SOURCE: Research Frontiers Inc.

SPD-SmartGlass

March 10, 2016 08:16 ET

Research Frontiers Reports Fourth Quarter and Full Year 2015 Financial Results

Management to Host Conference Call at 4:30 p.m.

WOODBURY, NY--(Marketwired - March 10, 2016) -  Research Frontiers Inc. (NASDAQ: REFR) reported its financial results for its fourth quarter and full year ended December 31, 2015. Management will host a conference call today at 4:30 p.m. 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, March 10, 2016, 4:30PM ET
  • Dial-in Information: 1-412-717-9591
  • Questions: Email to Questions@SmartGlass.com by 2:00PM ET on Thursday, March 10, 2016
  • Replay: Available on Thursday, March 10, 2016 for 90 days at www.SmartGlass-IR.com

Key 2015 Highlights:

  • Revenues increased by more than 25% to $2.0 million in 2015 compared to 2014.
  • All market sectors (automotive, aerospace, architectural, marine and museum) achieved higher revenues in 2015 compared to 2014.
  • Magic Sky Control™ option on new Mercedes-Benz S-Class vehicles in 2015:
    • Full year of revenues from the Magic Sky Control™ option on the new Mercedes-Benz S-Class Coupe.
    • Revenues from the Magic Sky Control™ option on the S-Class Maybach S600 X222 began in spring 2015.
    • Revenues from the Magic Sky Control™ option on the high volume S-Class Long Wheel Base V222 began in late 2015.
  • Three aircraft manufacturers announced SPD-Smart dimmable window products as standard equipment in new or upcoming production aircraft:
    • Honda Aircraft Company: The new HondaJet, with first delivery in December 2015, comes with SPD-Smart electronically dimmable windows as standard equipment on all passenger windows.
    • Textron-Beechcraft will have SPD-Smart electronically dimmable windows as standard equipment on all models of its King Air aircraft:
    • Dassault Aviation: The new Falcon 5X, with first deliveries expected in 2020, will come with SPD-Smart electronically dimmable skylights as standard equipment.
  • Increased interest and use of SPD-Smart dimmable window products in architectural, marine and museum industries.

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  
December 31, 2015 and 2014  
   
Assets   2015     2014  
   
Current assets:            
  Cash and cash equivalents   $ 5,712,310     $ 7,569,537  
  Short-term investments     1,513,784       1,501,554  
  Royalties receivable, net of reserves of $629,457 in 2015 and $305,171 in 2014     1,314,675       1,175,218  
  Prepaid expenses and other current assets     133,465       121,252  
   
    Total current assets     8,674,234       10,367,561  
   
Fixed assets, net     836,216       660,201  
Long-term investments     -       1,503,525  
Deposits and other assets     33,567       33,567  
    Total assets   $ 9,544,017     $ 12,564,854  
   
Liabilities and Shareholders' Equity                
   
Current liabilities:                
  Accounts payable   $ 46,734     $ 159,312  
  Accrued expenses and other     421,478       323,372  
  Total current liabilities     468,212       482,684  
   
Shareholders' equity:                
  Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 24,043,846 and 23,924,465 shares for 2015 and 2014     2,404       2,392  
  Additional paid-in capital     111,483,959       110,210,480  
  Accumulated deficit     (102,410,558 )     (98,130,702 )
    Total shareholders' equity     9,075,805       12,082,170  
   
    Total liabilities and shareholders' equity   $ 9,544,017     $ 12,564,854  
   
See accompanying notes to consolidated financial statements.         
   
