D-BOX Technologies Announces 17% Revenue Growth for its First Quarter of Fiscal 2019
August 14 2018 - 8:23AM
D-BOX Technologies Inc. (TSX: DBO), a world leader in
immersive entertainment experiences, announced first-quarter
revenues of $9.5 million, up 17% from the same period last
year, and growth in adjusted EBITDA of more than 200%, totalling
$1.2 million for the three-month period ended
June 30, 2018.
FINANCIAL HIGHLIGHTS
Highlights for the first quarter ended
June 30, 2018
Compared with the first quarter ended
June 30, 2017:
- Revenues totalled $9.5 million, up 17% from
$8.1 million.
- Recurring revenues grew 21% to $2.6 million from
$2.2 million.
- Quarterly adjusted EBITDA reached $1.2 million compared
with $0.4 million.
- Adjusted EBITDA margin rose to 12% from 5%.
- Net loss totalled ($229K), compared with ($984K).
First Quarter Ended June
30 (in thousands of dollars, except per share
amounts) |
|
First Quarter |
2018 |
|
2017 |
|
Revenues |
9,512 |
|
8,141 |
|
Net loss |
(229 |
) |
(984 |
) |
Adjusted EBITDA* |
1,157 |
|
377 |
|
Basic and diluted net loss per share |
(0.001 |
) |
(0.006 |
) |
Information from the Consolidated Balance
Sheet |
|
As at June 30, 2018 |
As at March 31, 2018 |
Cash and cash equivalents |
7,409 |
|
10,141 |
|
* See the “Non-IFRS” measures section in the Management’s
Discussion and Analysis dated August 14, 2018.
OPERATIONAL HIGHLIGHTS
- Recurring revenues rose to 27% of total revenues for the first
quarter ended June 30, 2018 compared with 26% for
2017.
- D-BOX installed its 100th screen in Canada.
- D-BOX announced the addition of D-BOX motion seats to 18 new
screens throughout Germany with Kinopolis, Germany’s largest
independent cinema operator.
- D-BOX signed a new contract with Trondheim Kino, Norway’s
largest cultural and entertainment company. Norway becomes the 40th
country to offer D-BOX’s innovative technology.
Claude Mc Master, President and Chief
Executive Officer of D‑BOX, announced the company’s first quarter
results: “With revenues up 17% to $9.5 million and a
$1.2 million quarterly adjusted EBITDA, this has been a good
quarter for D-BOX, which reflects our hard work and the
corporation’s long-term vision.’’
ADDITIONAL INFORMATION REGARDING THE
FIRST QUARTER ENDED JUNE 30, 2018
The financial information relating to the first
quarter ended June 30, 2018 should be read in conjunction
with the Corporation’s unaudited interim condensed consolidated
financial statements and the Management’s Discussion and Analysis
dated August 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 activities aim to increase
motion system sales and grow its recurring revenue. 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 the Corporation to be an active
participant in the growing virtual reality (VR) market. The
Corporation is actively developing new applications for VR and
other related markets. D‑BOX proprietary technology may also
enhance the expansion of VR by 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
consists 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.
|
First Quarter Ended June 30 |
2018 |
|
2017 |
|
Net loss |
(229 |
) |
(984 |
) |
Amortization of property and equipment |
572 |
|
594 |
|
Amortization of intangible assets |
201 |
|
161 |
|
Amortization of other assets |
1 |
|
1 |
|
Financial expenses |
134 |
|
136 |
|
Income taxes |
28 |
|
1 |
|
Share-based payments |
55 |
|
56 |
|
Foreign exchange loss |
395 |
|
155 |
|
Restructuring costs |
— |
|
257 |
|
Adjusted EBITDA |
1,157 |
|
377 |
|
* See the “Non-IFRS” measures section in the Management’s
Discussion and Analysis dated August 14, 2018.
ABOUT D-BOX
D-BOX redefines and
creates hyper-realistic, immersive entertainment experiences
by moving the body and sparking the imagination through motion.
This expertise is one of the reasons why D-BOX has collaborated
with some of the best companies in the world to
deliver new ways to enhance great stories. Whether it’s for
movies, video games, virtual reality applications, themed
entertainment or professional simulation, D-BOX mission is to move
the world.
D-BOX Technologies Inc. is a publicly traded
Canadian company listed on the Toronto Stock Exchange
(TSX: DBO). The head office is located in Montreal and offices
are based in Los Angeles, USA and Beijing, China.
D-BOX®, D-BOX Motion Code®, LIVE THE ACTION®,
MOTION ARCHITECTS®, MOVE THE WORLD® and FEEL IT ALL are trademarks
of D-BOX Technologies Inc. Other names are for informational
purposes only and may be trademarks of their respective owners.
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: |
|
Investor
Relations: |
Jean-François
Lacroix |
Glen Akselrod |
Chief Financial
Officer |
Founder Bristol Capital
Ltd. |
D-BOX Technologies
Inc. |
905-326-1888, ext.
10 |
450-876-1227 |
glen@bristolir.com |
jflacroix@d-box.com |
|
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