D-BOX Technologies Inc. (TSX:DBO), a leader in innovative motion
technology, announced today revenues of $14,253,243 for the fiscal
year ended March 31, 2013 which represents an increase of over 60%
in comparison with revenues of $8,832,463 for the 2012 fiscal year,
ended March 31, 2012.
FINANCIAL HIGHLIGHTS
-- Significant increase in revenues:
-- Yearly revenues of $14.2 million in F2013 representing an increase
of more than 60% in comparison with revenues of $8.8 million
realized in F2012;
-- Quarterly revenues of $3.6 million in Q4 2013, an increase of 39% in
comparison to Q4 2012.
-- Important turnaround of the adjusted EBITDA:
-- Adjusted EBITDA of $584 k in F2013 compared to ($3 545 k) in F2012;
-- Quarterly adjusted EBITDA of $183 k in Q4 2013 compared to ($560 k)
in Q4 2012.
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For the fourth quarter and fiscal year ended March 31
(in thousands of CA$ except per-share amounts)
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Q4 2013 Q4 2012 2013 2012
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Revenues 3,585 2,583 14,253 8,832
Net loss (508) (1,824) (2,575) (6,556)
Basic and diluted loss per
share (0.0031) (0.011) (0.0157) (0.040)
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Data from the consolidated balance sheets
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March 31, March 31,
2013 2012
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Cash and cash equivalents 5,708 9,320
Inventories 4,578 4,667
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Adjusted EBITDA (in thousands of $CA)
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2013 Quarters
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Q1 Q2 Q3 Q4 Total
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117 130 154 183 584
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OPERATIONAL HIGHLIGHTS
-- During the course of the fiscal year, significant international
breakthroughs were realized with chains such as Gaumont-Pathe in France,
Ambassador in Taiwan, Luxor in Russia and a South American subsidiary of
Cinemark, the third most significant chain in the United States.
-- D-BOX continues to demonstrate its ability to access quality movies in
the entertainment market.
-- For the fiscal year ended March 31, 2013, 28 movies were obtained
from Hollywood's main studios to be encoded by D-BOX and be
presented in movie theatres, including 16 titles ranked number one
at the box office during opening weekend. This compares to 22 titles
obtained for the fiscal year ended March 31, 2012.
-- With respect to the industrial market, it continues to show growth
derived amongst others from the addition of new customers and renewed
orders from existing ones such as John Deere, Triotech and WMS Gaming.
Commenting on the yearly realizations, Mr. Claude Mc Master,
President and Chief Executive Officer of D-BOX, declared: "Our
financial results are progressing quickly while we continue our
inroads in the entertainment and industrial markets. Given these
results, I can only be very optimistic with respect to D-BOX's
future."
ADDITIONAL INFORMATIONAL IN REGARDS TO THE FISCAL YEAR AND THE
FOURTH QUARTER ENDED MARCH 31, 2013
The financial information in regards to the fiscal year and the
fourth quarter ended March 31, 2013 should be read in conjunction
with the Corporation's condensed consolidated financial statements
and Management's Discussion and Analysis dated June 18, 2013. These
documents are available at www.sedar.com.
OUTLOOK
Broadly speaking, D-BOX focuses on two major development areas:
the entertainment market and the industrial market which have their
respective submarkets.
In light of its business development activities in each of these
two markets and more specifically the anticipated revenues stemming
from utilization rights, rental and maintenance fees in the
commercial theatre submarket, D-BOX believes that the recently
observed trend in adjusted EBITDA should be maintained.
The adjusted EBITDA(i) designates net loss 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 to the net loss.
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Fiscal Year Ended Fourth Quarter Ended
March 31 March 31
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2013 2012 2013 2012
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Net loss (2,575) (6,556) (508) (1,824)
Amortization of property,
plant and equipment 2,005 1,557 507 569
Amortization of intangible
assets 259 208 68 61
Amortization of other
assets 85 89 44 20
Write-off of amortization
of property, plant and
equipment - 4 - 4
Write-off of other assets 5 - - -
Write-off of intangible
assets 4 - 4 -
Share-based payment
expense 883 1,438 223 385
Foreign exchange loss
(gain) (74) (158) (156) 247
Financial results
(financial expenses and
interest income) (14) (126) (1) (22)
Income taxes 6 (1) 2 -
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Adjusted EBITDA(i) 584 (3,545) 183 (560)
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(i) See the "Non-IFRS Measures" section in the management
discussion and analysis dated June 18, 2013.
