3,669 $ 3,383 $ 6,622
Income tax expense (707) (157) (878)
Adjusted earnings $ 2,962 $ 3,226 $ 5,744
Diluted weighted average common
shares 47,802,556 48,077,812 47,739,030
Adjusted earnings per share $ 0.062 $ 0.067 $ 0.120
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(END) Dow Jones Newswires
September 12, 2022 02:01 ET (06:01 GMT)
Spectra Systems (LSE:SPSY)
過去 株価チャート
から 12 2024 まで 1 2025
Spectra Systems (LSE:SPSY)
過去 株価チャート
から 1 2024 まで 1 2025
