LONGUEUIL, QC, Aug. 14, 2012 /CNW Telbec/ - D-BOX Technologies Inc. (TSX: DBO), a leader in innovative motion technology, today announced revenues of $3,567,876 for its first quarter ended June 30, 2012 representing a 48% increase in comparison to revenues of $2,408,741 realized in the first quarter of the previous fiscal year. Also, for the first time, D-BOX generates a positive adjusted * EBITDA while reducing its net loss by 67%.
- D-BOX's first positive adjusted EBITDA:
+ $117k in Q1 2013 versus ($1,170k) in Q1 2012
- Record total revenues for a second consecutive quarter:
Total increase: + 48% in comparison to last year
- Commercial theatres: + 134% in comparison to last year
- Including revenues from utilization rights, rental and maintenance fees: + 40 %
- Original Equipment Manufacturers ("OEM") : + 2%
- 67% reduction of the net loss:
($590k) in Q1 2013 versus ($1,793k) in Q1 2012
| For the first quarter ended June 30
(in thousands of CA$ except per share data)
|Q1 2013||Q1 2012|
|Basic and diluted net loss per share||(0.0036)||(0.0110)|
|Information from the Consolidated Balance Sheet|
|June 30, 2012||March 31, 2012|
|Cash and cash equivalents||8,964||9,320|
|Property, plant and equipment||8,568||7,993|
* See the reconciliation table at the end of this press release
Commenting on the quarterly realizations, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX declared: «Our financial results are steadily improving as we continue to see growing revenues while maintaining tight control over our operating expenses. Achieving for the first time a positive adjusted EBITDA represents an important milestone which will significantly improve our future financial flexibility. Considering these excellent results, I can only be optimistic with regards to the future of D-BOX»
Additional Informational in Regards to First Quarter Ended June 30, 2012
The financial information in regards to the first quarter of the 2013 fiscal year ending June 30, 2012 should be read in conjunction with the Corporation's consolidated financial statements and Management's Discussion and Analysis dated August 13, 2012. These documents are available at the www.sedar.com website.
Broadly speaking, D-BOX will focus on two major development segments: commercial theatres and OEMs, who each target a specific business market. In the short term, D-BOX intends to allocate the majority of its resources to the commercial theatre segment which offers the most attractive prospects in the short and medium term.
In light of the evolution of its sales and a relatively fixed short-term cost structure, D-BOX aims for a positive adjusted EBITDA provided this figure may remain subject to a certain level of volatility.
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 cash flows provided by operations
The following table explains the reconciliation of the adjusted EBITDA to the net loss.
| First Quarter ended
|Amortization of property, plant and equipment||486||276|
|Amortization of intangible assets||62||46|
|Amortization of other assets||22||18|
|Share-based payment expense||261||314|
|Foreign exchange loss (gain)||(118)||19|
|Financial results (financial expenses and interest income)||(10)||(50)|
|Adjusted EBITDA *||117||(1,170)|
* See the « Non-IFRS financial measures in the management discussion and analysis dated August 13, 2012 ».
D-BOX Technologies Inc. designs, manufactures and commercializes cutting-edge motion systems intended mainly for the entertainment and industrial simulation markets. 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 either within a platform or a seat. 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.
SOURCE: D-BOX TECHNOLOGIES INC.
For further information:
Vice-President and Chief Financial Officer
D-BOX Technologies Inc.
450-442-3003 ext 296
Marc Jasmin CMA, President
Jasmin Financial Communications