Welcome!

News Feed Item

D-BOX Technologies Announces a 23% increase in Revenue and a Positive Net Income for its Fourth Quarter

LONGUEUIL, QUEBEC -- (Marketwired) -- 06/19/17 -- D-BOX Technologies Inc. (TSX:DBO), a leader in immersive motion technology, announced today revenues of $10.6 million, a 23% increase over last year, and a net income of $286 thousand for the fourth quarter ended March 31, 2017.

FINANCIAL HIGHLIGHTS

--  Strong sales results for the fourth quarter and growth in revenue for
    the fiscal year with: 
    
    --  Quarterly revenue up by 23% to $10,613K, including an increase of
        18% to $8,671K for the entertainment market and an increase of 57%
        to $1,942K for the simulation and training market; and 
        
    --  Annual revenue up by 8% to $31,409K including $18,963 K of system
        sales and $6,813K of recurring revenue for the entertainment market
        and 30% increase to $5,633K in sales for the simulation and training
        market. 
        
--  Net income of $286K for the quarter compared to a net loss of $406K last
    year and net loss of $2,892K for the year compared to $187K in 2016. 
    
--  Quarter and annual adjusted EBITDA(i): 
    
    --  Adjusted EBITDA of $963K for the fourth quarter compared to $944K
        last year; and 
        
    --  Adjusted EBITDA of $512K for the fiscal year compared to $3,598K
        last year. 
        

----------------------------------------------------------------------------
----------------------------------------------------------------------------
               Fourth quarter and fiscal year ended March 31                
            (in thousands of dollars, except per share amounts)             
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                       Fourth Quarter           Fiscal Year 
                                 -------------------------------------------
                                       2017      2016        2017      2016 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues                             10,613     8,612      31,409    29,042 
----------------------------------------------------------------------------
Net income (loss)                       286      (406)    (2,892)      (187)
----------------------------------------------------------------------------
Adjusted EBITDA(i)                      963       944         512     3,598 
----------------------------------------------------------------------------
Basic and diluted net income                                                
 (loss) per share                     0.001    (0.002)    (0.017)    (0.001)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
              Information from the consolidated balance sheet               
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                 As at               As at  
                                         March 31, 2017      March 31, 2016 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and cash equivalents                         8,867              16,454 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)   See the reconciliation table of adjusted EBITDA to the net income     
      (loss) below and the "Non-IFRS" measures section in the Management    
      Discussion and Analysis dated June 19, 2017.                          

OPERATIONAL HIGHLIGHTS

--  Continuous development of our entertainment business activities with: 
    
    --  12% increase in screens installed or in backlog to 640 at year-end
        including additional screens installed with Cineplex in Canada and
        with Cinemark in United States and Latin America. 
        
    --  Major developments in China with a first motion coding studio in
        Beijing, a partnership with State Production Base of China Film
        Studio, a distribution agreement with Link DC China, and the
        installation of the first entire auditorium equipped with our
        technology with Shanghai Bestar Cinemas Management Co. Ltd. 
        
    --  Important distribution agreement with a subsidiary of Gold Finance
        Group to distribute and promote D-BOX high-end home entertainment
        motion systems in China for revenues of up to US $22M. 
        
    --  Key role in a series of successful virtual reality (VR) ventures for
        Ubisoft, Fox Innovation Lab, VRC, HTC Viveland, mk2, Samsung and
        others. D-BOX also played a role in the state-of-the-art IMAX VR
        Experience Center in Los Angeles. 
        
    --  Recently selected by the National Football League, NFL Experience
        Times Square, to take part in the creation by Cirque du Soleil of a
        thrilling state-of-the-art sports-themed immersive attraction in the
        heart of New York City. 
        
--  Developments in the simulation and training market: 
    
    --  Introduction of a second generation of actuators (D-BOX Gen II) for
        the simulation and training market. This latest evolution of its
        motion-cueing solutions provides adopters an unprecedented range of
        creativity and flexibility and will contribute opening new markets
        for D-BOX. 
        
    --  Partnership with ICAR, Canada's largest racing motion simulator
        center in Mirabel, Canada's ultimate motorsports complex. 
        
    --  Additional orders from John Deere and other existing clients and
        agreements with the new ones. 

Commenting on the quarterly results, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX, declared: "We are very pleased with the strong fourth quarter results and accomplishments realized during the last year. These achievements are confirming our strategic plan and the acceleration of our global footprint. We are confident that the business development initiatives of the past quarters will continue to create growth in the coming year and value to our shareholders."

