|By Marketwired .||
|April 26, 2013 04:00 PM EDT||
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.
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.
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