Click here to close now.

Welcome!

.NET Authors: Greg O'Connor, Pat Romanski, Jayaram Krishnaswamy, Adine Deford, Peter Silva

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
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...