D-BOX Technologies Increases its Annual Sales and its Adjusted EBITDA by 23% and 64% Respectively
11 Juni 2014 - 1:30PM
Marketwired Canada
D-BOX Technologies Inc. (TSX:DBO), a leader in innovative motion technology
announced today revenues of $17.6 million for the 2014 fiscal year ended March
31, 2014 which represents a 23% increase in comparison to revenues of $14.3
million for the fiscal year ended March 31, 2013.
Financial Highlights
-- Growth in revenues and available funds:
-- Annual revenues up by 23% to $17,593 k including $3,654 k of
recurring revenues from utilization rights, rental and maintenance
fees.
-- Quarterly revenues up by 39% to $4,980 k, including $815 k of
recurring revenues also from utilization rights, rental and
maintenance fees.
-- Available funds of $6,717 k as at March 31, 2014.
-- Net loss of $1,589 k for the fiscal year and of $43 k for the quarter
representing respectively 38% and 92% decreases in comparison to last
year.
-- Positive adjusted EBITDA(i) and cash flow relating to operating
activities for the fiscal year ended March 31, 2014:
-- Adjusted EBITDA(i) of $957 k for the fiscal year and of $382 k for
the quarter.
-- Cash flow relating to operating activities of $2,165 k for the
fiscal year.
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Fourth quarter and fiscal year ended March 31
(in thousands of $CA, except per share amounts)
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Fourth Quarter Fiscal Year
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2014 2013 2014 2013
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Revenues 4,980 3,585 17,593 14,253
Net loss (43) (508) (1,589) (2,575)
Basic and diluted net loss per
share (0.0003) (0.0031) (0.0097) (0.0157)
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Information from the consolidated Balance Sheet
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March 31, 2014 March 31, 2013
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Cash and cash equivalents 6,717 5,708
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(i) See the reconciliation table of adjusted EBITDA to the net loss on the next
page of this press release.
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Adjusted EBITDA (in thousands of $CA)
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Quarters of 2014
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Q1 Q2 Q3 Q4 Fiscal Year
June 30, September 30, December 31, March 31, March 31,
2013 2013 2013 2014 2014
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13 229 333 382 957
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Operational Highlights
-- Continuous and strategic deployment with large theatre chains: 45
screens added since April 1, 2013, including a significant breakthrough
in South America with Cinemark, in France and Switzerland with Gaumont
Pathe and in Russia with Luxor, Barguzin and Kinomax.
-- 39 films from Hollywood's main studios were coded by D-BOX to be
presented in commercial theatres of which 15 ranked number one at the
box-office on opening weekend. This compares to 28 titles obtained in
the fiscal year ended March 31, 2013.
-- Recent commercialization of new longer-stroke actuators targeting the
industrial market. These new applications make it possible to accelerate
the development of existing markets while providing the opportunity to
enter new business activities. At the same time, additional resources
were added to the sales team to address this potential.
Commenting the year's realizations, Mr. Claude Mc Master, President and CEO of
D-BOX declared: Our financial results are constantly improving while we keep
growing in the entertainment and industrial markets, invest more in our R&D and
strengthen our sales team. Considering these results and our advantageous
positioning, I anticipate enthusiastically the upcoming fiscal year."
Additional information with respect to the fiscal year and fourth quarter ended
March 31, 2014
The financial information relating to the fourth quarter and fiscal year ended
March 31, 2014 should be read in conjunction with the Corporation's consolidated
financial statements and Management's Discussion and Analysis dated June 10,
2014. These documents are available at www.sedar.com
Outlook
D-BOX focuses on two major development areas: the entertainment market and the
industrial market which have their respective sub-markets. 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 expects to
gradually increase the level of its operating expenses including fees related to
sales, marketing, research and development that will support the
commercialization of new applications for its technology for new industrial
sub-markets. Generally speaking, the Corporation aims, however, 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 allows evaluating profitability and the Corporation's
ability to generate cash flows from its operations. It designates the net loss
before items not affecting cash, the foreign exchange gain or loss, financial
expenses, interest income and income taxes.
The following table explains the reconciliation of the adjusted EBITDA to the
net loss.
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Fiscal Year Fourth Quarter
ended ended
March 31 March 31
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2014 2013 2014 2013
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Net loss (1,589) (2,575) (43) (508)
Amortization of property, plant and
equipment 2,018 2,005 489 507
Amortization of intangible assets 290 259 75 68
Amortization of other assets 180 85 112 44
Write-off of property, plant and
equipment 78 - (45) (5)
Write-off of other assets - 5 - 5
Write-off of intangible assets - 4 - 4
Share-based payment expense 617 883 183 223
Foreign exchange gain (667) (74) (391) (156)
Financial results (financial expenses
and interest income) 21 (14) 3 (1)
Income taxes 9 6 (1) 2
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Adjusted EBITDA(i) 957 584 382 183
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(i) See the "non-IFRS" measures section in the Management Discussion and
Analysis dated June 10, 2014.
About D-BOX
D-BOX Technologies Inc. designs, manufactures and commercialize 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.
D-BOX(R), D-BOX Motion Code(R), Motion Architects(TM) and Architectes du
Mouvement(TM) are 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Luc Audet
Vice-President and Chief Financial Officer
D-BOX Technologies Inc.
450-442-3003 ext 296
laudet@d-box.com
Investor Relations
Marc Jasmin CPA, CMA, President
Jasmin Financial Communications
514-231-2360
marc@comjasmin.com
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