Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

SENSIO Releases its Financial Results for the Third Quarter 2012-2013

Announcement of a strategic refocusing of its activities as it launches 3DGO!(TM) in the U.S. market

MONTREAL, QUEBEC -- (Marketwired) -- 04/26/13 -- SENSIO Technologies Inc. ("SENSIO" or "the Company") (TSX VENTURE:SIO), today released its financial results for the third quarter of fiscal year 2012- 2013. The quarter saw a slight increase in the Company's overall revenues, which amounted to $112,792 compared to $92,433 the previous quarter, an increase of $20,359 or 22% over the second quarter. Compared to the corresponding quarter the previous year, there was a sharp decline in revenues of $567,121, which can be explained by the signature in 2012 of an agreement with Samsung for the SENSIO® S2D Switch and acknowledgment of revenue, a one-time occurrence that was not repeated in the last quarter. Remember that the SENSIO® S2D Switch is now being commercialized by WiLAN in the framework of an exclusive licence agreement announced in September 2012, for which an advance was received at signing. Meanwhile, the Company's net loss amounted to $980,761, a slight decrease of $30,058 or 2.97% compared to the previous quarter. This decrease in the loss is due to the strict cost- control methods the Company put in place in recent quarters, which made it possible for the Company to trim its costs by $809,877 in the first nine months of the year compared to the previous year. Finally, the deferred revenues at the end of the third quarter amounted to $957,972 versus $555,765 at the beginning of the year, representing an increase of $402,207 or 72.4% for the first nine months of the year. These revenues are recognized progressively under the terms of the agreements.

"In the last year, results have not met our expectations and certainly do not reflect the potential of the Company, its technologies, and its intellectual property," said Nicholas Routhier, President and CEO. He added that, "Major strategic decisions were made in the last year to deal with the situation. We signed an agreement with WiLAN for the sale under licence of the SENSIO® S2D Switch, invested in the development of 3DGO!(TM) and instituted a strict cost-control program. Against this background, we also decided to discontinue the distribution of Live 3D content in order to concentrate on technology in this market and on technical support for events. In the short term, we also succeeded in significantly reducing our expenditures and losses, while achieving important milestones for 3DGO!, namely the recent announcements with VIZIO, Disney and Paramount and the launch of the store in the U.S. market. In the coming quarters, we will be focusing on the commercial success of the 3DGO! launch, the addition of new manufacturers, and the growth of technology revenue. We are very confident that this plan will continue to bear fruit in the next few quarters and that fiscal 2013-2014 will mark a turning point in terms of earnings."

Highlights of Third Quarter ended February 28, 2013


--  Agreement reached with VIZIO Inc., to make 3DGO! available in its
    selection of applications on connected 3DTVs; 
    
--  SENSIO demonstrates 3DGO! to the main Hollywood studios and TV
    manufacturers at the CES; 
    
--  First agreement signed with a major semiconductor manufacturer for the
    integration of SENSIOrAutodetect; 
    
--  Operating expenses reduced by 20.2% since the start of the fiscal year. 

Live 3D Market - Major Refocusing of Activities

The Company's revenue from the Live 3D market in the quarter amounted to $6,029, while it was nil in the previous quarter (Q2-2013) and in the comparable quarter a year earlier. This difference is due to revenue received from the activation of licences during the quarter for the Live 3D broadcast of an event held in Europe.

"In the last year, very few events were shown on theatre screens in Live 3D, which significantly affected our revenue from this market," said Richard LaBerge, Executive Vice-President and Chief Business Development Officer. He went on to say that, "Faced with this reality, we decided to refocus our efforts in this market on the roll-out of technology and on technical support for events. We will continue to support our long-standing partners in their efforts to distribute Live 3D events, as in the last quarter with the European presentation of a fashion show using our SENSIO® Hi-Fi 3D technology. But we will no longer take part in new promotion or direct distribution, concentrating our resources instead on the consumer market, which is developing rapidly for us."

Consumer Electronics Market - 3DGO! Front and Centre

On the consumer side, the Company posted revenue of $91,880 compared to $84,867 in the previous quarter, a slight increase of $7,013. However, the revenue in this quarter is lower by $580,260 in comparison to the $672,140 earned in the comparable quarter a year earlier. The lower revenue can be explained by the signing of a patent licence agreement with Samsung for the S2D Switch technology in the third quarter of the previous year. Note that recurring revenue from technology licences continued to progress in this quarter, rising from $33,572 in 2012 to $35,936 in 2013.

