D-BOX Technologies Inc. (TSX:DBO), a leader in innovative motion
technology, today announced revenues of $3,392,132 for its third
quarter ended December 31, 2012 which represents an increase of 87%
in comparison to revenues of $1,810,413 realized in the third
quarter of the previous fiscal year. Also, for the third
consecutive quarter, D-BOX generates a positive adjusted EBITDA
while significantly decreasing its net loss.
Quarterly highlights of the third quarter of the 2013 fiscal
year
-- Significant increase in revenue compared to last year:
-- Quarterly increase of 87%
-- Commercial theaters : + 288% including:
-- systems sold which went from $50 k to $1,115 k; and
-- utilization rights, rental and maintenance fees: + 34%
-- Original Equipment Manufacturers ("OEMs") : + 28%
-- 71% increase for the first nine months
-- Important improvement of adjusted EBITDA:
-- Quarterly adjusted EBITDA of $154 k in Q3 F2013 versus ($1,002 k) in
Q3 F2012
-- Adjusted EBITDA for the first nine months of F2013 of $401 k
compared to ($2,985 k) in F2012
-- Significant decrease of the net loss:
-- Significant decrease of the quarterly net loss which stood at ($273
k) in Q3 F2013 compared to ($1,958 k) in Q3 F2012
-- Significant decrease of the net loss, by more than 55%, for the
first nine months of the fiscal year; ($2,067 k) in F2013 compared
to ($4,732 k) in F2012
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For the third quarter and nine-month period ended
December 31
(in thousands of CA$ except per share data)
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Third quarter Nine months
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F2013 F2012 F2013 F2012
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Revenues 3,392 1,810 10,668 6,249
Adjusted EBITDA(i) 154 (1,002) 401 (2,985)
Net loss (273) (1,958) (2,067) (4,732)
Basic and diluted net loss
per share (0.0016) (0.0120) (0,0126) (0,0289)
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Information from the Consolidated Balance Sheet
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Dec. 31, 2012 March 31, 2012
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Cash and cash equivalents 6,972 9,320
Working capital 12,053 14,870
Total assets 24,680 25,823
Property, plant and equipment 9,254 7,993
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(i) See the reconciliation table at the end of this press release.
Commenting on the quarterly and year-to-date realizations, Mr.
Claude Mc Master, President and Chief Executive Officer of D-BOX
declared: "Given its reliability and reputation in its business
segments, D-BOX continues to demonstrate great traction in revenue
while keeping operating expenses under tight control. With solid
financials and a brand which is gaining growing awareness, D-BOX is
in an excellent position to pursue its growth."
Additional informational in regards to the third quarter and
nine-month periods ended December 31, 2012
The financial information in regards to the three and nine-month
periods ended December 31, 2012 should be read in conjunction with
the Corporation's interim condensed consolidated financial
statements and Management's Discussion and Analysis dated February
12, 2013. These documents are available at the www.sedar.com
website.
Outlook
Given its growing revenues and relatively stable operating
expenses, D-BOX anticipates being able to maintain the upwards
trend of its adjusted EBITDA on a comparative quarterly basis.
Broadly speaking, D-BOX will focus its commercialization efforts
on the two following business development segments, namely:
commercial theatres and Original Equipment Manufacturers (OEMs),
which both target their specific business market.
With respect to commercial theatres, D-BOX continues to develop
its international selling efforts while aiming to gradually
increase foreign content which will allow for better market
penetration outside of North America.
In North America, D-BOX intends to continue to approach the most
significant exhibitors while working with existing customers to
optimize revenues.
To support business development efforts of the Original
Equipment Manufacturers' market (OEMs), D-BOX will introduce over
the next few quarters, a series of new actuators offering a broader
range of action and allowing for considerable lifting capacity up
to 227 kilos or 500 pounds per actuator. By doing so, D-BOX will
propose new solutions which better answer specific needs of the
industrial simulation market giving the Corporation an excellent
competitive positioning.
Reconciliation of the adjusted EBITDA to the net loss
The adjusted EBITDA designates earnings before items not
affecting cash, the foreign exchange gain or loss, financial
expenses, interest income, and income taxes. This measure supplies
useful and complementary information which allows amongst others to
evaluate profitability and cash flows provided by operations.
The following table explains the reconciliation of the adjusted
EBITDA(i) to the net loss:
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Quarter ended Nine-month period ended
December 31 December 31
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2012 2011 2012 2011
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Net loss (273) (1,958) (2,067) (4,732)
Amortization of property,
plant and equipment 584 354 1,498 988
Amortization of intangible
assets 64 52 191 147
Amortization of other
assets 12 36 41 69
Write-off of amortization
of property, plant and
equipment 5 - 5 -
Share-based payment
expense 168 362 660 1,053
Foreign exchange loss
(gain) (409) 176 82 (405)
Financial results
(financial expenses and
interest income) 3 (21) (13) (104)
Income taxes - (3) 4 (1)
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Adjusted EBITDA(i) 154 (1,002) 401 (2,985)
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(i) See the "Non-IFRS Financial Measures" in the management discussion and
analysis dated February 12, 2013.
(ii) For the quarter ended December 31, 2012, the $409 k foreign exchange
gain includes an unrealized foreign exchange gain of $222 k as a result
of the translation of the net US dollars denominated monetary assets at
the end-of-period date. For the nine-month period ended December 31,
2012, the foreign exchange loss amounted to $82 k which includes an
unrealized foreign exchange loss of $29 k
About D-BOX
D-BOX Technologies Inc. designs, manufactures and markets
cutting-edge motion systems intended mainly for the entertainment
and industrial simulation industries. This unique and patented
technology, D-BOX Motion Code, uses motion effects specifically
programmed for each visual content which are sent to a motion
system integrated into a platform, a seat or any other product. The
resulting motion is perfectly synchronized with the on-screen
action, thus creating an unparalleled realistic immersive
experience. As of today, many major studios offer D-BOX Motion Code
on their motion pictures in commercial theatres, on DVDs and
Blu-rays. By reaching agreements with various industry leaders,
D-BOX's award-winning motion technology is gradually proving itself
as a new global standard. D-BOX is a public company whose shares
are traded on the Toronto Stock Exchange under the symbol DBO.
D-BOX® and D-BOX Motion Code® are registered trademarks of D-BOX
Technologies Inc. Other names are for informational purposes only
and may be trademarks of their respective owners.
For more information, please visit D-BOX's website at
www.d-box.com.
Disclaimer in regards to forward-looking statements
Certain statements included herein, including those that express
management's expectations or estimates of our future performance,
constitute "forward-looking statements" within the meaning of
applicable securities laws. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management at this time, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Investors are
cautioned not to put undue reliance on forward-looking statements.
The Corporation disclaims any intent or obligation to update
publicly these forward looking statements, whether as a result of
new information, future events or otherwise.
Contacts: Luc Audet Chief Financial Officer D-BOX Technologies
Inc. 450-442-3003 ext 296laudet@d-box.com Investor Relations Marc
Jasmin, CPA, CMA, President Jasmin Financial Communications
514-231-2360marc@comjasmin.com
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