SENSIO Presents its 2013-2014 Third Quarter Financial Results
Increase of revenues, decrease of operational expenses and
continued growth of 3DGO!
MONTREAL, QUEBEC--(Marketwired - Apr 29, 2014) - SENSIO
Technologies Inc. ("SENSIO" or "the Company") (TSX-VENTURE:SIO)
presented today its third quarter financial results for 2013-2014.
After three quarters, the Company's revenues had climbed to $596K
from $316K in the same period last year. Third quarter revenues
were reported at $156K, up $43K or 38% compared to the same quarter
last year.
For the third quarter, operational expenses amounted to $665K, a
decrease of $433K or 39.4% versus the same period last year. This
is the direct result of the cost-cutting program implemented by
SENSIO. During the three-month period, the Company recognized an
impairment of $340K of advances on royalties that had previously
been paid to studios as part of 3DGO!™ operations. This
non-monetary expense was recognized to reflect the unrecoverable
portion of advance royalty payments based on the Company's
assessment. That depreciation included, losses for the quarter
amounted to $896K, a drop of $85K compared to last year's quarter.
When we exclude the impairment expense, the loss amounted to
$555K.
"As demonstrated by our results, the third quarter has been a
turning point for SENSIO, said Nicholas Routhier, President and
Chief Executive Officer. "The continuous growth of the number of
3DGO! users and rental revenue is encouraging, and the upcoming
deployment on Panasonic 3DTVs in the United States will add a
significant pool of potential new users in the near future. In
parallel, our cost-cutting program has allowed us to significantly
reduce our costs, and this has had a tangible impact during the
first quarter. Moreover, our renegotiation efforts with studios
regarding content distribution rights have already been fruitful,
with the renewal of our deal with Disney, securing access to
quality 3D movies for our service, under terms that better reflect
our anticipated level of activity. Finally, the recent exercise of
warrants combined to those confirmed and in process have added an
additional 1,515,600$ to the cash position of the company, further
solidifying our balance sheet. By taking into account the
progression of 3DGO!, our patent licensing activities, our cost
reduction efforts and the impact of our renegotiations with
studios, we can say that we are getting closer to our objective of
reaching a break-even point in regard to our treasury during the
next financial year."
Highlights of the third quarter ended February 28, 2014
- Revenues of $156,039 in the third quarter and $596,049 in the
nine-month period compared to $112,792 in the third quarter and
$316,089 in the comparative nine- month period;
- 3DGO! revenues amounted to $37,938 up of 108.1% compared to
previous quarter;
- Decrease in operating expenses, excluding the cost of sales, of
39.4% compared to the same quarter last year and of 20.4% over the
nine-month period;
- Issuance of a Japanese patent related to frame rate conversion
for 3DTVs.
Home consumer market
In the third quarter of fiscal 2014, licence revenues of the
Company remained stable at $118,101 compared to $112,792 for the
quarter ended February 28, 2013 an increase of $5,309. Royalty
revenues received during the quarter from licensing continued to
progress but this increase was offset by a decrease in revenues
generated by the embedment of technologies in products. These
ad-hoc revenues are subject to fluctuations from quarter to
quarter.
"We anticipate a gradual reduction of the sales of Vizio 3DTVs
over the course of the next year, following their decision not to
produce any new models, which will have a negative impact on our
licensing fee revenues", has commented Mr. Routhier. "We are
focusing on the adoption of 3DGO! by more manufacturers, which will
allow us to stimulate the adoption of our SENSIO Hi-Fi 3D
technology and the payment of licensing fees related to the
decoding of content in SENSIO Hi-Fi 3D. The Panasonic deployment
represents a first step in that direction, and over the course of
the next quarters, we aim to add more manufacturers in order to
stimulate the growth of licensing revenues. We are therefore
positive in regard to the progression of technology revenues in the
future."
Content rental: continue growth in number of users and
rentals
In the third quarter, revenues from movie rentals amounted to
$37,938, an important rise when compared to the previous two
quarters of activity of the service ($18,228 in the second quarter
and $8,469 in the first quarter). In the same period, the number of
3DGO! users climbed from 8,019 to 16,191, an increase of 102%. At
third quarter end, there were 6,425 active users, up from 2,693 at
the end of last quarter. In the third quarter, active users rented
6,583 paid titles, compared to 2,877 in the previous quarter.
"The performance of 3DGO! over the course of the last quarter is
extremely encouraging and we are delighted of the progression of
the number of users every week," has declared Mr. Routhier. "Over
the past few months, we have refined our marketing approach and our
understanding of the needs and consumption habits of our users,
which has been reflected in the activity rate of current users. We
are still on target to launch with Panasonic during the current
quarter, and thanks to our acquired experience with the Vizio
launch, we are confident to be able to significantly increase the
number of users of our service. Over the next quarters, our efforts
will be concentrated on increasing our base of potential users by
adding new manufacturers, and potentially expanding to new
territories. We are very optimistic regarding the future
progression of this important commercial activity."
Summary of Financial Results
In the third quarter of fiscal 2014, the Corporation posted
revenues of $156,039 compared to $112,792 for the quarter ended
February 28, 2013, an increase of $43,247 or 38.3%. The growth in
2014 revenue is mainly explainable by an increase of $37,783 in
royalty revenues received during the quarter reduced by a decrease
of $ 32,710 in revenues generated by the embedment of technologies
in products. The launch of the 3DGO!™ video-on-demand platform
contributed to $37,938 during the quarter ($0 in the comparative
quarter).
