D-BOX Technologies Announces Annual Revenues Up 13% and Strong Adjusted EBITDA for Fiscal Year 2018
June 14 2018 - 7:05PM
D-BOX Technologies Inc. (TSX:DBO), a world leader in immersive
entertainment experiences, announced today annual revenues of
$35.5 million, a 13% increase over last year, and adjusted
EBITDA of $2.6 million for the fiscal year ended March 31,
2018.
FINANCIAL HIGHLIGHTS
Highlights for the year ended March 31,
2018
Compared with the year ended March 31, 2017:
- Annual revenues grew 13% to $35.5 million from
$31.4 million.
- Recurring revenues totalled $8.4 million, up 24% from
$6.8 million.
- Adjusted EBITDA surged 172% to $2.6 million from
$0.9 million.
- Adjusted EBITDA margin rose to 7% from 3%.
- Net loss of $(1.8) million compared with
$(2.9) million.
- Cash flows generated by operating activities totaled
$2.7 million, up $8.2 million from
$(5.5) million.
Highlights for the fourth quarter ended March 31,
2018
Compared with the fourth quarter ended March 31, 2017:
- Revenues totalled $9.3 million down 13% from
$10.6 million.
- Recurring revenues climbed 15% to $2.0 million from
$1.7 million.
- Quarterly adjusted EBITDA was $0.9 million compared with
$1.0 million.
- Adjusted EBITDA margin rose to 10% from 9%.
- Net income totalled $12K compared with $286K.
Fourth quarter and fiscal year
ended March 31 (in thousands of dollars, except per share
amounts) |
|
Fourth Quarter |
Fiscal Year |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Revenues |
9,284 |
|
10,613 |
|
35,478 |
|
31,409 |
|
Net income (loss) |
12 |
|
286 |
|
(1,761 |
) |
(2,892 |
) |
Adjusted EBITDA* |
906 |
|
998 |
|
2,573 |
|
945 |
|
Basic and diluted net income (loss) per share |
0.000 |
|
0.001 |
|
(0.010 |
) |
(0.017 |
) |
Information from the consolidated balance
sheet |
|
March 31, 2018 |
March 31, 2017 |
Cash and cash equivalents |
10,141 |
8,867 |
* See the
“Non-IFRS” measures section in the Management’s Discussion and
Analysis dated June 14, 2018. |
OPERATIONAL HIGHLIGHTS
- Recurring revenues rose to 24% of total revenues for fiscal
2018.
- D-BOX launched its first VR Cinematic Experience at the
Scotiabank Theatre in Ottawa, Canada in December 2017.
- D-BOX collaborated with Cirque du Soleil and the NFL to offer a
first-of-its-kind NFL Experience in Times Square, NYC.
- D-BOX signed an agreement with Ster-Kinekor, a division of
Primedia (Pty) Ltd. and entered into its first collaboration with
the largest cinema exhibitor in South Africa.
Commenting on the annual results, Claude
Mc Master, President and Chief Executive Officer of D‑BOX,
stated his strong satisfaction: “I’m proud to say our company
continues to grow, with over $35 million in sales and
$2.6 million in adjusted EBITDA. Recurring revenues are up 24%
in the Entertainment market, showing that the Corporation’s strong
expertise and proven technology are valuable assets for exhibitors.
After two decades of hard work and innovation, D-BOX is a world
leader in immersive entertainment experiences, and we’re proud of
it.’’
ADDITIONAL INFORMATION REGARDING THE
FOURTH QUARTER AND FISCAL YEAR ENDED MARCH 31, 2018
The financial information relating to the fourth
quarter and fiscal year ended March 31, 2018 should be read in
conjunction with the Corporation’s consolidated financial
statements, the Management’s Discussion and Analysis, and the
Annual Information Form (AIF) dated June 14, 2018. These documents
are available at www.sedar.com.
OUTLOOK
D-BOX operates in two major areas: the
Entertainment market and the Simulation and Training market, which
have their respective sub-markets. Business development in both
markets focuses, in particular, on expanding recurring revenue
opportunities. This strategy will help solidify D-BOX’s position in
existing sub-markets and facilitate entering new segments.
D-BOX’s expertise in immersive motion and
true-to-life simulation positions us to be an active participant in
the growing virtual reality market. The company is actively
developing new applications for VR and other related markets. D‑BOX
proprietary technology may also enhance the expansion of VR by
potentially reducing the motion dizziness sometimes associated with
VR experiences. D-BOX is particularly focused on this new trend as
the size of the virtual and augmented reality markets grow,
potentially to billions of dollars in the near future, according to
many industry sources.
RECONCILIATION OF ADJUSTED EBITDA TO NET
INCOME (LOSS)*
Adjusted EBITDA provides useful and
complementary information, which can be used, in particular, to
assess profitability and cash flows provided by operations. It
consist of net income (loss) excluding amortization, financial
expenses net of income, income taxes, write-off of property and
equipment and intangible assets, shared-based payments, foreign
exchange loss (gain) and non-recurring expenses related to
restructuring costs.
|
Fiscal year ended March 31 |
Fourth quarter ended March 31 |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net Income (loss) |
(1,761 |
) |
(2,892 |
) |
12 |
|
286 |
|
Amortization of property and equipment |
2,332 |
|
2,198 |
|
569 |
|
343 |
|
Amortization of intangible assets |
748 |
|
602 |
|
261 |
|
156 |
|
Amortization of other assets |
5 |
|
9 |
|
2 |
|
— |
|
Financial expenses (income) |
525 |
|
470 |
|
124 |
|
129 |
|
Income taxes |
5 |
|
6 |
|
— |
|
6 |
|
Write-off of property and equipment |
1 |
|
13 |
|
1 |
|
3 |
|
Write-off of intangible assets |
145 |
|
— |
|
93 |
|
— |
|
Share-based payments |
226 |
|
132 |
|
20 |
|
38 |
|
Foreign exchange loss (gain) |
90 |
|
(26 |
) |
(176 |
) |
2 |
|
Restructuring costs |
257 |
|
433 |
|
— |
|
35 |
|
Adjusted EBITDA |
2,573 |
|
945 |
|
906 |
|
998 |
|
* See the “Non-IFRS” measures section in the
Management’s Discussion and Analysis dated June 14, 2018. |
ABOUT D-BOX
D-BOX is redefining the entertainment experience
by creating hyper-realistic, immersive entertainment experiences
that move the body and spark the imagination through motion. This
expertise is one of the reasons why we have collaborated
with some of the world’s best companies to deliver new
ways to tell great stories. Whether for movies, video games,
virtual reality applications, themed entertainment or professional
simulation, our mission is to move the world.
DISCLAIMER REGARDING 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 place undue reliance on forward-looking
statements. D-BOX disclaims any intent or obligation to publicly
update these forward‑looking statements, whether as a result of new
information, future events or otherwise.
FOR FURTHER
INFORMATION, PLEASE CONTACT: |
|
Jean-François
Lacroix |
Investor
Relations: |
Chief Financial
Officer |
Glen Akselrod |
D-BOX Technologies
Inc. |
Founder Bristol Capital
Ltd. |
450-876-1227 |
905-326-1888, ext.
10 |
jflacroix@d-box.com
|
glen@bristolir.com |
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