- Total revenues grew 77% to
$10.9 million compared to the second quarter of last year- System sales revenues increased 99% to
$8.7 million - Rights for use, rental and maintenance revenues grew 21% to
$2.1 million
- System sales revenues increased 99% to
- Adjusted EBITDA* was
$1.1 million - Net profit was
$0.4 million
“We are proud of the record quarterly revenue we achieved in the second quarter,” said
“While our financial results for the first two quarters have us on track to surpass our fiscal 2023 numbers, we do expect a softer second half to fiscal 2024 – due in part to the work stoppages this year in
(Amounts are in thousands of Canadian dollars)
Three-month periods ended | Six-month periods ended | |||
2023 | 2022 | 2023 | 2022 | |
Total revenues | 10,852 | 6,142 | 21,343 | 13,255 |
Rights for use, rental and maintenance revenues | 2,144 | 1,771 | 5,155 | 4,563 |
System sales revenues | 8,708 | 4,371 | 16,188 | 8,692 |
Gross profit excluding amortization* | 5,168 | 3,295 | 10,788 | 7,586 |
Net profit (loss) | 402 | (743) | 898 | (714) |
Adjusted EBITDA* | 1,092 | 38 | 2,348 | 643 |
As at | As at | |||
Cash and cash equivalents | 2,877 | 3,116 |
*See the Non-IFRS Financial Performance Measures section in this news release for more information.
SECOND QUARTER OVERVIEW
Second quarter revenues increased 77% to
Systems sales revenue increased 99% to
Rights for use, rental and maintenance revenues increased 21% to
Gross profit excluding amortization increased to
Operating expenses for the quarter were
Net profit for the quarter was
At quarter-end, D-BOX had a cash position and undrawn credit facilities totaling
NOTICE OF INVESTOR VIDEO PRESENTATION
Management of D-BOX will be publishing a video presentation to investors on the Corporation’s website at https://www.d-box.com/en/investor-relations on
ADDITIONAL INFORMATION REGARDING THE SECOND QUARTER ENDED
The financial information relating to the second quarter ended
NON-IFRS FINANCIAL PERFORMANCE MEASURES*
D-BOX uses three non-IFRS financial performance measures in its MD&A and other communications. The non-IFRS measures do not have any standardized meaning prescribed by IFRS and are unlikely to be comparable to similarly titled measures reported by other companies. Investors are cautioned that the disclosure of these metrics is meant to add to, and not to replace, the discussion of financial results determined in accordance with IFRS. Management uses both IFRS and non-IFRS measures when planning, monitoring and evaluating the Corporation’s performance. The non-IFRS performance measures are described as follows:
1) | EBITDA represents earnings before interest and financing, income taxes and depreciation and amortization. Adjustments to EBITDA are for items that are not necessarily reflective of the Corporation’s underlying operating performance. As there is no generally accepted method of calculating EBITDA, this measure is not necessarily comparable to similarly titled measures reported by other issuers. Adjusted EBITDA provides useful and complementary information, which can be used, in particular, to assess profitability and cash flows from operations. The following table reconciles adjusted EBITDA to profit (loss): |
(Amounts are in thousands of Canadian dollars)
Three-month periods ended | Six-month periods ended | |||
2023 | 2022 | 2023 | 2022 | |
Net profit (loss) | 402 | (743) | 898 | (714) |
Amortization of property and equipment | 307 | 313 | 562 | 561 |
Amortization of intangible assets | 193 | 257 | 384 | 487 |
Financial expenses | 175 | 150 | 341 | 256 |
Foreign exchange (gain) loss | (10) | 233 | 122 | 95 |
Gain (loss) on disposal of assets | (1) | (5) | (1) | (5) |
Impairment (reversal) | — | (223) | — | (223) |
Income taxes (recovery) | 9 | 11 | 9 | 18 |
Share-based payments | 17 | 45 | 33 | 168 |
Adjusted EBITDA | 1,092 | 38 | 2,348 | 643 |
ABOUT D-BOX
D-BOX creates and redefines realistic, immersive entertainment experiences by moving the body and sparking the imagination through effects: motion, vibration and texture. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, music, relaxation, virtual reality applications, metaverse experience, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this press release may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, business outlook, and financial performance and condition of the Corporation, or the assumptions underlying any of the foregoing. In this document, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on several assumptions which give rise to the possibility that actual results could differ materially from the Corporation’s expectations expressed in or implied by such forward-looking information and no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including but not limited to the future plans, activities, objectives, operations, strategy, business outlook and financial performance and condition of the Corporation.
Forward-looking information is provided in this press release for the purpose of giving information about Management’s current expectations and plans and allowing investors and others to get a better understanding of the Corporation’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information for any other purpose.
Forward-looking information provided in this document is based on information available at the date hereof and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control.
The risks, uncertainties and assumptions that could cause actual results to differ materially from the Corporation’s expectations expressed in or implied by the forward-looking information include, but are not limited to, the ability to increase royalty-based revenue and generate profitable growth. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking information are discussed under “Risk Factors” in the Corporation’s annual information form for the fiscal year ended
Except as may be required by Canadian securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events, circumstances or otherwise.
The Corporation cautions readers that the risks described above are not the only ones that could have an impact on it. Additional risks and uncertainties not currently known to the Corporation or that the Corporation currently deems to be immaterial may also have a material adverse effect on the Corporation’s business, financial condition or results of operations.
CONTACT INFORMATION
Chief Financial Officer 450-999-3216 dmontpetit@d-box.com | Vice President Investor Relations 416-500-8061 investors@d-box.com |
Source:
2023 GlobeNewswire, Inc., source