D-BOX Technologies Inc. (TSX:DBO), a leader in innovative motion
technology, today announced revenues of $3,707,717 for its second
quarter ended September 30, 2012 representing a 83% increase in
comparison to revenues of $2,029,899 realized in the second quarter
of the previous fiscal year. Also, for the second consecutive time,
D-BOX generates a positive adjusted EBITDA.
Quarterly highlights of the second quarter of the 2013 fiscal
year
-- Positive quarterly adjusted EBITDA for a second consecutive quarter:
-- + $130 k compared to ($813 k) for the corresponding quarter of the
previous fiscal year
-- For the first six months : + $247 k compared to ($1,983 k ) for the
same period of last year
-- Growth in total revenues for a third consecutive quarter:
-- + 83 % in comparison to last year
-- Commercial theatres: + 224% including 132% from utilization
rights, rental and maintenance fees
-- OEM: + 39%
-- 200 screens are now equipped or will soon be equipped of D-BOX MFX
systems, including:
-- 25 exhibitors currently owning more than one complex equipped with a
D-BOX screen, and
-- 14 exhibitors having as of today more than one screen within a same
complex.
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For the second quarter and six-month period ended September 30
(in thousands of CA$ except per share data)
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Second quarter Six months
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F2013 F2012 F2013 F2012
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Revenues 3,708 2,030 7,276 4,439
Adjusted EBITDA(i) 130 (813) 247 (1,983)
Net loss (1,204) (981) (1,794) (2,774)
Basic and diluted net loss
per share (0.0074) (0.0060) (0.0110) (0.0169)
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Information from the Consolidated Balance Sheet
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Sept. 30, March 31,
2012 2012
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Cash and cash equivalents 7,926 9,320
Working capital 12,904 14,870
Total assets 25,177 25,823
Property, plant and equipment 8,664 7,993
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(i) 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: "I am very
optimistic in regards to upcoming quarters given the current
revenue growth of our two business segments as a result of our
business development initiatives coupled with a tight control of
our operating expenses which clearly demonstrate we are on the
right track."
Additional informational in regards to three and six-month
periods ended September 30, 2012
The financial information in regards to the three and six-month
periods ended September 30, 2012 should be read in conjunction with
the Corporation's consolidated financial statements and
Management's Discussion and Analysis dated November 12, 2012. These
documents are available at the www.sedar.com website.
Outlook
Broadly speaking, D-BOX will focus on two major development
segments: commercial theatres and OEMs, who each target a specific
business market.
In light of the evolution of its sales and a relatively fixed
short-term cost structure, D-BOX aims at continuing to maintain 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:
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Quarter ended Six-month period ended
September 30 September 30
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2012 2011 2012 2011
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Net loss (1,204) (981) (1,794) (2,774)
Amortization of property,
plant and equipment 428 358 914 634
Amortization of
intangible assets 65 49 127 95
Amortization of other
assets 7 15 29 33
Share-based payment
expense 231 377 492 691
Foreign exchange loss
(gain)(ii) 609(ii) (600) 491(ii) (581)
Financial results
(financial expenses and
interest income) (6) (33) (16) (83)
Income taxes - 2 4 2
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Adjusted EBITDA(i) 130 (813) 247 (1,983)
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(i) See the "Non-IFRS financial measures in the management
discussion and analysis dated November 12, 2012".
(ii) The foreign exchange loss includes an unrealized foreign
exchange loss of $599 k for the quarter ended September 30, 2012
and $429 k for the six-month period ended September 30, 2012.
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 Vice-President and Chief Financial Officer
D-BOX Technologies Inc. 450-442-3003 ext 296laudet@d-box.com
Investor Relations Marc Jasmin CMA, President Jasmin Financial
Communications 514-231-2360marc@comjasmin.com
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