LONGUEUIL, Quebec, Nov. 14, 2018 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (TSX: DBO), a world leader in
immersive entertainment experiences, announced second-quarter revenues of $8.1 million, up 6% from the same period last year,
and growth in recurring revenues of 15%, totalling $2.1 million for the three-month period ended September 30, 2018.
FINANCIAL HIGHLIGHTS
Highlights for the second quarter ended September 30, 2018
Compared with the second quarter ended September 30, 2017:
- Revenues totalled $8.1 million up 6% from $7.7 million.
- Recurring revenues grew 15% to $2.1 million from $1.8 million.
- Quarterly adjusted EBITDA was $127K compared with $176K.
- Recurring revenues rose to 26% of total revenues from 24%.
- Net loss totalled ($748K) compared with ($840K).
Highlights for the six month period ended September 30, 2018
Compared with the six-month period ended September 30, 2017:
- Revenues totalled $17.6 million up 11% from $15.8 million.
- Recurring revenues grew 18% to $4.7 million from $4.0 million.
- Quarterly adjusted EBITDA was $1.3 million compared with $0.6 million.
- Recurring revenues rose to 27% of total revenues from 25%.
- Net loss totalled ($977K) compared with ($1,824K).
Second quarter and Six-month period ended September 30
(in thousands of dollars, except per share amounts) |
|
Second Quarter |
Six-month period |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Revenues |
8,086 |
|
7,653 |
|
17,598 |
|
15,794 |
|
Net loss |
(748 |
) |
(840 |
) |
(977 |
) |
(1,824 |
) |
Adjusted EBITDA* |
127 |
|
176 |
|
1,284 |
|
553 |
|
Basic
and diluted net loss per share |
(0.004 |
) |
(0.004 |
) |
(0.006 |
)
|
(0.010 |
) |
Information from the consolidated balance sheet |
|
As at
September 30,2018 |
As at
March 31, 2018 |
Cash and cash
equivalents |
8,423 |
|
10,141 |
|
* See the “Non-IFRS” measures section in the Management’s Discussion and Analysis dated November 14, 2018.
OPERATIONAL HIGHLIGHTS
- D-BOX is celebrating the recent installation of new D-BOX motion seats in several venues across Germany reaching a new
milestone in this country of over 100 screens.
- D-BOX will install motion recliner seats in two full auditoriums with Maya theatres. The first installation is slated for
November at the Maya Bakersfield Theatre in California. The second installation will start in December at the Maya North Las
Vegas Theater and be completed just in time for the highly-anticipated holiday blockbuster season. D-BOX will also be
adding recliner seats to a fully-renovated auditorium at the Boulevard Mall Theatre with Galaxy Theatres in Las Vegas and is also
working with Galaxy to increase the number of recliner motion seats in their Riverbank Luxury IMAX Theatre in California. Also,
D-BOX continues to grow its partnership with Cinemark in the US with the installation of additional D-BOX motion seats in two new
screens.
- D-BOX announced the addition of D-BOX seats across five countries for the major US exhibitor Cinemark. This expanded
agreement increases the installation of motion seats into theatres in Colombia, Brazil, and Peru in addition to two new screens
in Chile and Nicaragua.
- D-BOX continued its expansion in China via a new contract with Link Digital Cinema China Technology (Beijing) Co., Ltd. (Link
DC). The Asian company signed an agreement to purchase additional D-BOX motion system in an effort to capitalize on the growing
demand for premium entertainment experiences.
- D-BOX and Secret Location, a content studio for emerging platforms, have signed an agreement making
Secret Location the virtual reality {VR} content management platform provider for D-BOX. Under the strategic partnership,
Secret Location will be the primary distributor for D-BOX enabled VR content intended for location-based entertainment (LBE)
environments. This new agreement will facilitate global distribution and provide insights into consumer behavior and
preferences. Ultimately, this collaboration will accelerate adoption and contribute to the overall success of the VR LBE
industry.
Claude Mc Master, President and Chief Executive Officer of D?BOX, announced the company’s second quarter
results: “D-BOX continues to expand its footprints reflected by our revenue growth.’’
ADDITIONAL INFORMATION REGARDING THE SECOND QUARTER ENDED SEPTEMBER 30, 2018
The financial information relating to the second quarter ended September 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 November 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.
|
Second Quarter
ended September 30 |
Six-month period
ended September 30 |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net
loss |
(748 |
) |
(840 |
) |
(977 |
) |
(1,824 |
) |
Amortization of property
and equipment |
538 |
|
576 |
|
1,110 |
|
1,170 |
|
Amortization of
intangible assets |
204 |
|
165 |
|
405 |
|
326 |
|
Amortization of other
assets |
1 |
|
1 |
|
2 |
|
2 |
|
Financial expenses |
128 |
|
131 |
|
262 |
|
267 |
|
Income taxes |
50 |
|
4 |
|
78 |
|
5 |
|
Share-based
payments |
38 |
|
80 |
|
93 |
|
136 |
|
Foreign exchange loss
(gain) |
(84 |
) |
59 |
|
311 |
|
214 |
|
Restructuring costs |
— |
|
— |
|
— |
|
257 |
|
Adjusted EBITDA |
127 |
|
176 |
|
1,284 |
|
553 |
|
* See the “Non-IFRS” measures section in the Management’s Discussion and Analysis dated November 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 its 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:
Jean-François Lacroix
Chief Financial Officer
D-BOX Technologies Inc.
450-876-1227
jflacroix@d-box.com
|
Investor Relations: Glen Akselrod
Founder
Bristol Capital Ltd.
905-326-1888, ext. 10
glen@bristolir.com
|