ADVANCE NOTICE BY-LAW AND SHAREHOLDER RIGHTS PLAN
In other news, on June 18, 2013 the Board of Directors of D-BOX
approved amendments to D-BOX's by-laws to include, among other
things, an advance notice by-law, which includes a provision that
requires advance notice to D-BOX in circumstances where nominations
of persons for election to the Board of Directors are made by
shareholders of D-BOX other than pursuant to: (i) a requisition of
a meeting made pursuant to the provisions of the Canada Business
Corporations Act (the "Act"), or (ii) a shareholder proposal made
pursuant to the provisions of the Act.
Among other things, the advance notice by-law fixes a deadline
by which holders of record of common shares of D-BOX must submit
director nominations to D-BOX prior to any annual or special
meeting of shareholders and sets forth the information that a
shareholder must include in the notice to D-BOX for the notice to
be in proper written form.
In the case of an annual meeting of shareholders, notice to
D-BOX must be made not less than 30 nor more than 65 days prior to
the date of the annual meeting; provided, however, that in the
event that the annual meeting is to be held on a date that is less
than 50 days after the date on which the first public announcement
of the date of the annual meeting was made, notice may be made no
later than the close of business on the 10th day following such
public announcement.
In the case of a special meeting of shareholders (which is not
also an annual meeting), notice to D-BOX must be made not later
than the close of business on the 15th day following the day on
which the first public announcement of the date of the special
meeting was made.
The advance notice by-law is effective from June 18, 2013 until
it is confirmed, confirmed as amended or rejected by the
shareholders of D-BOX at the upcoming meeting of shareholders. If
the advance notice by-law is confirmed or confirmed as amended at
the next meeting, it would continue in effect in the form in which
it was so confirmed.
If the advance notice by-law is rejected by shareholders at the
next meeting, or the directors do not submit the advance notice
by-law to the shareholders at the next meeting, the advance notice
by-law will cease to be effective from the date of such meeting and
no subsequent resolution of the Board of Directors to make, amend
or repeal a by-law having substantially the same purpose or effect
as the advance notice by-law would be effective until confirmed or
confirmed as amended by the shareholders of D-BOX.
A complete copy of the amended by-laws will be filed under
D-BOX's profile on SEDAR at www.sedar.com.
D-BOX also announced that its Board of Directors, approved the
adoption of a shareholder rights plan (the "Rights Plan") entered
into with Computershare Investor Services Inc. as rights agent,
effective June 18, 2013.
The purpose of the Rights Plan is to ensure that, in the context
of a bid for control of D-BOX through an acquisition of the common
shares of D-BOX (the "Shares"), the Board of Directors has
sufficient time to consider the bid and assess alternatives for
maximizing shareholder value as it considers in its judgment to be
in the best interests of D-BOX. Additionally, the Rights Plan: (i)
gives shareholders an equal opportunity to participate in such a
bid; (ii) gives them adequate time to properly assess the bid; and
(iii) lessens the pressure to tender typically encountered by a
securityholder of an issuer that is subject to a bid.
D-BOX's Board of Directors is not aware of any third party
currently considering or preparing any proposal to acquire control
of D-BOX.
The rights plan has been conditionally approved by the Toronto
Stock Exchange and is subject to ratification by the shareholders
of D-BOX at its annual and special meeting of shareholders
anticipated to take place on August 14, 2013.
The Rights Plan is intended to encourage any bid to satisfy
certain minimum standards designed to promote fairness. Under the
Rights Plan, one right has been issued with respect to each of the
Shares issued and outstanding as of the effective date. These
rights will become exercisable only when a person, including any
party related to it, acquires or attempts to acquire 20 percent or
more of the outstanding Shares without complying with the
"Permitted Bid" provisions of the Rights Plan or without approval
of D-BOX's Board of Directors.
A complete copy of the Rights Plan will be filed under D-BOX's
profile on SEDAR at www.sedar.com.
ABOUT D-BOX
D-BOX Technologies Inc. designs, manufactures and markets
cutting-edge motion systems intended mainly for the entertainment
and industrial markets. This unique and patented technology, the
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. Visit
www.d-box.com for more information.
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 Vice-President and 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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