Sales of over $4.6 million and an increase of available funds to $7.6 million
LONGUEUIL, QUÉBEC--(Marketwired - Feb. 13, 2014) - D-BOX Technologies inc. (TSX:DBO), a leader in innovative motion technology announced today revenues of $4,618,889 for the third quarter ended December 31, 2013 in comparison to revenues of $3,392,132 in the third quarter of the previous fiscal year. In addition to these quarterly revenues and a seventh consecutive positive adjusted EBITDA, D-BOX increases its cash position by 34 % to $7.6 million as at December 31, 2013 in comparison to $5.7 million as at March 31, 2013.
|For the third quarter and nine-month period ended December 31
(in thousands of $CA, except per share amounts)
|Third Quarter||Nine Months|
|Basic and diluted net loss per share||(0.0019||)||(0.0016||)||(0.0092||)||(0.0126||)|
|Information from the consolidated Balance Sheet|
|Dec. 31, 2013||Sept. 30, 2013||March 31, 2013|
|Cash and cash equivalents||7,626||6,402||5,708|
|* See the section «Reconciliation of the Adjusted EBITDA to the Net Loss » on this press release.|
Commenting the quarterly realizations, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX declared: "The third quarter of 2013 was marked by the growth of our revenues, of our adjusted EBITDA and of our cash position reflecting the continuous progression of both our entertainment and industrial sectors. This clearly demonstrates that the measures we've undertaken over the course of the last few years are delivering results and are contributing to position us advantageously for the future."
ADDITIONAL INFORMATION IN REGARDS TO THE THIRD QUARTER AND NINE-MONTH PERIOD ENDED DECEMBER 31, 2013
The financial information relating to the third quarter and nine-month period ended December 31, 2013 should be read in conjunction with the Corporation's condensed consolidated financial statements and Management's Discussion and Analysis dated February 12, 2014. These documents are available at www.sedar.com
D-BOX focuses on two major development areas: the entertainment market and the industrial market which have their respective submarkets.
In light of the business development activities in each of these two markets, D-BOX anticipates that the upward trend in revenues should be maintained.
In combination with this expected growth of revenues, D-BOX also forecasts to gradually increase the level of its operating expenses aiming amongst others, to support the launch of new applications for its technology in the industrial and other markets. Generally speaking, the Corporation however aims to maintain a positive adjusted EBITDA and intends to manage its operations based on attaining this objective.
RECONCILIATION OF THE ADJUSTED EBITDA TO THE NET LOSS
The adjusted EBITDA 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 the Corporation's capacity to generate funds from its operating activities.
The following table explains the reconciliation of the adjusted EBITDA to the net loss.
|Amortization of property, plant and equipment||492||584||1,529||1,498|
|Amortization of intangible assets||71||64||215||191|
|Amortization of other assets||38||12||68||41|
|Write-off of property, plant and equipment||86||5||123||5|
|Share-based payment expense||143||168||434||660|
|Foreign exchange gain||(150||)||(409||)||(276||)||82|
|Financial results (financial expenses and interest income)||1||3||18||(13||)|
D-BOX Technologies Inc. designs, manufactures and commercializes cutting-edge motion systems intended for the entertainment and industrial markets. This unique and patented technology uses motion effects specifically programmed for each visual content which are sent to a motion system integrated into either, 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. By reaching agreements with various industry leaders, the D-BOX motion technology is gradually imposing itself as a global standard. D-BOX is a public company whose shares are traded on the Toronto Stock Exchange under the symbol DBO.
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.
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.