Apivio Systems Inc.

November 25, 2014 19:40 ET

Apivio Announces Third Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 25, 2014) - Apivio Systems Inc. (formerly Moimstone Corporation) ("Apivio" or the "Company") (TSX VENTURE:APV) reports its results of operations for the nine months ended September 30, 2014.

For the full condensed consolidated interim financial statements and management discussion & analysis for the third quarter ended September 30, 2014, please see SEDAR at www.sedar.com.

Third Quarter 2014 Highlights:

  • Sales increase of 43.3% to CAD $11,072,064;
  • Gross margin increase from 16.2% to 18.9% of revenues;
  • Net Loss reduced from $1,550,999 in Q3 2013 to $201,548 in Q3 2014;
  • Earnings per share of $0.00 compared to ($0.04) in Q3 2013;
  • Android-based phone for NEC America received approval by NEC and 300 units have been shipped to-date in the fourth quarter;
  • Technical and marketing efforts to adapt Wi-Fi based platform for the North American market continue.
[expressed in $CAD] Three Months Ended
September 30,
Nine Months Ended
September 30,
2014 2013 2014 2013
Total Revenues $11,072,064 $7,725,723 $35,135,436 $25,587,798
Gross Profit Margin 18.9% 16.2% 18.0% 15.7%
Net Loss ($201,548) ($1,550,999) ($388,180) ($2,121,923)
Basic and Diluted Weighted Average
Loss per Share ($0.00) ($0.04) ($0.01) ($0.05)
Total Assets $13,966,531 $12,631,740 $13,966,531 $12,631,740

In the third quarter of 2014, sales revenue increased by 43.3% to CAD $11,072,064 compared to the same quarter in 2013 due to higher demand for our IP phones from key customers. Gross margin for Q3 2014 improved from 16.2% to 18.9% due to operational improvements. Net Loss for the third quarter in 2014 was CAD $201,548 compared to net loss of CAD $1,550,999 in 2013, an improvement of CAD $1,349,451.

"The South Korean subsidiary, Moimstone, continues to progress nicely," said Rob Bakshi, President/CEO. "Having completed the NEC project on time, our attention now turns to developing markets outside of South Korea. I'm looking forward to our continued progress in 2015."

About Apivio Systems

Apivio Systems Inc. (formerly Moimstone Corporation) 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 nine year history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers. For more information regarding the Company, please refer to its respective public filings available at www.sedar.com.

This press release has been prepared by Apivio Systems Inc. (formerly Moimstone Corporation). 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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