"After many months of development and several delays, 3DGO! will be rolled out in the U.S. market, which is an important milestone in our growth agenda," said Routhier. "We would like to acknowledge the confidence our clients and partners have shown us, by continuing to believe in us and in the added value of 3DGO! This has made it possible for us to broaden the 3DTV base supporting the SENSIO® Hi-Fi 3D technology in the marketplace, and ultimately sign the recent agreements with major Hollywood studios, as per our game plan. The upsurge in technological and commercial discussions with the electronics manufacturers confirms that our content strategy is currently working. Combined with the revenue from 3DGO! film rentals, the expected growth in the number of products incorporating the SENSIO® Hi-Fi 3D technology in the U.S. market, the continued promotion of SENSIO® Autodetect to SoC manufacturers and the expected outcome of initial negotiations with WiLAN for the SENSIO® S2D Switch, we firmly believe that we will be in a position to see significant progress in revenue from the CE market in the next year," Routhier added.

Summary of Financial Results

In the third quarter of 2012-2013, the Company posted revenues of $112,792 compared to $679,913 in the comparative quarter the previous year, a decrease of $567,121 or 83.4%.

During the quarter, the Company's management continued their efforts to control expenditures so as to optimize the use of the Company's financial resources, while ensuring that commercial objectives would be achieved. Accordingly, management succeeded in reducing operating expenses by 29.1% in the quarter ended February 28, 2013.

More specifically, the Company's selling expenses amounted to $552,706 compared to $925,233 in the corresponding quarter the previous year, a decrease of $372,527 or 40.3%. The decrease seen in the quarter is primarily due to a reduction in the payroll, lower fees for Live 3D events, and lower expenses in connection with the Consumer Electronics Show.

The Company's research and development expenses amounted to $268,349 compared to $233,454 in the third quarter the previous year, an increase of $34,895 or 14.9%. However, the higher expenses were offset by higher grants and tax credits, which went from $33,909 in the quarter ended February 29, 2012 to $121,300 this quarter, an increase of $87,391 or 257.7%. The difference is primarily due to increased grants following receipt of a grant from the NRC under the IRAP program.

Administrative expenses amounted to $398,262 for the quarter ended February 28, 2013 compared to $424,421 for the third quarter the previous year, a decrease of $26,159 or 6.2%.

SENSIO's net loss for the quarter ended February 28, 2013 amounted to $980,761 ($0.02 per share) compared to $870,844 ($0.02 per share) as at February 29, 2012, which represents an increase in the loss of $109,917 or 12.6%.

Selected Financial Information


-------------------------------------------------------------
                                            Fiscal year 2013 
                ---------------------------------------------
                            Q3             Q2             Q1 
-------------------------------------------------------------
                                                             
                                                             
Revenues         $     112,792  $      92,433  $     110,864 
Gross profit     $     110,740  $      88,726  $     107,970 
Net loss         $    (980,761) $  (1,010,819) $    (895,248)
Basic and                                                    
 diluted loss    $       (0.02) $       (0.02) $       (0.02)
Basic and                                                    
 diluted            63,019,342     60,696,110     52,512,544 
-------------------------------------------------------------

----------------------------------------------------------------------------
                                                                      Fiscal
                                            Fiscal year 2012       year 2011
                ------------------------------------------------------------
                            Q4             Q3             Q2             Q1 
----------------------------------------------------------------------------
                                                                            
                                                                            
Revenues         $      90,651  $     679,913  $     109,702  $     250,275 
Gross profit     $      30,832  $     676,404  $     105,479  $     203,832 
Net loss         $  (1,322,159) $    (870,844) $  (1,182,931) $    (958,940)
Basic and                                                                   
 diluted loss    $       (0.03) $       (0.02) $       (0.02) $       (0.02)
Basic and                                                                   
 diluted            52,487,797     52,487,797     52,487,797     52,486,710 
----------------------------------------------------------------------------

-------------------------------
                   Fiscal year 
                          2011 
                ---------------
                            Q4 
-------------------------------
                               
                               
Revenues         $      94,955 
Gross profit     $      91,894 
Net loss         $  (1,665,851)
Basic and                      
 diluted loss    $       (0.03)
Basic and                      
 diluted            52,371,058 
-------------------------------

For more details, please see the Management Discussion and Analysis and the Financial Statements for the reference quarter on SENSIO's Website: www.sensio.tv

About SENSIO Technologies Inc. (SENSIO):

SENSIO Technologies Inc. (www.sensio.tv) has been leading the floor in bringing 3D video to the consumer since 1999. 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 media and entertainment industries 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 products, including its flagship, award-winning technology, SENSIO® Hi-Fi 3D. Through SENSIO solutions, consumers can access - with effortless interaction and complete peace of mind - 3D content of superior quality to common frame-compatible formats distributed over existing infrastructure (cable, satellite or over IP) and displayed using any existing digital equipment (cinema, home cinema, TV, game consoles or PC). SENSIO is listed on the Toronto TSX Venture Exchange.

SENSIO® is a registered trademark of SENSIO Technologies Inc.

This news release contains forward-looking statements that reflect the company's expectations with regard to future events. Actual events could differ significantly from those anticipated in this document.

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

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
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...
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 ...
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...
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...
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...
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...
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...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
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 ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
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...
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...
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...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.