|By PR Newswire||
|November 29, 2012 10:50 PM EST||
- Operating expenses down 77% for the quarter and 66% for the nine-month period -
CHANTILLY, VA, Nov. 29, 2012 /CNW/ - BlueScout Technologies TSXV: SCT, providers of the BlueScout OCS-210 for optimized wind energy generation, reported its financial results for the three- and nine-month periods ended September 30, 2012. All figures are in U.S. dollars, unless otherwise stated.
A new signal processing sub-system design was completed. As opposed to
the prior design, which was an evolution of a design targeted at
aerospace applications, the all-new design started with a clean slate
approach specifically addressing the requirements of the wind turbine
industry. The foundation of the design is a fundamentally different
signal processing algorithm, sharing no commonality of software,
firmware or hardware with the prior design. The work combines a clean
set of signal processing protocols, modern chipsets, and active system
noise reduction to improve system sensitivity by five hundred percent
and eliminate errors due to turbine blade blockage.
The operational fleet has 34 units installed with another seven on
backlog for installation. BlueScout products now have over 300,000 of
operational field hours.
Reduced operating expenses by 77% or $8.6M for the quarter compared to
last year and reduced net loss for the quarter by $8.3M or $0.08 per
share versus Q3 2011.
Successfully rebranded under the name BlueScout Technologies, which
included a new image, mission, vision, values, domain name, ticker
symbol and fresh logo.
Completed a special warrant offering for gross proceeds of CDN$3.1
million and a convertible debenture offering for CDN$1.2 million, for
total gross proceeds of CDN$4.3 million.
- Continued its market expansion by entering into a trial program with EDP Renewables North America (EDPR NA) to demonstrate the performance improvement of two EDPR NA turbines under the operational control of the OCS-210 wind turbine control system.
As part of ongoing legal disputes, Optical Air Data Systems LLC (OADS)
sent more than twenty subpoenas to key BlueScout customers and
The indemnification suit brought against BlueScout by Phil and Alisa
Rogers was dismissed without prejudice by the Fairfax Circuit Court in
Virginia in October. Following this dismissal the Rogers subsequently
filed a substantially similar indemnification lawsuit in the same
- In the IP suit, a few days after a motion by OADS against BlueScout was denied at the magistrate level, subsequently another motion was introduced by OADS asking that the denial be re-evaluated by a district level judge.
BlueScout recognized revenue of $50K for the quarter ended September 30, 2012, compared to $348K for the three-month period ended September 30, 2011. The Company has $742K of deferred revenue and customer deposits recorded on its consolidated balance sheet at September 30, 2012 related to product shipments that have performance provisions that are expected to be recognized in future quarters. On a nine-month basis, BlueScout recognized revenue of $510K for 2012 compared to $738K for the same period in 2011.
Operating expenses for Q3 2012 were $2.6M, down 77% from $11.2M for the corresponding period last year. Excluding the non-cash items, litigation expense, one-time August 24 financing fees and one-time rebranding fees, operating expenses in Q3 2012 were $2.2M, down 23%, compared to $2.8M for Q3 2011.
For the nine-month period ended September 30, 2012, operating expenses were $7.4M, down 66% from $21.4M for FY2011. Excluding the non-cash items, litigation expense, one-time August 24 financing fees and one-time rebranding fees, operating expenses were $6.0M, down 49% from $11.8M for the same period last year. Selected operating expenses are detailed below:
Cost of sales for the three-month period ended September 30, 2012 was $598K compared to $527K for the same period last year. On a nine-month basis, cost of sales was $1.2M compared to $1.6M for the same period in 2011. Cost of sales include product inventory costs and all costs associated with the installation on, and integration with, wind turbines.
General and administrative expense for Q3 2012 was $196K, down 70% from $625K for Q3 2011. The decrease is primarily due to reductions in travel related expenses and repairs and maintenance costs. On a nine-month basis, general and administrative expense was $659K compared to $2.2M for the same period in 2011. The 2011 expenses were predominantly related to travel and maintenance related to the Falcon 50 aircraft which the Company has not been affiliated with since October 22, 2011.
Sales and marketing expense for Q3 2012 was $101K compared to $15K for Q3 2011. Sales and marketing expense includes expenses for trade shows, advertising, promotion and sales and marketing consulting costs. The increase is primarily due to $64K of rebranding costs and $22K of expenses associated with trade shows during the quarter.
Professional fees totaled $1.6M for the three-month period ended September 30, 2012, up from $331K for the same period last year. The increase in professional fees for the quarter is due to legal expenses, primarily related to litigation matters, and costs associated with the August 24 financing which totaled $572K. Legal expense was $873K for the third quarter of 2012 versus $131K for the same period last year. On a nine-month basis professional fees were $2.9M for 2012 ($1.7M related to litigation) and $1.0M for 2011.
Third quarter 2012 research and development expense was $77K compared to $384K for the same period last year. On a nine-month basis, research and development expense was $257K compared to $3.7M for the same period in 2011. Research and development during 2012 has been centered on the transition to contract manufacturing and turbine integration.
BlueScout recorded a net loss for Q3 2012 of $2.6M or $0.02 per share, compared to a net loss of $10.9M or $0.10 per share for Q3 2011. On a nine-month basis, BlueScout generated a net loss of $6.9M or $0.06 per share compared to a net loss of $20.7M or $0.22 per share for the same period of FY2011.
As of September 30, 2012, BlueScout had cash and cash equivalents of $2.1M and working capital of $3.4M, compared to cash and cash equivalents of $6.0 million and working capital of $6.2 million at December 31, 2011.
