|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.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Aug. 31, 2015 11:15 AM EDT Reads: 224
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 31, 2015 11:00 AM EDT Reads: 159
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Aug. 31, 2015 10:30 AM EDT Reads: 631
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Aug. 31, 2015 10:15 AM EDT Reads: 294
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
Aug. 31, 2015 09:40 AM EDT
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
Aug. 31, 2015 09:30 AM EDT Reads: 122
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Aug. 31, 2015 04:00 AM EDT Reads: 406
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Aug. 31, 2015 02:00 AM EDT Reads: 450
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 30, 2015 10:00 PM EDT Reads: 348
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 30, 2015 05:00 PM EDT Reads: 136
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 30, 2015 10:30 AM EDT Reads: 881
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Aug. 30, 2015 10:15 AM EDT Reads: 230
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Aug. 30, 2015 09:15 AM EDT Reads: 446
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
Aug. 30, 2015 08:30 AM EDT Reads: 399
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Aug. 28, 2015 07:45 PM EDT Reads: 214
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
Aug. 26, 2015 07:00 AM EDT Reads: 133
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 553
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 480
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,565
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 279