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Espial Reports Second Quarter 2017 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 month period ended June 30, 2017. Highlights
"In Q2, revenues increased 72% over the same quarter last year", said Jaison Dolvane, CEO, Espial. "We saw good momentum with current customers like WOW and Tele2 who enhanced their services with features like Netflix and premium user experiences. We also expect to see our other customers, including NOS and Tele Columbus continue to deliver new capabilities and improvements to drive further subscriber expansion. In Q2, we signed a SaaS agreement for our cloud based Elevate IPTV platform, and continued to invest in our cloud and device products. As we look to the second half of the year, we anticipate continued subscriber growth, while we focus on achieving new wins and growing our SaaS revenues. Our Q2 achievements and product investments are important milestones to strengthen our pipeline and position us well in this quickly evolving market." Financial Summary For the three-month period ended June 30, 2017, revenue was $7.8 million compared with revenue of $4.5 million for the three months ended June 30, 2016. Adjusted EBITDA loss for the second quarter of fiscal 2017 was $2.8 million which included $1.3 million of one-time costs related to proxy matters and costs for headcount reduction. Excluding these items, adjusted EBITDA loss was $1.5 million compared to adjusted EBITDA loss of $2.1 million for the second quarter of fiscal 2016. Net loss for the quarter was $3.8 million, compared with a net loss of $2.9 million for the second quarter of fiscal 2016. Q2 Financial Results
Cash and cash equivalents on June 30, 2017, was $41,786,884 A complete set of financial statements and management's discussion and analysis for the period ended June 30, 2017 will be available at http://www.sedar.com. Conference Call The Company will be hosting a conference call to discuss the Q2 2017 financial results on August 8, 2017 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 7, 2017, at the following numbers and passcode: Toll-free line: +1-800-585-8367 or +1-416-621-4642, Passcode: 50678231 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, with R&D centers in Seattle, Montreal, Silicon Valley, Cambridge and Lisbon, and with sales offices in North America, 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 or new board nominees, 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 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, 2016 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) which removes 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) and Adjusted EBITDA are not recognized, defined or standardized measures under IFRS. Our definition of Adjusted net income (loss) and Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. Adjusted net income (loss) and Adjusted EBITDA 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 to the most comparable IFRS financial measure as follows:
View source version on businesswire.com: http://www.businesswire.com/news/home/20170808006422/en/ |
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