CORRECTION FROM SOURCE: ViXS Reports Fourth Quarter and Annual Fiscal 2015 Results
Fourth Consecutive Quarter of Revenue Growth; 26% Annual Revenue Growth
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/25/15 -- A correction from source is issued for the press release disseminated March 25th at 4:46 PM ET.
ViXS Systems Inc. (TSX: VXS) a pioneer and leader in media processing solutions, reported its fourth quarter and annual fiscal 2015 results for the period ending January 31, 2015 today. All results are reported under International Financial Reporting Standards ("IFRS") and in U.S. dollars, unless otherwise specified. ViXS reported Q4FY15 revenue of $11.2 million, total comprehensive loss of ($3.8) million and non-IFRS net loss of ($2.0) million.
Q4FY15 Financial Summary
FY15 Financial Summary
Customer, Product and Corporate Announcements
"In fiscal 2015, ViXS executed on its strategy achieving four quarters of revenue growth. We successfully deployed our XCode 6400 into the marketplace with a suite of tier-one customers, while maintaining strong revenue in our XConnex product line. At the same time, ViXS continued to innovate with the announcement of our ground breaking XCode 6800," said Hugh Chow, Interim President and CEO, ViXS Systems, Inc.
Q4 and Annual FY2015 Results:
Revenues for the fourth quarter of fiscal 2015 increased by 4% sequentially to $11.2 million compared to $10.8 million in the previous quarter, and a 60% increase from the $7.0 million recognized last year in the fourth quarter of fiscal 2014. This revenue growth exiting fiscal 2015 was due to continued shipments of the new XCode 6400, higher volumes of XConnex and non-recurring engineering (NRE) revenue. Revenues for the fiscal year ended January 31, 2015 totalled $38.4 million, a 26% or $8.0 million increase over fiscal 2014.
Gross margin for the fourth quarter of fiscal 2015 was 49.2%, which represents a 0.8% point margin increase from the previous quarter's level of 48.4%, and an 8.5% point increase from fourth quarter of fiscal 2014. This increase in margin in the fourth quarter of Fiscal 2015 was primarily due to higher NRE revenue and more integrated next generation products offset by lower margin products, such as XConnex. Gross margin for the fiscal year ended January 31, 2015 was 46.2%, which represents a 0.6% point decrease from the 46.8% level over the same period last year. Excluding the effects of amortization, support contracts, SDKs, non-recurring inventory and variances, product margin was 48.6%.
Total operating expenses for the fourth quarter of fiscal 2015 were flat compared to the previous quarter at $7.7 million. Research & Development (R&D) spending decreased by $0.6 million compared to the previous quarter to $4.0 million. Selling, general and administrative expenses for the fourth quarter increased by $0.6 million compared to the third quarter of fiscal 2015. Total operating expenses for fiscal 2015 increased by $1.6 million compared to the prior year. This increase was primarily due to continued product development related costs and non-cash related reductions in favourable government assistance adjustments and investment tax credits of $1.4 million.
IFRS Comprehensive loss for the fourth quarter of fiscal 2015 was ($3.8) million, or a loss of ($0.07) per share basic and ($0.07) per share diluted. This compares with comprehensive loss of ($2.9) million in the previous quarter, and a $3.9 million improvement from the ($7.6) million loss in the fourth quarter of fiscal 2014. The sequential change in comprehensive loss was mainly due to net $0.8 million in non-recurring provisions for certain financial assets. IFRS Comprehensive loss for fiscal 2015 decreased to ($15.6) million from ($32.6) million in fiscal 2014, a 52% improvement.
Non-IFRS net loss for the current quarter (as defined in the Non-IFRS Financial Measures section) totalled ($2.0) million, as compared to a ($2.2) million loss in the previous quarter. Non-IFRS net loss for the fiscal year ended January 31, 2015 totalled ($12.9) million, a $2.6 million improvement as compared to the ($15.4) million loss the previous year. This continued year-over-year decrease in non-IFRS net loss from operations reflects higher volumes, a better product mix, and cost efficiencies to our operations implemented in fiscal 2014 and early fiscal 2015.
ViXS finished the quarter with total cash and cash equivalents of $15.3 million, a $1.3 million sequential decrease, with no bank debt outstanding as of January 31, 2015.
For More Information
In conjunction with this announcement, ViXS management will be holding a conference call on Wednesday March 25, 2015, at 5:00 P.M. Eastern Time to discuss the Company's results for Q4 and annual fiscal 2015.
