SENSIO Discloses its Financial Results for its Third Quarter
29 Aprile 2009 - 8:31PM
Marketwired Canada
Technologies SENSIO Inc. ("SENSIO") (TSX VENTURE:SIO), the inventor of the
SENSIO(R) 3D technology, presents the financial results for its third quarter
ended February 28, 2009. During the quarter, SENSIO achieved numerous strategic
advances, such as the standardization of its format in the DVD standard and the
acceptance of its patent application in the United States for its technology.
These key steps have enabled SENSIO to position itself at the forefront of the
consumer electronics industry at a time when manufacturers are preparing,
starting in 2010, to release their 3D television models integrating a
distribution technology. "We now have major assets in hand that will assist us
in firming up our marketing efforts and generating revenues in the consumer
market", explains Nicholas Routhier, President and Chief Executive Officer of
SENSIO.
Important Facts for the Quarter
- Acceptance of its patent application in the United States dealing with the 3D
content distribution and formatting technology marketed under the name SENSIO(R)
3D
- Following its acceptance by the DVD Forum, SENSIO becomes the first 3D format
to be recognized worldwide by a standardization organization for distribution of
3D content in the consumer market
- Use of SENSIO's cinema decoding technology for live presentation in 3D of the
BCS Bowl and of the NBA All Star Saturday Night in more than 80 movie theaters
in the United States
- Signing of a first contract for the sale of licenses for the S(3)D software
decoder with ArcSoft Inc.
- Completion of a private placement of $1,500,100 and receipt of $293,912 from
the exercise of warrants
Live 3D Events are an Unqualified Success
The first two live 3D events, the Bowl Championship Series (BCS Bowl) football
game and the National Basketball Association (NBA) All Star Saturday Night, held
in a network of movie theaters in the United States, served as proof of the
technical concept by demonstrating the reliability of the network and the
robustness of SENSIO's technology. In addition, these first events have enabled
us to confirm the enthusiasm and interest of consumers for this new type of
entertainment. "Live 3D events are now officially launched and we are confident
that they will multiply in the near future, and we are ready for the upcoming
deployment of our technology both in the American and European markets during
the coming quarters", says Routhier.
SENSIO Enhances its Product Offering in the Consumer Market
The company has begun marketing a software solution designed for PCs called
S(3)D, which enables consumers to watch 3D content on their computer, whether it
be a film on DVD or Blu-ray or a live 3D event broadcast via Internet. Several
weeks following the launching of the S(3)D software solution at the Consumer
Electronics Show, SENSIO signed a license agreement with the multimedia software
producer ArcSoft Inc. for the first integration of S(3)D. "Recognizing that the
watching of 3D content occurs more and more on the computer, we wanted to
develop this segment of the consumer market by offering a simple and inexpensive
product", Routhier explains.
SENSIO Completes a Round of Financing
Despite the difficult financial context, SENSIO raised $1,794,012 in cash in
exchange for 6,148,428 shares. The first amount was obtained as part of a
private placement in which SENSIO received the sum of $1,500,100, allocated
primarily to marketing and to the company's cash flow. "We are extremely
satisfied with the results of this private placement. Institutional investors,
who were already our partners, once again expressed their confidence in our
strategic plan, enabling us to complete two-thirds of the placement", states
�ric Choquette, SENSIO's Chief Financial Officer. In addition, the company
issued shares following the exercise of warrants, which enabled it to collect
$293,912 in cash.
Summary of Financial Results
SENSIO's revenues for the third quarter ended February 28, 2009 were $18,173.
These revenues arose primarily from the sale of equipment used for the European
transmission of a live 3D event last March 19. SENSIO's client took advantage
of this opportunity to retransmit the same signal on televisions equipped with
SENSIO's technology, demonstrating that by using SENSIO(R) 3D technology, it is
possible to simultaneously transmit the same 3D signal both to a digital movie
theater and in the consumer market reusing the existing 2D distribution
infrastructure.
Variation in Operating Costs
Selling expenses increased from $185,551 to $334,906 during the third quarter
ended February 28, 2009 as the company accelerated its marketing efforts. In
concrete terms, this increase can be principally explained by the addition of
personnel to support marketing initiatives, the hiring of external consultants
specialized in business development, the hiring of a firm, Bager Electronics, to
represent SENSIO in the American market, contributions to become a member of
standardization organizations and the increase in representations made by SENSIO
in Asia and the United States during the third quarter.
During the third quarter of the current fiscal year, research and development
expenses were $79,869 compared to $90,967 for the corresponding quarter of the
previous fiscal year. This variation can be primarily explained by an increase
in tax credits received ($27,479) on one hand, and on the other hand by the
increase in the department's salary costs ($17,892).
Administrative costs stood at $225,566 for the third quarter of the current
fiscal year compared to $282,286 for the third quarter of the previous fiscal
year, a decrease of $56,720 or 20.1% . This decrease can be explained by a
one-time expense for professional fees that occurred in 2008.
Quarters ended Nine months period ended
February 28th February 28th
Unaudited Unaudited
2009 2008 2009 2008
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Earnings
Sales 18,173 30,474 277,550 179,469
Gross profit 8,127 13,794 241,253 134,024
Net loss 660,769 618,384 1,632,129 1,471,425
Net loss per share 0.0187 0.0182 0.0475 0.0463
SENSIO grants stock options
The members of its Board of Directors have approved, effective April 29, 2009,
the grant of 150,000 stock options to the administrators and an employee of
SENSIO, entitling them to purchase 150,000 shares at the price of $0,44 per
share, representing the closing price of the shares on April 28, 2009. The
options expire on April 29, 2014. This grant of stock options is implemented
pursuant to the terms of the Stock Option Plan of SENSIO currently in effect.
About SENSIO
Founded in 1999, SENSIO, headquartered in Montreal, Canada, develops and markets
forward-looking stereoscopic technologies designed to offer the most advanced
and immersive cinematographic experience available. Its flagship technology,
SENSIO(R)3D, allows the high-quality distribution of 3D content through
conventional 2D channels and playback on any display device, including plasma
TVs, HDTV and glass-free 3D displays. Working with major Hollywood studios and
large format 3D film producers, SENSIO has built up one of the world's largest
libraries of 3D movies for the home entertainment market. SENSIO(R) is a
trademark of SENSIO Technologies Inc.
This news release contains forward-looking statements that reflect the Company's
expectations with regard to future events. Actual events could differ
significantly from those anticipated in this document.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release."
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