MONTREAL, QUEBEC -- (Marketwire) -- 01/25/13 -- SENSIO Technologies Inc. ("SENSIO" or the "Corporation") (TSX VENTURE: SIO) presented today its financial results for the second quarter of fiscal year 2012-2013. During this quarter, the Corporation's revenues growth from consumer electronics continued totaling $84,867 compared to $61,226 for the same quarter of the previous year, an increase of $23,641. The increase of revenue coming from consumer market is explained by the signing of new agreements as well as by the revenue growth from previously signed agreements. Total revenues for the period totaled $92,433 compared to $109,702 for the same quarter of the previous year, a decrease of $ 17,269 or 15.7%. Although the total revenue is in decline following the decrease of revenues from the Live 3D market, the Corporation was able to reduce its losses of 172 112$ or 14.6% thanks to the cost control of operational expenses. Finally, the deferred revenues for this quarter passed from $555,765 on May 31st, 2012 to $984,176 on November 30, 2012, an increase of $428,411. These revenues will be recognized progressively, in accordance with the terms of the applicable agreements.
"During the last quarter, our activities on the consumer electronics market generated significant revenue and deferred revenue. This demonstrates once again our capacity to monetize our intellectual property as well as the progress of the corporation and its objectives in a growing 3D industry" explained Nicholas Routhier, President and CEO. "The successful pursuit of the development of 3DGO! has allowed us to launch the testing phase of 3DGO and announce our collaboration with Vizio at the last CES. To that effect, the reactions of the studios, manufacturers and specialised medias having seen the 3DGO! demonstration was excellent and we are very encouraged and excited with regards to the coming official launch on the American market. In view of the reaffirming by many actors of the industry that 3D remains a priority on the market, in conjunction with smart televisions and 4K, we are more convinced than ever that our bold content strategy will be the key of our success in 2013 and that we will be able to demonstrate concrete strategic results to our shareholders in a near future"
Highlights of the second quarter ended November 30, 2012
-- Signature of a licensing agreement with WiLAN over certain patents associated with SENSIOr S2D Switch technology;-- Closing of a private placement of $3.45M all coming from institutional investors;-- Launch of testing phase of 3DGO!, the last step before the official launch;-- Increase of deferred revenue of $428,411 since the beginning of fiscal year;-- Scaled down operating expenses by 14.6% since the beginning of the fiscal year.
Live 3D - Priority to series of events and network deployment
The Corporation didn't get any revenue from the Live 3D market during the second quarter compared to $24,268 for the same period last year. This decrease of revenues from the Live 3D is explained by the income earned during the second quarter of the previous year following the integration of the SENSIO ® Hi-Fi 3D technology in a product.