BOX announces increased revenues in its first quarter
D-Box Technologies Inc. (TSX:DBO.A)
Historical Stock Chart
1 Month : July 2010 to August 2010
D-BOX Technologies Inc. (DBO.A on the TSX Venture Exchange) announces revenues of $1,267,165 for the first quarter of its 2011 fiscal year ended June 30, 2010 which compares to revenues of $1,188,779 for the corresponding quarter of the 2010 fiscal year. The net loss for the quarter amounts to $1,414,608 ($0.0114 per share) which compares to a net loss of $1,414,501 ($0.0151 per share) for the corresponding quarter of the 2010 fiscal year.
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Financial Highlights
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(unaudited - in $) Q1 2011 Q1 2010
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Revenues 1,267,165 1,188,779
Net loss (1,414,608) (1,414,501)
Basic and diluted loss per share (0.0114) (0.0151)
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Consolidated Balance Sheet Data
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June 30, 2010 March 31, 2010
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Cash and cash equivalents 5,328,474 7,724,497
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Additional Highlights
- Revenues from commercial theatre activities amount to $171,554 for the
quarter ended June 30, 2010 in comparison to $88,648 for the previous
quarter ended March 31, 2010 and $14,525 for the quarter ended June 30,
2009. D-BOX also obtained during the quarter four new movies including
a first feature presentation from Walt Disney Pictures Inc.
- D-BOX expands its commercial theatre business development activities to
Europe participating for the first time to the Cinema Expo trade show
held in Amsterdam in June 2010.
- D-BOX continues its breakthrough with Original Equipment Manufacturers
(OEM) as 58 motion systems are sold to be installed this fall at
Moscow's planetarium in addition to an agreement in the field of
therapeutic care reached with the Dutch corporation, Vita Care TMS
(Therapeutic Motion System).
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Commenting the quarterly realisations, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX stated: "This most recent quarter reflects our capacity to continue our breakthrough in commercial theatres while accelerating the development of new markets through Original Equipment Manufacturers. By increasing our recurring revenues while we reinforce D-BOX's brand name, our actions continue to position the company for a very promising future."
First Quarter ended June 30, 2010
Revenues of the first quarter ended June 30, 2010 amounted to $1,267,165 up 7% from $1,188,779 in 2009. Revenues include the sale of entertainment products to Original Equipment Manufacturers (OEM) which market under private labels the D-BOX technology, revenues derived from the sale of admission tickets in commercial theatres and the sale of commercial theatre MFX motion seats. Revenues generated by commercial theatres amounted to $171,554 which compares to $14,525 for the corresponding quarter of the previous fiscal year. As at June 30, 2010, 678 motion seats were deployed in 29 theatres which compares to 89 seats deployed in 4 theatres as at June 30, 2009.
For the first quarter ended June 30, 2010, gross profit amounted to $564,257 (45% of revenues) which compares to $546,410 (46% of revenues) in 2009. Net loss and comprehensive loss amounted to $1,414,608 ($0.0114 per share) an amount very similar to the $1,414,501 ($0.0151 per share) realized in 2009.
Additional Information in regards to the Three-month Period ending June 30, 2010
The financial information in regards to the three-month period ended June 30, 2010 should be read in conjunction with the Corporation's financial statements and Management's Discussion and Analysis dated August 17, 2010. These documents are available at www.sedar.com .
Outlook
Generally speaking, D-BOX will set its priorities on two significant development paths, namely commercial theatres and the clientele of Original Equipment Manufacturers (OEM) each one of them addressing their specific market. In the short term, D-BOX intends to allocate the vast majority of its human, financial and material resources to the commercial theatre market offering the most interesting possibilities over this period of time.
In regards to commercial theatres, D-BOX intends to continue signing agreements with new movie exhibitors, to increase the number of motion units installed at existing exhibitors and to obtain new titles from movie studios. In North America, as D-BOX now intends to widen its offering to larger national chains, more present, amongst others in large urban centres. These chains provide the potential to significantly accelerate the speed of deployment as well as the Corporation's current visibility.
As for the Original Equipment Manufacturers (OEM) clientele, the Corporation intends to continue its quest for established and recognized partners within their respective markets while possessing an international scope. The Corporation believes this strategy will allow for a reduction of its sales and marketing expenses while allowing for a more rapid deployment of its motion generation systems.
By increasing its visibility and brand awareness, the Corporation believes that all of its business segments will eventually experience sustained growth.
About D-BOX
D-BOX Technologies designs and manufactures leading edge high-technology motion systems mainly suited to the needs of the entertainment industry. With its unique, patented technology, D-BOX Motion Code(TM), uses motion effects specifically programmed for each film, TV series or video game, which are sent to a motion generating system integrated within either a platform or a seat. The resulting motion is perfectly synchronized with all onscreen action, creating an unmatched realistic, immersive experience. To date, D-BOX Motion Code(TM) is available on more than 900 titles. Accordingly, many prominent Hollywood studios have started embedding D-BOX Motion Code(TM) on selected high definition Blu-ray(TM) and theatrical releases. By reaching agreements with the leaders of both the motion picture and gaming industries, D-BOX's award-winning motion technology is gradually proving itself as a new global standard in the entertainment world. D-BOX is a publicly traded company listed on the TSX Venture exchange under the symbol DBO.A. For further information please see www.d-box.com .
D-BOX(R) is a registered trademark and D-BOX Motion Code(TM) is a trademark 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. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