   
RESEARCH FRONTIERS INCORPORATED  
Consolidated Statements of Operations  
Years ended December 31, 2015, 2014 and 2013  
   
    2015     2014     2013  
   
Fee income   $ 2,007,482     $ 1,598,799     $ 2,161,359  
   
Operating expenses     4,742,166       4,425,718       6,036,792  
Research and development     1,588,491       1,621,964       2,203,326  
  Total Expenses     6,330,657       6,047,682       8,240,118  
   
  Operating loss     (4,323,175 )     (4,448,883 )     (6,078,759 )
   
Net investment income     43,319       35,161       38,148  
   
  Net loss     (4,279,856 )     (4,413,722 )     (6,040,611 )
   
Basic and diluted net loss per common share   $ (0.18 )   $ (0.19 )   $ (0.26 )
   
Weighted average number of common shares outstanding     24,007,974       23,663,229       22,946,019  
                         
See accompanying notes to consolidated financial statements.  
   
   
RESEARCH FRONTIERS INCORPORATED  
Consolidated Statements of Shareholders' Equity  
Years ended December 31, 2015, 2014 and 2013  
   
  Common Stock   Additional   Accumulated        
  Shares   Amount   Paid-in Capital   Deficit     Total  
   
   
Balance, January 1, 2013 22,646,782   $ 2,265   $ 101,846,779   $ (87,676,369 )   $ 14,172,675  
   
Exercise of options and warrants 179,983     18     822,951     -       822,969  
Share-based compensation 282,900     28     2,914,876     -       2,914,904  
Net Loss -     -     -     (6,040,611 )     (6,040,611 )
Balance, December 31, 2013 23,109,665     2,311     105,584,606     (93,716,980 )     11,869,937  
   
Issuance of Common Stock 750,000     75     3,278,175     -       3,278,250  
Exercise of options and warrants 64,800     6     304,782     -       304,788  
Share-based compensation -     -     1,042,917     -       1,042,917  
Net Loss -     -     -     (4,413,722 )     (4,413,722 )
Balance, December 31, 2014 23,924,465     2,392     110,210,480     (98,130,702 )     12,082,170  
   
Exercise of options and warrants 119,381     12     548,463     -       548,475  
Share-based compensation -     -     725,016     -       725,016  
Net Loss -     -     -     (4,279,856 )     (4,279,856 )
Balance, December 31, 2015 24,043,846   $ 2,404   $ 111,483,959   $ (102,410,558 )   $ 9,075,805  
   
See accompanying notes to consolidated financial statements.  
                       
                       
RESEARCH FRONTIERS INCORPORATED  
Consolidated Statements of Cash Flows  
Years ended December 31, 2015, 2014 and 2013  
   
    2015     2014     2013  
Cash flows from operating activities:                  
Net loss   $ (4,279,856 )   $ (4,413,722 )   $ (6,040,611 )
  Adjustments to reconcile net loss to net cash used in operating activities:                        
    Depreciation and amortization     140,170       31,824       45,212  
    Stock based compensation     725,016       1,042,917       2,914,904  
    Bad debts     324,286       131,250       81,198  
  Change in assets and liabilities:                        
    Royalty receivables     (463,743 )     (439,306 )     (260,042 )
    Prepaid expenses and other current assets     (12,213 )     2,866       94,544  
    Accounts payable and accrued expenses     (14,472 )     345,356       (80,064 )
    Deferred revenue     -       (25,000 )     -  
    Net cash used in operating activities     (3,580,812 )     (3,323,815 )     (3,244,859 )
   
Cash flows from investing activities:                        
  Purchases of fixed assets     (316,185 )     (627,660 )     (50,536 )
  Purchase of investments     -       (3,005,079 )     (24,009 )
  Proceeds from sale of investment     1,491,295       5,076,930       -  
    Net cash provided by (used in) investing activities     1,175,110       1,444,191       (74,545 )
   
Cash flows from financing activities:                        
  Net proceeds from issuances of common stock and exercise of options and warrants     548,475       3,583,038       795,294  
  Net cash provided by financing activities     548,475       3,583,038       795,294  
   
Net (decrease) increase in cash and cash equivalents     (1,857,227 )     1,703,414       (2,524,110 )
   
Cash and cash equivalents at beginning of year     7,569,537       5,866,123       8,390,233  
Cash and cash equivalents at end of year   $ 5,712,310     $ 7,569,537     $ 5,866,123  
                         
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