ADDITIONAL INFORMATION WITH RESPECT TO THE FOURTH QUARTER AND FISCAL YEAR ENDED MARCH 31, 2017

The financial information relating to the fourth quarter and fiscal year ended March 31, 2017 should be read in conjunction with the Corporation's consolidated financial statements, the Management Discussion and Analysis, and the Annual Information Form (AIF) dated June 19, 2017. These documents are available at www.sedar.com.

OUTLOOK

D-BOX focuses on two major development areas: the entertainment market and the simulation and training market which have their respective sub-markets. In light of the business development activities in each of these two markets, D-BOX anticipates the long-term upward trend in revenue to continue. In combination with this expected growth of revenue, D-BOX intends to increase the level of its operating expenses aiming, amongst others, to accelerate China market penetration and to support the sales and marketing of technological innovations. This strategy will help solidify D-BOX's position in existing sub-markets and will facilitate entering new ones.

With the advent of the VR world and with D-BOX expertise in immersive motion and true-to-life simulation, D-BOX has actively been developing new applications for VR and other key markets. De facto, D-BOX is well positioned to become a key player in the VR industry given that its technology can reduce motion dizziness sometimes associated with such experiences and may be the missing link that will solve one of the main challenges virtual reality needs to overcome. D-BOX is particularly excited to be part of the new trend as the size of the virtual and augmented reality markets may soon reach billions of dollars according to many industry sources.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)(ii)

The adjusted EBITDA provides useful and complementary information which allows, among other things, the evaluation of profitability and cash flows provided by operations. It is comprised of net income (loss) but excludes items not affecting cash and the following: foreign exchange loss (gain), financial expenses (income) and income taxes. The following table explains the reconciliation of adjusted EBITDA to the net income (loss).

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                              Fiscal year   Fourth Quarter  
(in thousands of CDN $)                     ended March 31   ended March 31 
                                         -----------------------------------
                                             2017     2016     2017    2016 
                                         -----------------------------------
Net Income (loss)                          (2,892)    (187)     286    (406)
  Amortization of property and equipment    2,198    2,333      343     528 
  Amortization of intangible assets           602      536      156     137 
  Amortization of other assets                  9      114        -      10 
  Write-off of property and Equipment          13      167        3       9 
  Share-based payments                        132      224       38      46 
  Foreign exchange loss (gain)                (26)       4        2     456 
  Financial expenses (income)                 470      379      129     135 
  Income taxes                                  6       28        6      29 
----------------------------------------------------------------------------
Adjusted EBITDA                               512    3,598      963     944 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(ii)  See the "Non-IFRS" measures section in the Management Discussion and  
      Analysis dated June 19, 2017.                                         

D-BOX TECHNOLOGIES ANNOUNCES RETIREMENT OF CHIEF FINANCIAL OFFICER

Mr. Luc Audet has informed the Chief Executive Officer and the Board of Directors of D-BOX of his intention to retire as Chief Financial Officer of D-BOX.

A process has been initiated to identify a new Chief Financial Officer to succeed to Mr. Audet who will however remain in office until the new Chief Financial Officer has been appointed.

"During the transition period, Mr. Audet will continue to exercise the same level of dedication and commitment as he has shown in the past eight years. We expect to be able to announce his successor in the next few months", said Mr. Claude Mc Master, Chief Executive Officer.

"On behalf of D-BOX and its Board of Directors, we want to express our gratitude to Mr. Audet for his very significant contributions throughout the years and through the various stages of the company's development and growth. D-BOX would not be the same today if it hadn't been for Mr. Audet's involvement", added Mr. Mc Master.

ABOUT D-BOX

D-BOX Technologies Inc. designs, manufactures and commercializes cutting-edge motion systems intended for the entertainment and the simulation and training markets. This unique and patented technology uses motion effects specifically programmed for each visual content which are sent to a motion system integrated into either a platform, a seat or any other product. The resulting motion is perfectly synchronized with the on-screen action, thus creating an unparalleled realistic immersive experience.

D-BOX®, D-BOX Motion Code®, LIVE THE ACTION®, MOTION ARCHITECTS® and MOVE THE WORLD® are trademarks of D-BOX Technologies Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

DISCLAIMER IN REGARDS TO 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 put undue reliance on forward-looking statements. D-BOX disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

Contacts:
D-BOX Technologies Inc.
Mr. Luc Audet
Chief Financial Officer
450-876-1227
[email protected]

Investor Relations:
Mr. Glen Akselrod
Founder Bristol Capital Ltd.
(905) 326-1888 ext. 10
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated 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 intelligence and B...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...