SOURCE: Memex Inc.

MEMEX Inc.

December 17, 2015 06:30 ET

Memex Inc. Releases Fiscal 2015 Year End Results With Record Annual Revenue 115% Higher Than the Previous Year

BURLINGTON, ON--(Marketwired - Dec 17, 2015) - Memex Inc. ("Memex" or "the Company") (TSX VENTURE: OEE) a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released its financial results and operational highlights for its year ended September 30, 2015.

Financial Highlights for the Year Ended September 30, 2015:

  • Memex generated record revenue of $2.1 million, $1.1 million or 115% higher than the prior year.
  • Memex achieved record gross margin of $1.3 million, 200% higher than the prior year.
  • Unearned revenue of $582 thousand closed the year at a record high, $129 thousand or 28.5% higher than the previous high at September 30th 2014.
  • The Company showed a $2.4 million net and comprehensive loss for the year equating to a $0.030 loss per share. This compares with a $2.1 million net and comprehensive loss and a $0.040 loss per share in 2014.
  • Memex qualified for up to $800 thousand in Government of Canada funding through FedDev Ontario's Investing in Business Innovation ("IBI") initiative.

Financial Highlights for the Quarter Ended September 30, 2015:

  • Memex generated quarterly revenue of $575 thousand, a $373 thousand or 179% increase when compared to Q4-2014, and $124 thousand more than Q3-2015.
  • The quarterly loss from operations of $600 thousand was down $153 thousand from $753 thousand for the same period a year ago, and $266 thousand less than the $866 thousand reported Q3-2015.

Operational Highlights for the Year:

  • Memex sold its flagship software product, MERLIN, to 32 new manufacturing enterprise customers in Canada, Mexico, the United States and Australia including Lynch Fluid Controls Inc., Koss Aerospace Ltd., Industrial B&S de Mexico SA de CV, FM Industries Inc., ANCA Pty Ltd., The Oilgear Company and Milwaukee Electric Tool Corporation.
  • In August 2015 Memex was invited by Mazak Corporation, a global machine tool leader, to join its exclusive Value Inspired Partner (VIP) program. Memex is the only such partner offering software in its category.
  • Memex acquired the intellectual property and other related assets of Dostek Incorporated and engaged its President, Doug Struthers, in the role of Merlin Direct Numerical Control (DNC) Architect to bolster Merlin's DNC product capabilities.
  • Commencing January 2015 Memex focused its own Partner Channel program on relationships and future business potential with three of its largest partners: Mazak, Okuma, and Mazak Optonics.

Management Commentary:
Memex's President & CEO David McPhail stated, "We are very proud of our accomplishments during fiscal 2015, and our team is focused on achieving even greater growth. More than 90% of manufacturers today run their factories without IIoT software and our job is to turn them on to MERLIN's well-documented return on investment. I commend each and every one of our employees for their contributions to this record year. And all of us want to thank our new and existing manufacturing customers for placing their trust in us as they take advantage of MERLIN software's productivity promise."

Memex's Vice President of Sales John Rattray stated, "We have expanded MERLIN's global customer footprint, continued investment in the development of our direct sales and partner channels, and achieved success with key partners. As well as customer expansion, we have immense potential within our existing install base. All of this progress is reflected in the numbers reported. The Industrial Internet of Things is a desirable concept to many advanced manufacturing firms. To MERLIN customers however, it's an achievable, real-time reality with fast payback."

About Memex Inc.

Memex is a leading Industrial Internet of Things (IIoT) technology platform provider that connects to any machine and delivers real-time manufacturing productivity metrics. Industrial strength MERLIN software provides Overall Equipment Effectiveness (OEE) efficiency metrics in real time, from shop-floor-to-top-floor. Specifically, MERLIN delivers a 10%-50% average productivity increase, and earns 20%-plus profit improvement based on just a 10% increase in Overall Equipment Effectiveness (OEE). It consistently achieves payback in less than four months with an Internal Rate of Return (IRR) greater than 300%, and connects to any machine, old or new, utilizing native MTConnect or hardware adapters for older machines. For more information, please visit: www.MemexOEE.com

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For investor inquiries please contact:

    David McPhail
    President & CEO
    519-993-1114
    Email Contact

    Ed Crymble
    Chief Financial Officer
    905-635-1540 ext. 110
    Email Contact