For the three months period ending February 28, 2014, the cost
of sales amounted to $372,455 in comparison to $2,052 for the
compared quarter one year ago. This increase of $370,403 is mainly
attributable to the impairment of advance royalty payments of
$340,169 incurred and paid previously to studios for operations
related to 3DGO!™. This non-monetary expense is recognized to
reflect the advance on royalties that won't be recoverable
according to the Corporation estimation. These disbursements done
in the past quarters gave credibility to the 3DGO!™ platform and
ultimately allowed the Corporation to sign agreements with Vizio
and Panasonic. The management is confident that other manufacturers
will follow in the coming quarters.
If we exclude the cost of sales from the operating expenses for
the quarter, the operating expenses were reduced by $432,672 or
39.4% when compared to corresponding quarter of the previous year.
The selling expenses totalled $378,737 compared to $552,706 in the
corresponding quarter the previous year, a decrease of $173,969 or
31.5%. Lower payroll, fees paid to consultants, traveling fees and
expenses for trade shows offset by higher costs for the launch of
3DGO!™ in the three-month period explains the variance.
The Company's research and development expenses amounted to
$60,807 compared to $147,049 in the third quarter of the previous
year, a decrease of $86,242 or 58.6%. The decrease is explainable
by a lower payroll and by a higher R&D tax credit received
compared to what was provisioned for last financial year.
Finally, administrative expenses for the quarter ended February
28, 2014 amounted to $225,801 compared to $398,262 for the third
quarter of the previous year, a decrease of $172,461 or 43.3%. This
decrease is mainly explainable by a reduction in salaries,
professional fees and of the depreciation assets expense.
SENSIO's net loss for the quarter ended February 28, 2014,
amounted to $895,874 or $0.01 per share compared to $980,761 or
$0.02 per share as at February 28, 2013, which represents a
decrease of $84,887 or 8.7%.
Selected Financial information
|
Fiscal year 2014 |
|
Fiscal year 2013 |
|
Fiscal year 2012 |
|
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
156,039 |
|
129,522 |
|
310,479 |
|
76,267 |
|
112,792 |
|
92,433 |
|
110,864 |
|
90,651 |
|
Net
loss |
(895,874 |
) |
(1,163,646 |
) |
(729,917 |
) |
(976,170 |
) |
(980,761 |
) |
(1,010,819 |
) |
(895,248 |
) |
(1,322,159 |
) |
Basic
and diluted loss per share |
(0.01 |
) |
(0.02 |
) |
(0.01 |
) |
(0.02 |
) |
(0.02 |
) |
(0.02 |
) |
(0.02 |
) |
(0.03 |
) |
Basic and diluted weighted average number of shares |
89,719,342 |
|
76,971,787 |
|
63,019,342 |
|
63,019,342 |
|
63,019,342 |
|
60,696,110 |
|
52,512,544 |
|
52,487,797 |
|
For more details, please see the Management Discussion and
Analysis and the Financial Statements for the reference period on
the SENSIO Website: www.sensio.tv.
About SENSIO Technologies Inc. (SENSIO):
Founded in 1999, SENSIO Technologies Inc. (www.sensio.tv) is a
pioneer in the 3D industry. Its vision, expertise and
state-of-the-art solutions, based on diversified stereoscopic
image-processing technologies, have been trusted by some of the
biggest names in the broadcasting and consumer electronics sectors,
as well as for live 3D events in cinemas, to power numerous
industry firsts, initiate new business models and generate
immediate revenue with a distinctive 3D offering.
SENSIO enables its clients to deliver the best possible 3D
experience for the end-user through a broad portfolio of licensed
products, based on quality, content, usability and compatibility.
These include its flagship, award-winning technology, SENSIO® Hi-Fi
3D, the premium-quality frame-compatible format.
SENSIO's technologies are the object of patents and intellectual
property protection proceedings worldwide. SENSIO is listed on the
Toronto TSX Venture Exchange (SIO).
Caution Concerning Forward-Looking Statements
Certain statements made in this press release that are not
historical facts are forward-looking statements and are subject to
important risks, uncertainties and assumptions, both general and
specific, which give rise to the possibility that actual results or
events could differ materially from our expectations expressed in
or implied by such forward-looking statements. As a result, we
cannot guarantee that any forward-looking statement will
materialize and readers are cautioned not to place undue reliance
on these forward looking statements. For more exhaustive
information on these risks and uncertainties, the reader should
refer to the risk factors described in the management's discussion
and analysis of SENSIO for the quarter ended February 28, 2014. The
forward-looking statements contained in this press release
represent our expectations as of the date hereof. We disclaim any
intention and assume no obligation to update or revise any
forward-looking statements. Forward-looking statements are
presented for the purpose of providing information about
management's current expectations and plans and allowing investors
and others to obtain a better understanding of our anticipated
operating environment. Readers are cautioned that such information
may not be appropriate for other purposes.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Facebook : http://www.facebook.com/SENSIO3D
Twitter : http://twitter.com/SENSIO3D
LinkedIn : http://www.linkedin.com/company/337733?trk=tyah
YouTube : http://www.youtube.com/sensio3dtech
SENSIO TechnologiesEric ChoquetteChief Financial Officer+1 514
846-2022 x17eric.choquette@sensio.tv
Sensio Technologies Inc. (TSXV:SIO)
過去 株価チャート
から 5 2024 まで 6 2024
Sensio Technologies Inc. (TSXV:SIO)
過去 株価チャート
から 6 2023 まで 6 2024