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Espial Reports 2016 Second Quarter ResultsTransforming the viewing experience worldwide, Espial (News - Alert)® Group Inc. ("Espial" or the "Company"), (TSX:ESP), today announced its second quarter financial results for the three and six month periods ended June 30, 2016. Espial Q2 Highlights
"In the second quarter, we accomplished significant milestones for our business. The first being that NOS, Portugal's primary cable operator, commercially launched a next-generation video service using Espial's RDK based G4 Client solution. NOS has delivered a highly competitive advanced TV service, which should build confidence for service providers worldwide looking to adopt Espial and RDK to deliver next generation Pay TV services. Tele Columbus, a large German cable operator, has also announced that they plan to commercially launch their advanced TV service with Espial at the end of this year. The progress we have made in helping our customers launch new TV services demonstrates Espial's leadership in this market." said Jaison Dolvane, CEO, Espial. "In addition, we entered into an agreement with ARRIS to acquire their Whole Home Solution (WHS) platform, which will increase our revenues, customer relationships, and expand our software development and integration capabilities. The WHS acquisition will also enable us to offer video service providers a cloud-hosted Video as a Service platform that we expect will accelerate time to market and deployment of new services." Financial Summary For the three-month period ended June 30, 2016, the Company is reporting revenue of $4.5 million compared with revenue of $5.5 million for the three months ended June 30, 2015. Adjusted EBITDA loss for the second quarter of fiscal 2016 was $2.1 million compared to income of $0.4 million for the second quarter of fiscal 2015. Cash on June 30, 2016, was $45.7 million. Q2 Financial Results
Cash and cash equivalents on June 30, 2016, was $45,734,745 A complete set of financial statements and management's discussion and analysis for the quarter ended June 30, 2016 will be available at http://www.sedar.com. Conference Call The Company will be hosting a conference call to discuss the Q2 2016 financial results on August 3, 2016 at 5:00PM EDT and the phone number to join the results discussion is:
The playback for the call will be available two hours after the call's completion and will be available until 11:59PM ET on September 3, 2016, at the following numbers and passcode:
About Espial (www.espial.com) With Espial, video service providers create responsive and engaging subscriber viewing experiences incorporating powerful content discovery and intuitive navigation. Service providers achieve 'Web-speed' innovation with Espial's flexible, open software leveraging RDK and HTML5 technologies. This provides competitive advantage through an immersive and personalized user experience, seamlessly blending advanced TV services with OTT content. With customers spanning six continents, Espial is headquartered in Ottawa, Canada, has R&D centers in Montreal, Silicon Valley and the UK, and sales/support offices in the U.S., Europe and Asia. For more information, visit www.espial.com. Forward Looking Statement This press release contains information that is forward looking information with respect to Espial within the meaning of Section 138.4(9) of the Ontario Securities Act (forward looking statements) and other applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, statements or assumptions about, economic conditions, ongoing or future benefits of existing and new customer and partner relationships, including partner product launch plans and associated rollout timing, the expected completion of our acquisition of the WHS platform from ARRIS and the timing and perceived benefits of such acquisition, our position or ability to capitalize on the move to more open systems by service providers, existing or future opportunities for the company and products (including our ability to successfully execute on market opportunities and secure new customer wins) and any other statements regarding Espial's objectives (and strategies to achieve such objectives), future expectations, beliefs, goals or prospects are or involve forward-looking information. Forward-looking information is based on certain factors and assumptions. While the company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information, by its nature necessarily involves known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those in the forward-looking statements or could cause our current objectives and strategies to change, including but not limited to partner product launch plans and associated rollout timing, the expected completion of our transaction with ARRIS and associated timing, the perceived benefits of our acquisition of the WHS platform from ARRIS and our ability to effect a smooth transition of the customer opportunities and ongoing product development activities associated with such acquisition, changing conditions and other risks associated with the on-demand TV software industry and the market segments in which Espial operates, competition, Espial's ability to continue to supply existing customers and partners with its products and services and avoid being displaced by competitive offerings, effectively grow its integration and support capabilities, execute on market opportunities, develop its distribution channels and generate increased demand for its products, economic conditions, technological change, unanticipated changes in our costs, regulatory changes, litigation, the emergence of new opportunities, many of which are beyond our control and current expectation or knowledge. Additional risks and uncertainties affecting Espial can be found in Management's Discussion and Analysis of Results of Operations and Financial Condition and its Annual Information Form for the fiscal years ended December 31, 2014 and 2015 on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein and our current objectives or strategies may change. Espial assumes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Non-IFRS Financial Measures We use adjusted net income (loss) and adjusted diluted earnings (loss) per share, which remove the impact of our amortization of intangible assets and stock based compensation expense, to measure our performance as these measures align our results and improve comparability against our peers. We use adjusted EBITDA to provide investors with a supplemental measure of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Adjusted net income (loss), adjusted diluted earnings (loss) per share and adjusted EBITDA income (loss) are not recognized, defined or standardized measures under IFRS. Our definition of adjusted net income (loss), adjusted EBITDA income (loss) and adjusted diluted earnings (loss) per share will likely differ from that used by other companies and therefore comparability may be limited. Adjusted net income (loss), adjusted EBITDA income (loss) and adjusted diluted earnings (loss) per share should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures. We have reconciled adjusted net income (loss) and adjusted EBITDA income (loss) to the most comparable IFRS financial measure as follows:
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