Welcome!

News Feed Item

Visualant Reports Second Quarter Fiscal 2014 Results

Visualant, Inc. (OTCQB: VSUL), a leading provider of disruptive light-based technologies, reported results for the fiscal second quarter ended March 31, 2014.

Fiscal Q2 2014 Highlights

  • Shipped 20 Software Development Kits (SDKs) to Intellectual Ventures (IV), which IV deployed to 20 inventor groups in its global Inventor Network (IVIN).
  • IVIN worked with the SDKs to explore unique applications of Visualant’s ChromaID technology, as well as investigated enhancements to the technology. Initial results indicate approximately 50 discoveries, which may lead to applications and the expansion of the ChromaID technology.
  • Visualant received positive feedback from potential customers in the pharma, medical devices, packaging and semiconductor industries.
  • Visualant explored potential applications pertaining to process control and food safety.
  • TransTech subsidiary sold new product solutions, including UHF RFID asset tracking systems and kiosk printer products. These new product offerings led to an increase in revenue and profitability in the second quarter.

Management Commentary

“During the second quarter we witnessed first-hand the breadth and depth of the Intellectual Ventures global inventor’s network,” said Ron Erickson, Visualant’s founder and CEO. “We are receiving great reports about the many new ChromaID applications being developed by IV’s network, and we anticipate our first commercial application to materialize in the second half of this year. We also expect several new patent filings as a result of these efforts, which will strengthen our intellectual property foundation as we move into the commercial marketplace.

“In step with this, IV has also been introducing our technology to major potential partners and licensees through its vast business development network. We are encouraged by IV’s early efforts and remain well positioned to capitalize on the substantial opportunities that lie ahead.”

Fiscal Q2 2014 Financial Summary

Revenue was $2.0 million versus $2.2 million in the same year-ago quarter. The decrease was due to $250,000 in deferred revenue recognized in the second quarter of fiscal 2013 from the joint development agreement with Sumitomo Precision Products that did not repeat in the second quarter of fiscal 2014. The decline was partially offset by a $54,000 increase in TransTech revenue related to the release of new products, including radio frequency, asset tracking and kiosk printer products.

Gross profit was 16.8% compared to 25.9% in the same year-ago quarter. The decrease relates to the reduction in Sumitomo license revenue, offset by an increase in TransTech gross margin from 16.5% to 16.8% related to the release of new products.

Research and development expenses decreased $120,500 to $91,900 from $212,400 in the same year-ago quarter. The decrease was due to reduced expenditures for suppliers related to the commercialization of the company’s ChromaID technology.

Selling, general and administrative expenses decreased 50% to $753,500 from $1.5 million in the same year-ago quarter. The decrease was due to a reduction in business development expenses of $103,000, stock-based compensation of $354,000 and legal expenses of $145,000.

Net loss totaled $1.7 million or $(0.01) per basic and diluted share, an improvement from a net loss of $2.3 million or $(0.02) per basic and diluted share in the same year-ago quarter.

Conference Call

Visualant management will hold a conference call today (May 15, 2014) to discuss these results. The company’s President and CEO Ron Erickson will host the call starting at 4:30 p.m. Eastern time. A question and answer session will follow management’s presentation.

Date: Thursday, May 15, 2014
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free number: 1-888-549-7704
International number: 1-480-629-9810
Conference ID: 4683970

The conference call will be broadcast live and available for replay in the investor relations section at www.visualant.net.

Please call the conference telephone number at least five minutes prior to the start time and ask for the Visualant conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through May 29, 2014.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4683970

Important Cautions Regarding Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements regarding expectations for future financial performance, which involve uncertainty and risk. It is possible the Company's future financial performance may differ from expectations due to a variety of factors including, but not limited to our need for additional financing, the sale of significant numbers of our shares, the potential adjustment in the exercise price of our warrants and a volatile market price for our common stock. It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected. The company makes no commitment to update any forward-looking statement included herein, or disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.

About Visualant, Inc.

Visualant™ is a public company whose shares trade under the stock symbol “VSUL.” The Visualant Spectral Pattern Matching™ (SPM) technology directs structured light onto a substance or material, through a liquid or gas, or off a surface, to capture a unique ChromaID™. A ChromaID can be used to identify, detect, or diagnosis markers invisible to the human eye. ChromaID scanner modules can be integrated into a variety of mobile or fixed-mount form factors. The patented, award-winning technology is disruptive, making it possible to effectively conduct analyses in the field that could only previously be performed by large and expensive lab-based tests. For more information on Visualant, visit the company’s new website at www.visualant.net.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, will provide a fun and simple way to introduce Machine Leaning to anyone and everyone. Together we will solve a machine learning problem and find an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intellige...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, will describe how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launchi...
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In their Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, and Mark Lav...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...