TORONTO, Sept. 11, 2013 /CNW/ - ViXS Systems Inc., (TSX: VXS), a leader
in semiconductor System on Chip (SoC) solutions for the advanced
consumer electronics multimedia and broadcasting market, today
announced results for the second quarter of its fiscal 2014 ("Q2FY14"),
ending July 31, 2013. All results are reported in U.S. dollars under
International Financial Reporting Standards ("IFRS"), unless otherwise
specified. ViXS reported Q2FY14 revenue of $8.1 million, gross margin
of 52.7%, total comprehensive income of $7.1 million, and non-IFRS net
loss of $1.1 million.
Q2FY14 Financial Highlights:
Revenue of $8.1 million, up sequentially from $8.0 million in prior
•ViXS has a strong balance sheet with $47.3 million of cash and cash
Geographic expansion continued with a broader diversification of
customers in North America (14% of revenue), China (19%) and Taiwan
Gross margin improved from 47.9% in Q1FY14 to 52.7% in Q2FY14 due to in
part to a better mix of higher-featured, higher-margin products plus
favourable cost variances
A sequential improvement of $2.4 million, in non-IFRS net loss from
operations during Q2FY14
•ViXS completed its Going Public process on July 12, 2013 via its
Amalgamation Agreement with W-7 Acquisition Corp., and began trading
under the "VXS" ticker symbol.
Recent Business Highlights:
Announcement of ViXS' new XCode6 product line on September 11, 2013,
with expected revenue slated to ramp next year.
Appointment of veteran broadcast executive, Andrew Olson of BSkyB to the
Company's Board of Directors.
Appointment of seasoned industry and investment executive, Charlie
Glavin as Chief Financial Officer of ViXS.
Significant multi-year design win with tier-1 player in the pay TV space
to design and deliver custom solutions for protecting premium content.
Mainstream ARRIS Media Streamer 4000 (MS4000) selects ViXS XCode 5190
SoC for broad promotion/adoption planned for TV Anywhere application
starting in Q1, 2014.
Selection of ViXS' XCode 4210 by Sony for Sony's newly launched Personal
Content Station (PCS) LLCS-201 consumer media device.
Achieved Multimedia over Coax "MoCA" 1.1 certification for our XConnex
Revenue for the second quarter of fiscal 2014 was $8.1 million, up
sequentially from the $8.0 million in the previous quarter. Revenue was
down 5% from the $8.5 million in the same quarter of last year
reflecting the company's ongoing diversification strategy as well as
the market transition from legacy solutions to new product categories
including the MoCA transcoding and video infrastructure markets.