BURLINGTON, ON / ACCESSWIRE / January 14, 2021 / Memex Inc. ("Memex" or the "Company") (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released its annual financial and operational highlights for its fiscal year ending September 30, 2020. All results are reported in Canadian dollars. A complete set of Audited September 30, 2020 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
Summary financial highlights for the three-months ended September 30, 2020:
- Memex reported revenue of $500 thousand for the three-month period, compared to $932 thousand in the same period a year ago (a 46% decrease);
- Bookingsi for the period totalled $532 thousand versus $503 thousand in the year ago period, a 6% increase;
- Finished the period (and year) with $1.25 million in project backlogii, $63 thousand more than September 30, 2019;
- Gross margin was 87.8% for the period compared to 69.5% for the year-ago period;
- Cash generated from operations (before changes in non-cash items) of $20 thousand was a $91 thousand improvement from the $71 thousand consumed from operations in the same period a year ago;
- Income from operations for the period of $3 thousand was a $96 thousand improvement from the same period a year ago, and the second consecutive quarter of profit from operations;
- Net and comprehensive loss for the period of $11 thousand ($0.000 per share) is a $126 thousand improvement from the to $137 thousand ($0.001 per share) net and comprehensive loss for the same period a year ago;
- $267 thousand working capital deficit and $549 thousand in cash on hand at September 30, 2020, compared to $356 thousand in working capital surplus and $740 thousand in cash at September 30, 2019; and
- The Company received $181 thousand from Government of Canada's Canada Emergency Wage Subsidy ("CEWS") as well as a $102 thousand Regional Relief and Recovery Fund Loan ("RRRF") which helped stabilize its financial position in the wake of the COVID-19 Pandemic.
Summary financial highlights for the year ended September 30, 2020:
- $2.25 million in revenue for the fiscal year versus $3.25 million a year ago (a 31% decrease);
- Bookingsi totalled $2.41 million versus $3.48. million a year ago, also a 31% decrease;
- Gross margin was 76.4% for the year compared to 70.9% a year-ago;
- Cash consumed from operations in the fiscal 2020 year (before changes in non-cash items) was $600 thousand, $222 thousand less than a year ago; and
- Net and comprehensive loss for the year was $749 thousand ($0.006 per share), compared to $1.07 million ($0.008 per share) a year ago.
Management commentary:
"Memex has been able to maintain its working capital since the onset of the pandemic, due in part from Canadian COVID-19 relief programs (CEWS and RRRF)," commented Memex CFO Ed Crymble. "And in light of COVID-19 and its effects on commerce across North America, we are satisfied with our year end results and are highly motivated to improve on them in 2021."
Like most organizations we had to adjust our business model to accommodate operating through this global pandemic and stay relevant. Our product delivery strategy and a more digitally focused sales and marketing approach have enabled us to stay engaged with our customers and prospects, and to think positively about the future," said Memex CEO David McPhail. "We continue to see strong interest from new opportunities as well as a growing number of follow-on opportunities from our established customer base.