Espial Reports 2016 Second Quarter Results
Ottawa, Ontario - Aug 3, 2016 - Transforming the viewing experience worldwide, Espial 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
Second quarter revenue of $4.5 million and adjusted EBITDA loss of $2.1 million, $45.7 million in cash.
NOS, Portugal's primary cable operator, launched a next-generation IP video service based on Espial's G4 Client, with system integration by Espial EliteTM professional services. It represents Europe's first deployment of the RDK 2.1 environment and features market leading capabilities including 4K resolution, advanced voice control, and viewer personalization.
Entered into an agreement with ARRIS to acquire their Whole Home Solution (WHS) platform, closing expected in the third quarter.
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
Second quarter revenues were $4,548,770 compared with revenues of $5,500,255 in the same period a year ago. Second quarter software license and royalty revenues were $2,499,924 compared to $1,709,951 in the second quarter of fiscal 2015. Professional services for the second quarters of 2016 and 2015 were $776,708 and $2,700,101 respectively. Maintenance and support revenues for the second quarter were $1,272,138 compared to $1,090,203 last year.
European revenues were $3,006,557 in the second quarter of 2016 compared to $3,393,826 in 2015. Asia revenues were $854,997 in the second quarter of 2016 compared to $528,631 in 2015. North American revenues were $687,216 in the second quarter of 2016 compared to $1,577,798 in 2015.
Gross margin for the second quarters of both fiscal 2016 and 2015 was 73%.
Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (adjusted EBITDA) for the second quarter of fiscal 2016 was a loss of $2,092,712 compared to income of $370,506 in fiscal 2015.
Net loss, which includes non-cash items like depreciation, goodwill and intangibles, in the second quarter was $2,945,976 compared to net loss of $277,835 last year.
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:
Toll Free line (Canada/US) 877-201-0168
Toll line (International/Local) 647-788-4901
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:
Toll-free line: +1-855-859-2056 or +1-404-537-3406, Passcode: 58777601.
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Espial Reports 2016 Second Quarter Results 
