Apivio Systems Inc.

May 29, 2015 09:00 ET

Apivio Announces First Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2015) - Apivio Systems Inc. ("Apivio" or the "Company") (TSX VENTURE:APV) reports its results of operations for the quarter ended March 31, 2015.

For the full condensed consolidated interim financial statements and management discussion & analysis for the quarter ended March 31, 2015, please see SEDAR at www.sedar.com.

First Quarter Highlights:

  • Sales increased 24.4% to CAD $11,608,146 from $9,331,056 in Q1 2014, in part, due to volume gains and the result of favorable exchange rates;
  • Gross margins increased from 16.8% to 19.0% in Q1 2015;
  • Adjusted EBITDA of $88,961 compared to ($347,534) in Q1 2014;
  • Net Loss of $193,276 compared to Net Loss of $626,909 in Q1 2014;
  • Earnings per share of $0.00 compared to ($0.01) in Q1 2014;
  • R&D expenses increased from $681,779 in 2014 to $861,180 in 2015;
  • Shipped the first batch of production units of the UT880 android desk phones to NEC in Q1 2015; and
  • Continued success with the controlled launch of the Liberty L1 series Wi-Fi phone developed for the North American market
[expressed in thousands of CAD$ except Three Months Ended
percentages and EPS] March 31,
2015 2014
Total Revenues $11,608 $9,331
Gross Profit Margin 19.0% 16.8%
Net Income/(Loss) ($193) ($627)
Basic and Diluted Weighted Average
Net Income/(Loss) per Share $0.00 ($0.01)
Total Assets $18,329 $11,714

Rob Bakshi, President and CEO said "Our focus in Q1 2015 was:

  • To manufacture and ship the first batch of UT880 phones to NEC
  • Continue the development of our L2 series of Liberty Wi-Fi phones that will be automatically provisioned over our cloud based provisioning system
  • Invest heavily in R&D to develop the next generation of products and their extensions for the North American and Korean markets.

We look forward to communicating on these initiatives as they are ready for market launch."

About Apivio Systems Inc.

Apivio Systems Inc. ("Apivio" or the "Company") (TSX VENTURE:APV) is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with a history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers. For more information regarding Apivio, please refer to its respective public filings available at www.sedar.com.

This press release has been prepared by Apivio Systems Inc. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, anticipated revenue, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Apivio has attempted to identify important factors that could affect Apivio and may cause actual actions, events or results to differ materially from those described in Forward- Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Apivio does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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