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D-BOX Announces Increased Quarterly Revenues and a Positive Adjusted EBITDA for Second Consecutive Quarter

Date : 11/14/2012 @ 5:30PM
Source : Marketwired
Stock : Dbox Technologies (DBO)
Quote : 0.25  -0.005 (-1.96%) @ 12:06AM
Dbox Technologies share price Chart

D-BOX Announces Increased Quarterly Revenues and a Positive Adjusted EBITDA for Second Consecutive Quarter

Dbox Technologies (TSX:DBO)
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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. 

----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the second quarter and six-month period ended September 30              
(in thousands of CA$ except per share data)                                 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    Second quarter               Six months 
                           ----------------------- -------------------------
                                 F2013       F2012       F2013        F2012 
----------------------------------------------------------------------------
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)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
               Information from the Consolidated Balance Sheet              
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                               Sept. 30,       March 31,    
                                                    2012            2012    
                                            ------------    ------------    
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    
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(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:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                    Quarter ended   Six-month period ended  
                                      September 30             September 30 
                           -------------------------------------------------
                                  2012        2011        2012         2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 
----------------------------------------------------------------------------
Adjusted EBITDA(i)                 130        (813)        247       (1,983)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(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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