Spectra7 Microsystems (TSX: V.SEV, Stock Forum) had reason to break out the champagne today as the company announced preliminary record revenue of US$1.88 for Q4 2014, an increase of 88% over the matching 2013 quarter.
According to the news release, this expected quarterly revenue figure makes the third consecutive quarter reporting sequential record revenue growth.
The company also announced a preliminary record year-end revenue of US$5.5 million, an 88% increase from the previous fiscal cycle with gross margins for the year anticipated to hit 74% versus 65% reported at year-end 2013.
Audited financial documents are expected to be released in 2015 and the company cautioned that the aforementioned figures may change as a result.
Other quarterly financial news included an exercise of warrants for approximately CAD$5.2 million resulting from the company's 2013 and 2014 equity financing.
There was a promotion of Charito Alcantara to Vice President of Operations and Channel Management from her previous position of Senior Director of Retail and Channel Operations. Ms. Alcantara brings 15 years of consumer electronics experience to the table and replaces the outgoing Melissa Chee who will be leaving to pursue other interests after a brief transition period.
Company CEO, Tony Stelliga, commented on Q4 and the promotion, “Spectra7's record revenue for the third consecutive quarter and strong gross margins reflect the unique value of the Company's products, technology and business model in expanding high growth market segments including Virtual Reality, Wearable Computing and Consumer Interconnects.”
He then summed up, “Our team has executed well and I am pleased to have the opportunity to promote Charito as our newest Vice President.”
Spectra7 Microsystems was in the news recently when the Markham, Ontario-based company announced option grants and RSU awards to a new director in the middle of December.
Shares were up 3.28% on the news to $0.63 per share.
Currently there are 92.8m outstanding shares with a market cap of $58.4 million.