BlueScout has filed its financial statements for the three and nine month period ended September 30, 2012 and related Management's Discussion and Analysis (MD&A) with securities regulatory authorities. BlueScout's financial statements, MD&A and related documents are available via SEDAR as well as through the Company's website, www.BlueScout.com.
BlueScout will hold a conference call on November 30, 2012 at 1:00 pm ET to discuss its third quarter 2012 financial results.
To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management's presentation.
A live audio webcast of the conference call will be available at www.BlueScout.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above web site for 30 days.
A taped rebroadcast will be available to listeners until 12 a.m. ET on Friday, December 7, 2012. To access the rebroadcast, please dial 416-849-0833 or 1-855-859-2056 and enter passcode 72229223, followed by the number sign.
BlueScout Technologies (TSXV: SCT) increases energy production and decreases operating costs by applying groundbreaking microgeographical wind flow sensing to turbine control systems that increases the effectiveness and availability of wind turbines. BlueScout combines precise, optically based wind forecasting with advanced predictive control architectures to ready the turbine for the imminent wind inflow changes - optimizing energy production and reducing the harmful effects of wind turbulence on the turbine. With extensive operating data on multiple wind turbine models, BlueScout is the leading, value-added innovator in wind turbine performance and optimization.
The team consists of experienced high-tech, R&D and manufacturing engineers, innovative entrepreneurs, and proven leaders. The BlueScout team has unique expertise and shares a firm commitment, as part of the wind power industry, to continuously improve the reliability of wind power generation through innovation. For more information, visit www.BlueScout.com.
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of BlueScout Technologies. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although BlueScout believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. BlueScout Technologies disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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.
BlueScout Technologies Ltd. Condensed Consolidated Interim Balance
|(Expressed in United States dollars)||Note||
|Cash and cash equivalents||2,107,678||6,018,559|
|Prepaid expenses and other assets||168,484||352,002|
|Property and equipment||149,175||418,896|
|Liabilities and Equity|
|Accounts payable and other liabilities||1,453,548||1,391,799|
|Obligations under finance leases||7||14,461||62,707|
|Due to related party||11||126,197||18,516|
|Deferred revenue and customer deposits||202,000||552,800|
|Obligations under finance leases||7||-||7,620|
|Special warrants liability||13||1,939,060||-|
|Option component of convertible debenture||14||106,489||-|
|Provision for indemnification agreement||8||2,000,000||2,000,000|
|Due to related party||11||74,028||-|
|Commitments and contingencies||9,10|
|Total (deficiency) equity||(2,015,315)||4,496,207|
|Total liabilities and (deficiency) equity||5,471,830||8,872,728|
BlueScout Technologies Ltd. Condensed Consolidated Interim Statements of
||Three months ended||Nine months ended|
(Expressed in United States dollars)
|Cost of sales||5||598,161||526,599||1,238,116||1,583,303|
|Salaries and benefits||6||656,042||607,827||1,974,704||1,689,854|
|General and administrative||7||195,607||624,967||659,348||2,209,469|
|Amortization of intangible assets||
|Depreciation of property and equipment||
|Sales and marketing||2||101,037||14,516||255,845||310,529|
|Professional engineering fees||-||102,108||229,333||582,839|
|Research and development||
|Other income, net||
|Impairment of property and equipment||
|Impairment of intangible assets||
|Gain on fair value of warrant liability||12||(25,880)||(965,614)||(274,232)||(713,728)|
|Gain on fair value special warrants liability||13||(1,152,994)||-||(1,152,994)||-|
|Gain on fair value option component of||
|Gain on fair value deferred related party||
|Loss of asset disposal||
|Loss on foreign exchange||
|Net loss and total comprehensive loss||(2,573,665)||(10,867,841)||(6,874,565)||(20,691,952)|
|Net loss and total comprehensive loss attributable to:||
|Owners of the Company||
|Net loss per share - basic and diluted||
|Weighted average number of common shares outstanding||122,513,614||106,527,100||122,513,614||89,265,679|
SOURCE BlueScout Technologies
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 1, 2016 12:30 AM EDT Reads: 649
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2016' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited t...
Jul. 1, 2016 12:00 AM EDT Reads: 561
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Jun. 30, 2016 07:30 PM EDT Reads: 705
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 30, 2016 04:00 PM EDT Reads: 1,021
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profession...
Jun. 30, 2016 04:00 PM EDT Reads: 478
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Jun. 30, 2016 03:00 PM EDT Reads: 1,279
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jun. 30, 2016 02:45 PM EDT Reads: 347
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jun. 30, 2016 02:00 PM EDT Reads: 699
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 30, 2016 01:30 PM EDT Reads: 1,363
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 30, 2016 01:00 PM EDT Reads: 1,523
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 30, 2016 11:45 AM EDT Reads: 621
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jun. 30, 2016 11:30 AM EDT Reads: 652
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jun. 30, 2016 11:15 AM EDT Reads: 746
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jun. 30, 2016 11:00 AM EDT Reads: 500
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 30, 2016 11:00 AM EDT Reads: 1,125
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Jun. 30, 2016 11:00 AM EDT Reads: 483
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Jun. 30, 2016 10:45 AM EDT Reads: 707
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jun. 30, 2016 10:30 AM EDT Reads: 594
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 30, 2016 10:15 AM EDT Reads: 997
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jun. 30, 2016 10:00 AM EDT Reads: 580