LONGUEUIL, QC, Feb. 13, 2012 /CNW Telbec/ - D-BOX Technologies Inc. (TSX: DBO), a leader in innovative motion technology, announced today revenues of $1,810 k for the third quarter ended December 31, 2011 which compares to revenues of $1,365 k for the third quarter of the 2011 fiscal year ended December 31, 2010. For the nine-month period, revenues amounted to 6,249 k, representing a 41% increase in comparison to the $4,432 k realized for the nine-month period ended December 31, 2010.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- D-BOX continues its worldwide progression in the commercial theatre segment:
- Cineplex Entertainment, Canada's largest and most successful motion picture theatre exhibitor exercises a previously-granted option to equip 10 additional theatres for a total of 250 D-BOX MFX seats.
- In Europe, after quarter-end, Cineworld Cinemas Limited ("Cineworld"), the most important chain in terms of revenues in the United Kingdom in 2011, undertook to initially install six auditoriums of a minimum of 155 D-BOX MFX seats over the next months and intends to install, over a 24-month period and under the same conditions, more D-BOX MFX seats in a minimum of 24 additional auditoriums.
- Considering these two announcements, as of the date hereof, in the commercial theatre segment, 3,193 D-BOX MFX seats are installed or in backlog in 125 auditoriums spread out in nine countries around the world.
- D-BOX continues to take advantage of its diversification, as sales to Original Equipment Manufacturers increase by 34% for the nine-month period ended December 31, 2011, in comparison to the corresponding period last year. For the quarter, this progression stands at 27%.
- As of December 31, 2011, D-BOX has cash and cash equivalents amounting to $11M. The Corporation also has more than $5.5M of inventory in order to properly respond to anticipated demand over the course of the next few quarters.
| Data from the consolidated statement of earnings For the periods ended December 31, (in thousands of CA$ except per-share amounts) unaudited |
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| Quarter ended | Nine-month period ended | ||||||
| Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
| Revenues | 1,810 | 1,365 | 6,249 | 4,432 | |||
| Net loss | (1,958) | (1,836) | (4,732) | (4,968) | |||
| Basic and diluted loss per share | (0.012) | (0.014) | (0.029) | (0.039) | |||
| Consolidated Balance Sheet data | |||||||
| Dec. 31, 2011 | March 31, 2011 | ||||||
| Cash and cash equivalents | 11,028 | 20,940 | |||||
| Stocks | 5,552 | 3,004 | |||||
Commenting on the quarterly realizations, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX declared:
"Stimulated by both of its business segments, D-BOX continues to demonstrate sustained sales growth, including those from utilization rights, rental and maintenance fees. D-BOX is now reaping the benefits of what has been harvested, namely a well-recognized branding, acting as a platform to future expansion. Well surrounded by quality partners, including dedicated employees, we have all the tools at our disposal to achieve our development goals while enhancing our financial profile."
ADDITIONAL INFORMATION IN REGARDS TO THE THREE-MONTH AND NINE-MONTH PERIODS ENDED DECEMBER 31, 2011
The financial information in regards to the three and nine-month periods ended December 31, 2011 should be read in conjunction with the Corporation's interim condensed consolidated financial statements and Management's Discussion and Analysis dated February 12, 2012. These documents are available at www.sedar.com
OUTLOOK
Broadly speaking, D-BOX will focus on two major development areas: commercial theatres and OEMs, who each target a specific business market.
In the short term, D-BOX intends to allocate the vast majority of its resources to the commercial theatre segment which offers the most attractive prospects. It intends therefore to continue signing agreements with new movie exhibitors, to increase the number of motion systems installed at existing theatres to obtain new titles from movie studios.
On a worldwide basis D-BOX intends to widen its offering to national theatre chains present, among others, in large urban centres. The Corporation is currently in direct discussion with some large commercial theatre chains and wishes to conclude agreements within the next few months. These chains provide for the potential to significantly accelerate the speed of deployment and raise the Corporation's current visibility.
As for OEM clients, the Corporation intends to continue developing its business relationships with well-established and recognized partners within their respective segments which possess a certain level of international clout. The Corporation believes this strategy will result in reduced sales and marketing expenses and faster deployment of its motion systems. By increasing its visibility and brand awareness, the Corporation believes that its two business segments will eventually experience sustained growth.
ABOUT D-BOX
D-BOX Technologies Inc. designs, manufactures and markets cutting-edge motion systems intended mainly for the entertainment and industrial simulation industries. This unique and patented technology, the D-BOX Motion Code, uses motion effects specifically programmed for each visual content which are sent to a motion system integrated into either a platform or a seat. The resulting motion is perfectly synchronized with the on-screen action, thus creating an unparalleled realistic immersive experience. As of today, many Hollywood studios offer D-BOX Motion Code on their motion pictures in commercial theatres, on DVDs and Blu-rays. By reaching agreements with various industry leaders, D-BOX's award-winning motion technology is gradually proving itself as a new global standard. D-BOX is a public company whose shares are traded on the Toronto Stock Exchange under the symbol DBO.
D-BOX® and D-BOX Motion Code® are registered 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. The Corporation disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
Luc Audet
Vice-President and Chief Financial Officer
D-BOX Technologies Inc.
450-442-3003 ext 296
[email protected]
Investor Relations
Marc Jasmin CMA, President
Jasmin Financial Communications
514-231-2360
[email protected]
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