FISCAL 4Q15 AND ANNUAL CONFERENCE CALL DETAILS:
DATE:
Wednesday March 25, 2015
TIME:
5:00 P.M. EST
DIAL IN NUMBER:
Local / International: 416-850-9144
North American Toll: Free: 1-866-400-3310
REPLAY NUMBER:
Local / International: 416-915-1035
North American Toll: Free: 1-866-245-6755
Passcode: 203209
WEBCAST:
The webcast will be archived for 90 days
WEBSITE: To view the press release or any additional financial information, please visit the Investor Relations section of the ViXS website at:
SELECTED CONSOLIDATED FINANCIAL INFORMATION
The following table sets forth selected consolidated financial information derived from the Company's unaudited condensed consolidated interim financial statements for the three and twelve month periods ended January 31, 2015. The selected financial information was prepared in accordance with IFRS in a manner consistent with the Company's annual financial statements. The following information should be read in conjunction with these statements and the accompanying notes.
NON-IFRS FINANCIAL MEASURES
In addition to disclosing results in accordance with IFRS as issued by the International Accounting Standards Board ("IASB"), the Company also provides supplementary non-IFRS financial measures as a method of evaluating the Company's performance. These non-IFRS measures are disclosed as a supplement to financial results prepared in accordance with IFRS in order to provide a further understanding of ViXS' results of operations from management's perspective. In particular, ViXS uses non-IFRS measures to provide investors with supplemental measures of its operating performance and highlight trends in its core business that may not otherwise be readily apparent solely from IFRS measures. ViXS management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess ViXS' ability to meet its future capital expenditure and working capital requirements. ViXS believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
Non-IFRS net income (loss) is defined as total comprehensive income (loss) before share-based transaction expense, exchange difference related to translating foreign operations, unrealized currency gains/losses and non-recurring or one-time items such as: share offering costs, listing fees, convertible preferred share revaluation adjustment, fair value adjustment on warrant liability and provision for repayable government assistance. Non-IFRS net income (loss) does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Non-IFRS net income (loss) from operations should not be considered in isolation or as a substitute for comprehensive income (loss) prepared in accordance with IFRS.
ViXS has provided a comparison of comprehensive income (loss) to non-IFRS net loss in the following table:
FORWARD LOOKING STATEMENTS
Statements in this press release that are not historical facts constitute "forward-looking statements" within the meaning of applicable securities laws. Such statements include, but are not limited to: statements regarding ViXS' projected revenues, gross margins, earnings, growth rates, the impact of new product design wins, market penetration and product plans. The use of terms such as "may", "anticipated", "expected", "projected", "targeting", "estimate", "intend" and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause ViXS' actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements.
Factors that could cause results or events to differ materially from current expectations express or implied by forward looking statements continued herein include, but are not limited to, our history of losses and the risks associated with not achieving or sustaining profitability; the Company's dependence on a limited number of customers for a substantial portion of revenues; fluctuating revenue and expense levels arising from changes in customer demand, sales cycles, product mix, average selling prices, manufacturing costs and timing of product introductions; risks associated with competing against larger and more established companies; competitive risks and pressures from further consoldiation amongst competitors, customers, and suppliers; market share risks and timing of revenue recognition associated with product transitions; risks associated with changing industry standards such as HEVC (High Efficiency Video Codec), risks related to intellectual property, including third party licensing or patent infringement claims; risks associated with adverse economic conditions in Asia; our dependence on a limited number of supply chain partners for the manufacture of our products; and other factors discussed in the "Risk Factors" section of ViXS Systems Inc.'s Annual Information Form dated May 7, 2014, a copy of which is available on SEDAR at . All forward-looking statements are qualified in their entirety by this cautionary statement, except as may be required by applicable securities laws. ViXS is providing this information as of the current date and does not undertake any obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
About ViXS Systems Inc.
ViXS is the pioneer and market leader in designing revolutionary media processing semiconductor solutions for video over IP streaming solutions, with over 503 patents issued and pending worldwide, numerous industry awards for innovation and over 30 million media processors shipped to date. ViXS is driving the transition to Ultra HD 4K across the entire content value chain by providing professional and consumer grade chipsets that support the new High Efficiency Video Coding (HEVC) standard up to Main 12 Profile, reducing bandwidth consumption by 50% while providing the depth of color and image clarity needed to take advantage of higher-resolution content. ViXS' XCodePro 300 family is ideal for Ultra HD 4K infrastructure equipment, and the XCode 6000 family of system-on-chip (SoC) products achieve unprecedented levels of integration that enable manufacturers to create cost-effective consumer entertainment devices.
ViXS is headquartered in Toronto, Canada with offices in Europe, Asia and North America. VIXS™, the ViXS® logo, XCode®, XCodePro™, XConnex™ and Xtensiv™ are trademarks and/or registered trademarks of ViXS. Other trademarks are the property of their respective owners. For more information on ViXS, visit our website: .
Contacts:
Charlie Glavin
ViXS Systems Inc.
T: +1 416 646-2000
Nicole Marchand
Investor Relations, Consultant
T: +1 416 646-2000 ext. 3
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Datum: 26.03.2015 - 02:05 Uhr
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