D-BOX Technologies Inc.

D-BOX Technologies Inc.

November 14, 2012 07:00 ET

D-BOX Announces Increased Quarterly Revenues and a Positive Adjusted EBITDA for Second Consecutive Quarter

LONGUEUIL, QUÉBEC--(Marketwire - Nov. 14, 2012) - D-BOX Technologies Inc. (TSX:DBO), a leader in innovative motion technology, today announced revenues of $3,707,717 for its second quarter ended September 30, 2012 representing a 83% increase in comparison to revenues of $2,029,899 realized in the second quarter of the previous fiscal year. Also, for the second consecutive time, D-BOX generates a positive adjusted EBITDA.

Quarterly highlights of the second quarter of the 2013 fiscal year

  • Positive quarterly adjusted EBITDA for a second consecutive quarter:
    • + $130 k compared to ($813 k) for the corresponding quarter of the previous fiscal year
    • For the first six months : + $247 k compared to ($1,983 k ) for the same period of last year
  • Growth in total revenues for a third consecutive quarter:
    • + 83 % in comparison to last year
      • Commercial theatres: + 224% including 132% from utilization rights, rental and maintenance fees
      • OEM: + 39%
  • 200 screens are now equipped or will soon be equipped of D-BOX MFX systems, including:
    • 25 exhibitors currently owning more than one complex equipped with a D-BOX screen, and
    • 14 exhibitors having as of today more than one screen within a same complex.
For the second quarter and six-month period ended September 30
(in thousands of CA$ except per share data)
Second quarter Six months
F2013 F2012 F2013 F2012
Revenues 3,708 2,030 7,276 4,439
Adjusted EBITDA* 130 (813 ) 247 (1,983 )
Net loss (1,204 ) (981 ) (1,794 ) (2,774 )
Basic and diluted net loss per share (0.0074 ) (0.0060 ) (0.0110 ) (0.0169 )
Information from the Consolidated Balance Sheet
Sept. 30, 2012 March 31, 2012
Cash and cash equivalents 7,926 9,320
Working capital 12,904 14,870
Total assets 25,177 25,823
Property, plant and equipment 8,664 7,993

* See the reconciliation table at the end of this press release

Commenting on the quarterly realizations, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX declared: "I am very optimistic in regards to upcoming quarters given the current revenue growth of our two business segments as a result of our business development initiatives coupled with a tight control of our operating expenses which clearly demonstrate we are on the right track."

Additional informational in regards to three and six-month periods ended September 30, 2012

The financial information in regards to the three and six-month periods ended September 30, 2012 should be read in conjunction with the Corporation's consolidated financial statements and Management's Discussion and Analysis dated November 12, 2012. These documents are available at the www.sedar.com website.


Broadly speaking, D-BOX will focus on two major development segments: commercial theatres and OEMs, who each target a specific business market.

In light of the evolution of its sales and a relatively fixed short-term cost structure, D-BOX aims at continuing to maintain a positive adjusted EBITDA provided this figure may remain subject to a certain level of volatility.

Reconciliation of the adjusted EBITDA to the net loss

The adjusted EBITDA designates net loss before items not affecting cash, the foreign exchange gain or loss, financial expenses, interest income, and income taxes. This measure supplies useful and complementary information which allows amongst others to evaluate profitability and cash flows provided by operations.

The following table explains the reconciliation of the adjusted EBITDA to the net loss:

Quarter ended
September 30
Six-month period ended
September 30
2012 2011 2012 2011
Net loss (1,204 ) (981 ) (1,794 ) (2,774 )
Amortization of property, plant and equipment 428 358 914 634
Amortization of intangible assets 65 49 127 95
Amortization of other assets 7 15 29 33
Share-based payment expense 231 377 492 691
Foreign exchange loss (gain)** 609** (600 ) 491** (581 )
Financial results (financial expenses and interest income) (6 ) (33 ) (16 ) (83 )
Income taxes - 2 4 2
Adjusted EBITDA* 130 (813 ) 247 (1,983 )

* See the « Non-IFRS financial measures in the management discussion and analysis dated November 12, 2012 ».

** The foreign exchange loss includes an unrealized foreign exchange loss of $599 k for the quarter ended September 30, 2012 and $429 k for the six-month period ended September 30, 2012.

About D-BOX

D-BOX Technologies Inc. designs, manufactures and markets cutting-edge motion systems intended mainly for the entertainment and industrial simulation industries. This unique and patented technology, D-BOX Motion Code, uses motion effects specifically programmed for each visual content which are sent to a motion system integrated into a platform, a seat or any other product. The resulting motion is perfectly synchronized with the on-screen action, thus creating an unparalleled realistic immersive experience. As of today, many major studios offer D-BOX Motion Code on their motion pictures in commercial theatres, on DVDs and Blu-rays. By reaching agreements with various industry leaders, D-BOX's award-winning motion technology is gradually proving itself as a new global standard. D-BOX is a public company whose shares are traded on the Toronto Stock Exchange under the symbol DBO.

D-BOX® and D-BOX Motion Code® are registered trademarks of D-BOX Technologies Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

For more information, please visit D-BOX's website at www.d-box.com

Disclaimer in regards to forward-looking statements

Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. The Corporation disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Luc Audet
    Vice-President and Chief Financial Officer
    D-BOX Technologies Inc.
    450-442-3003 ext 296

    Investor Relations
    Marc Jasmin CMA, President
    Jasmin Financial Communications