D-BOX Technologies Inc.

D-BOX Technologies Inc.

November 11, 2014 07:58 ET

D-BOX Technologies Announces Its Quarterly Results: Increase of the Adjusted EBITDA and a First Net Income

LONGUEUIL, QUÉBEC--(Marketwired - Nov. 11, 2014) - D-BOX Technologies inc. (TSX:DBO), a leader in innovative motion technology, today announced revenues of $4.4 million for its second quarter ended September 30, 2014 compared to revenues of $4.5 million for the quarter ended September 30, 2013. The Corporation also records its first net income at $192 k and increases its adjusted EBITDA* by 62% to $372 k.


  • Quarterly revenues of $4,354 k, similar to those of the previous fiscal year, made up of $998 k (a 49% decrease) in the industrial market and of $3,356 k (a 33% increase) in the entertainment market.
  • Over the last year, 32% increase in the number of theatres equipped of D-BOX MFX systems to 266 screens installed worldwide. As of September 30, 2014, the total number of screens either installed or in backlog totaled 315.
  • 10% increase of the quarterly gross margin excluding amortization representing 54% of revenues (49% in 2013).
  • Due amongst others to a favorable evolution of exchange rates, the company records a quarterly net income of $192 k compared to a net loss of $675 k last year.
  • Adjusted EBITDA* of $372 k for the quarter representing a tenth consecutive positive adjusted EBITDA.
  • Cash flows from operations before changes in working capital items of $314 k for the first six months of the fiscal year.
Second quarter and six-month period ended September 30
(in thousands of $CA, except per share amounts)
Second quarter Six months
2014 2013 2014 2013
Revenues 4,354 4,495 8,914 7,994
Adjusted EBITDA* 372 229 391 242
Net Income (Net Loss) 192 (675 ) (1,013 ) (1,194 )
Basic and diluted net (income) loss per share 0.0012 (0.0041 ) (0.0062 ) (0.0073 )
Information from the consolidated balance sheet
As at Sept. 30,
As at June 30,
As at March 31, 2014
Cash and cash equivalents 5,038 4,057 6,717

* See the reconciliation table of adjusted EBITDA to the net loss below.


  • D-BOX continues its deployment with commercial theatre exhibitors signing amongst others a new agreement with Cineplex (Canada) calling for the installation of 20 new screens and an increase in the number of installed systems in five existing theatres. Also, after the end of the quarter, D-BOX announces the installation of its first three screens in China, one of the countries showing the strongest growth in the sector worldwide, on top of the 9 screens already installed in Hong-Kong.
  • D-BOX has just been awarded a yellow ribbon as one of three "up and coming" companies in KMI Media Group's 2014 Top 100 Simulation and Training Companies chart, as featured in the September 2014 issue of Military Training Technologies magazine. The yellow ribbon designates a company that is quickly rising in the simulation and training industry.

Commenting on the quarterly realizations, Mr. Claude Mc Master, President and Chief Executive Officer of D-BOX, declared: "D-BOX continues its growth by signing important agreements in the entertainment market and through a very favourable positioning in the industrial market with new products in their first phase of commercialization. Considering the inroads we are achieving and the strengthening of our team through recent hires, I am confident towards our mid-term business opportunities."


The financial information relating to the second quarter and six-month period ended September 30, 2014 should be read in conjunction with the Corporation's condensed consolidated financial statements and Management's Discussion and Analysis dated November 10, 2014. These documents are available at www.sedar.com


D-BOX focuses on two major development areas: the entertainment market and the industrial market which have their respective sub-markets. In light of the business development activities in each of these two markets as well as investments related to new products launched recently or that will soon be launched, D-BOX expects to maintain the upward trend in revenue. In conjunction with the anticipated growth in revenue, D-BOX expects to gradually increase the level of its operating expenses related to sales, marketing research and development that will support the commercialization of new products. In general, the Corporation aims, however, to maintain a positive adjusted EBITDA and intends to manage its operations based on attaining this objective.


The adjusted EBITDA allows to evaluate the Corporation's profitability and its capacity to generate funds from its operating activities. It designates the net income (net loss) before items not affecting cash, the foreign exchange gain or loss, financial expenses, interest income and income taxes.

The following table explains the reconciliation of adjusted EBITDA to the net income (net loss).

Second quarter
September 30
Six-month period
September 30
2014 2013 2014 2013
Net income (Net loss) 192 (675 ) (1,013 ) (1,194 )
Amortization of property, plant and equipment 477 449 992 1,037
Amortization of intangible assets 121 74 197 144
Amortization of other assets 15 7 36 30
Write-off of property, plant and equipment 18 21 72 37
Gain on disposal of property, plant and equipment - - (36 ) -
Share-based payment expense 105 124 220 291
Foreign exchange loss (gain) (564 ) 218 (93 ) (126 )
Financial results (financial expenses and interest income) 8 11 11 17
Income taxes - - 5 6
Adjusted EBITDA 372 229 391 242

** See the "non-IFRS" measures section in the Management Discussion and Analysis dated November 10, 2014.


D-BOX Technologies Inc. designs, manufactures and commercialize cutting-edge motion systems intended for the entertainment and industrial markets. This unique and patented technology uses motion effects specifically programmed for each visual content which are sent to a motion system integrated into either 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.

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


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 CPA, CMA, President
    PMJ Communications