LONGUEUIL, Quebec, Nov. 14, 2019 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (TSX: DBO), a world leader in immersive entertainment experiences, today announced second-quarter results for the quarter ended September 30, 2019. All dollar amounts are expressed in Canadian currency and prepared in accordance with International Financial Reporting Standards (IFRS).
FINANCIAL HIGHLIGHTS
Highlights for the second quarter ended September 30, 2019:
"During the second quarter, financial results were lower due to various factors, including constrained capital expenditures within existing customers, international economic uncertainty and the absence of large project deals. In the last 3 years, the combined Commercial Entertainment and Simulation and Training segments have grown approximately 30% CAGR up to this year. Diversification of our revenue stream remains key to our strategic plan as we expect Commercial Entertainment and Simulation & Training revenues to grow at a faster rate than our theatrical business. In the years to come, D-BOX is still in a strong position for growth with the technology adapted to the current technological infrastructure and the development of new solutions close to completion or completed that follow new entertainment trends, such as applications for streaming, gaming, and virtual and augmented reality", mentioned Mr. Mc Master. "Going forward, the focus will be on the commercialization of new products, execution of strategic partnerships as well as enhancing our focus on profitability starting in fiscal year 2021. I am optimistic that these initiatives will pave the way to significant value creation for our shareholders."
Highlights for the six-month period ended September 30, 2019
Second quarter and Six-month period ended September 30 (in thousands of dollars, except per share amounts) | ||||||||
Second Quarter | Six-month Period | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Revenues | 6,329 | 8,086 | 13,862 | 17,598 | ||||
Net loss | (933 | ) | (748 | ) | (1,539 | ) | (977 | ) |
Adjusted EBITDA* | 114 | 127 | 329 | 1,284 | ||||
Basic and diluted net loss per share | (0.005 | ) | (0.004 | ) | (0.009 | ) | (0.006 | ) |
Information from the consolidated balance sheet | ||||||||
As at September 30, 2019 | As at March 31, 2019 | |||||||
Cash and cash equivalents | 6,202 | 9,635 | ||||||
* See the "Non-IFRS" measures section in the Management's Discussion and Analysis dated November 14, 2019 |
HIGHLIGHTS
"D-BOX Motion Experience and racing are a natural fit. We are proud that our technological platform is making more inroads in the racing industry with professional racing drivers such as Paul Gasly in Formula 1 and André Lotterer in Formula E who train on simulators offered by RS Simulation, a D-BOX partner", said Mr. Claude Mc Master, D-BOX's President and Chief Executive Officer. "Moreover, D-BOX's vast ecosystem of partners, in collaboration with numerous gaming studios and unequivocal support from racing fans, positions D-BOX to leverage opportunities in Location Based Entertainment centers, consumer electronic stores, and car dealerships, in addition to professional drivers and casual gamers."
ADDITIONAL INFORMATION REGARDING THE SECOND QUARTER ENDED SEPTEMBER 30, 2019
The financial information relating to the second quarter ended September 30, 2019 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, 2019. These documents are available at www.sedar.com.
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 | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Net loss | (933 | ) | (748 | ) | (1,539 | ) | (977 | ) | |||
Amortization of property and equipment | 439 | 538 | 856 | 1,110 | |||||||
Amortization of intangible assets | 204 | 204 | 462 | 405 | |||||||
Amortization of other assets | 1 | 1 | 2 | 2 | |||||||
Write-offs on disposal of fixed assets | 2 | ? | 2 | ? | |||||||
Financial expenses | 280 | 128 | 373 | 262 | |||||||
Income taxes | 6 | 50 | (1 | ) | 78 | ||||||
Share-based payments | 16 | 38 | 61 | 93 | |||||||
Foreign exchange loss (gain) | 99 | (84 | ) | 113 | 311 | ||||||
Adjusted EBITDA | 114 | 127 | 329 | 1,284 | |||||||
* See the "Non-IFRS" measures section in the Management's Discussion and Analysis dated November 14, 2019. |
ABOUT D-BOX
D-BOX redefines and creates realistic, immersive entertainment experiences by moving the body and sparking the imagination through motion. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it's movies, video games, virtual reality applications, themed entertainment or professional simulation, creating a feeling of presence that makes life resonate like never before.
D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal, Canada with offices 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:
Sébastien Mailhot, CPA Interim Chief Financial Officer and Chief Operating Officer D-BOX Technologies Inc. 450-442-3003, ext. 331 smailhot@d-box.com | Steve Li Vice-President Investor Relations and Corporate Strategy 450-442-3003, ext. 403 [email protected] |
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