SOURCE: Research Frontiers Inc.

SPD-SmartGlass

May 05, 2016 09:00 ET

Research Frontiers Reports First Quarter 2016 Financial Results

Management to Host Conference Call at 4:30PM

WOODBURY, NY--(Marketwired - May 05, 2016) -  Research Frontiers Inc. (NASDAQ: REFR) reported financial results for its first quarter ended March 31, 2016. Management will host a conference call today at 4:30PM Eastern Time to discuss its financial and operating results as well as recent developments.

  • Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
  • Date/Time: Thursday, May 5, 2016, 4:30PM ET
  • Dial-in Information: 1-412-717-9591
  • Questions: Email to Questions@SmartGlass.com by 2:00PM ET on Thursday, May 5, 2016
  • Replay: Available on Thursday, May 6, 2016 for 90 days at www.SmartGlass-IR.com

Key First Quarter 2016 Highlights:

  • Revenues increased by approximately 8% to $409K in the first quarter of 2016 compared to the same period in 2015. This increase was principally the result of higher royalties from the automotive and aircraft markets.
  • Licensee Fokker Services and GKN Aerospace unveiled SPD-Smart Electronically Dimmable Windows (EDWs) in April at the Aircraft Interiors Expo in Hamburg, Germany. Fokker Services, now part of GKN Aerospace, showcased iShade SPD EDWs on a Boeing 737 mock-up, including the industry-first SkyView Panoramic Window.
  • Licensee Vision Systems has partnered with AAR Corporation to offer SPD-Smart EDWs to the aircraft aftermarket.
  • Refreshed Mercedes-Benz SLC and SL Models featuring Magic Sky Control using Research Frontiers SPD-SmartGlass Technology were showcased at the Geneva Motor Show and New York Auto Show, and in addition, the S-Class Coupe, Maybach and S-Class Sedan all now offer the Magic Sky Control panoramic roof option. This brings the total number of car models offering SPD-SmartGlass to five.
  • With SPD-SmartGlass technology now an option on over 120,000 Mercedes-Benz vehicles produced annually, Research Frontiers has commenced a coordinated marketing initiative in conjunction with Daimler and its Mercedes-Benz dealers regarding the Magic Sky Control option.
  • Continental Automotive debuted their Intelligent Glass Control system at the Consumer Electronics Show which controlled all twelve pieces of SPD-SmartGlass in a specially-outfitted Ford Mondeo.
  • Deliveries to customers starts this year for the ARROW460 - Granturismo production yacht that Silver Arrows Marine produced in conjunction with Mercedes-Benz Style, a design arm of Mercedes-Benz.

Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.

 
RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
(Unaudited)
         
    March 31,   December 31,
Assets   2016   2015
                 
Current assets:                
  Cash and cash equivalents   $ 4,671,812     $ 5,712,310  
  Short-term investments     1,516,352       1,513,784  
  Royalty receivables, net of reserves of $629,457 in                
  2016 and 2015     1,374,214       1,314,675  
  Prepaid expenses and other current assets     79,228       133,465  
    Total current assets     7,641,606       8,674,234  
                 
Fixed assets, net     790,395       836,216  
Deposits and other assets     33,567       33,567  
    Total assets   $ 8,465,568     $ 9,544,017  
                 
Liabilities and Shareholders' Equity                
                 
Current liabilities:                
  Accounts payable   $ 118,575     $ 46,734  
  Accrued expenses and other     417,119       421,478  
  Deferred revenue     30,762       -  
    Total current liabilities     566,456       468,212  
                   
Shareholders' equity:                
  Common stock, par value $0.0001 per share;                
  authorized 100,000,000 shares, issued and outstanding                
  24,043,846 and 24,043,846 shares for 2016 and 2015     2,404       2,404  
  Additional paid-in capital     111,483,959       111,483,959  
  Accumulated deficit     (103,587,251 )     (102,410,558 )
    Total shareholders' equity     7,899,112       9,075,805  
                 
                 
    Total liabilities and shareholders' equity   $ 8,465,568     $ 9,544,017  
                     

See accompanying notes to consolidated financial statements.

 
 
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
(Unaudited)
 
    Three months ended
    March 31, 2016   March 31, 2015
                 
Fee income   $ 409,133     $ 379,398  
                 
Operating expenses     1,186,507       1,172,537  
Research and development     410,217       434,454  
  Total Expenses     1,596,724       1,606,991  
                 
  Operating loss     (1,187,591 )     (1,227,593 )
                 
Net investment income     10,898       11,216  
  Net loss   $ (1,176,693 )   $ (1,216,377 )
                 
Basic and diluted net loss                
  per common share   $ (0.05 )   $ (0.05 )
                 
Weighted average number of                
  common shares outstanding     24,043,846       23,944,144  
                 

See accompanying notes to consolidated financial statements.

 
 
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
(Unaudited)
 
    Three months ended
    March 31, 2016   March 31, 2015
Cash flows from operating activities:                
Net loss   $ (1,176,693 )   $ (1,216,377 )
Adjustments to reconcile net loss to net cash                
used in operating activities:                
  Depreciation and amortization     47,412       8,617  
  Stock-based compensation     -       67,963  
  Change in assets and liabilities:                
    Royalty receivables     (59,539 )     20,776  
    Prepaid expenses and other current assets     54,237       42,479  
    Deferred revenue     30,762       32,722  
    Accounts payable and accrued expenses     67,482       (66,058 )
      Net cash used in operating activities     (1,036,339 )     (1,109,878 )
                 
Cash flows from investing activities:                
  Purchases of fixed assets     (1,591 )     (176,224 )
  Change in investments     (2,568 )     (2,382 )
    Net cash used in investing activities     (4,159 )     (178,606 )
                   
Cash flows from financing activities:                
  Net proceeds from exercise of options and warrants     -       245,873  
    Net cash provided by financing activities     -       245,873  
                 
Net decrease in cash and cash equivalents     (1,040,498 )     (1,042,611 )
                 
Cash and cash equivalents at beginning of year     5,712,310       7,569,537  
Cash and cash equivalents at end of year   $ 4,671,812     $ 6,526,926  
                 

See accompanying notes to consolidated financial statements.

Contact Information

  • CONTACT:
    Seth L. Van Voorhees
    Chief Financial Officer
    Research Frontiers Inc.
    +1-516-364-1902
    Info@SmartGlass.com