MONTREAL, QUEBEC -- (Marketwired) -- 04/26/13 -- SENSIO Technologies Inc. ("SENSIO" or "the Company") (TSX VENTURE: SIO), today released its financial results for the third quarter of fiscal year 2012- 2013. The quarter saw a slight increase in the Company's overall revenues, which amounted to $112,792 compared to $92,433 the previous quarter, an increase of $20,359 or 22% over the second quarter. Compared to the corresponding quarter the previous year, there was a sharp decline in revenues of $567,121, which can be explained by the signature in 2012 of an agreement with Samsung for the SENSIO® S2D Switch and acknowledgment of revenue, a one-time occurrence that was not repeated in the last quarter. Remember that the SENSIO® S2D Switch is now being commercialized by WiLAN in the framework of an exclusive licence agreement announced in September 2012, for which an advance was received at signing. Meanwhile, the Company's net loss amounted to $980,761, a slight decrease of $30,058 or 2.97% compared to the previous quarter. This decrease in the loss is due to the strict cost- control methods the Company put in place in recent quarters, which made it possible for the Company to trim its costs by $809,877 in the first nine months of the year compared to the previous year. Finally, the deferred revenues at the end of the third quarter amounted to $957,972 versus $555,765 at the beginning of the year, representing an increase of $402,207 or 72.4% for the first nine months of the year. These revenues are recognized progressively under the terms of the agreements.
"In the last year, results have not met our expectations and certainly do not reflect the potential of the Company, its technologies, and its intellectual property," said Nicholas Routhier, President and CEO. He added that, "Major strategic decisions were made in the last year to deal with the situation. We signed an agreement with WiLAN for the sale under licence of the SENSIO® S2D Switch, invested in the development of 3DGO! and instituted a strict cost-control program. Against this background, we also decided to discontinue the distribution of Live 3D content in order to concentrate on technology in this market and on technical support for events. In the short term, we also succeeded in significantly reducing our expenditures and losses, while achieving important milestones for 3DGO!, namely the recent announcements with VIZIO, Disney and Paramount and the launch of the store in the U.S. market. In the coming quarters, we will be focusing on the commercial success of the 3DGO! launch, the addition of new manufacturers, and the growth of technology revenue. We are very confident that this plan will continue to bear fruit in the next few quarters and that fiscal 2013-2014 will mark a turning point in terms of earnings."
Highlights of Third Quarter ended February 28, 2013
-- Agreement reached with VIZIO Inc., to make 3DGO! available in its selection of applications on connected 3DTVs;-- SENSIO demonstrates 3DGO! to the main Hollywood studios and TV manufacturers at the CES;-- First agreement signed with a major semiconductor manufacturer for the integration of SENSIOrAutodetect;-- Operating expenses reduced by 20.2% since the start of the fiscal year.