Espial Reports 2014 Second Quarter Results
Ottawa, Ontario - July 22, 2014 - Espial Group Inc. (Espial or the Company), (TSX:ESP), a leader in the delivery of on-demand TV software and services, today announced its second quarter financial results for the three and six month periods ended June 30, 2014.
Espial Reports 2014 Second Quarter Results
Ottawa, Ontario - July 22, 2014 Espial Group Inc. ( Espial or the Company ), (TSX:ESP), a leader in the delivery of on-demand TV software and services, today announced its second quarter financial results for the three and six month periods ended June 30, 2014.
Espial Q2 Highlights
Q2 revenue increased 107% to $4.7 million from $2.3 million last year.
Q2 EBITDA income increased to $0.6 million compared to a loss of $1.5 million last year.
For the six months ended June 30, 2014 revenue increased 101% to $9.7 million, from $4.8 million last year.
For the six months ended June 30, 2014, EBITDA income increased to $1.9 million compared to a loss of $3.9 million last year.
Announced a joint RDK solution with Samsung Electronics to provide a home entertainment HTML5 user experience, combining Samsung's IP set-top box and home media gateway with the Espial STB Client.
Selected by a global top 5 TV manufacturer to power its next generation smart TVs.
Completed a $10 million equity offering.
Q2 was another strong quarter for us and we are pleased with our growth. We believe our progress is a result of our commitment and focus to deliver world-class products based on open technologies. In Q2, we saw growing momentum for open platforms like ours that are based on RDK and HTML5 that allow TV service providers to rapidly introduce innovative services and rich user experiences. We recently announced a partnership with Samsung to provide a joint RDK and HTML5 solution on Samsung set-top-boxes , said Jaison Dolvane, CEO, Espial. Samsung is a major consumer TV brand and this partnership reinforces Espial's leadership as RDK continues to gain momentum. During the quarter, we also continued to make progress with major operators globally who are undertaking RDK evaluation projects with us. On the Smart TV front, we secured a top five TV manufacturer win and further expanded our footprint in an existing customer to increase use of Espial software across a broader range of TV models.
Financial Summary
For the three-month period ended June 30, 2014, the Company reported revenue of $4.7 million compared with revenue of $2.3 million for the three months ended June 30, 2013. Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) for the second quarter of fiscal 2014 was income of $0.6 million compared to a loss of $1.5 million in the second quarter of fiscal 2013. Net income for the quarter was $0.1 million or $0.00 per share, compared with a net loss of $2.1 million last year, or $0.15 per share.
Q2 Financial Results
Revenue for the second quarter of fiscal 2014 was $4,712,514 compared with revenue of $2,279,506 in the same period a year ago. Second quarter software license revenue was $1,109,268 compared with software license revenue of $949,471 in the second quarter of fiscal 2013. Professional services revenue for the second quarters of 2014 and 2013 were $2,411,387 and $254,777 respectively. Maintenance and support revenue for the second quarter was $1,191,859 compared with $1,075,258 last year.
North American revenue was $2,371,417 in the second quarter of fiscal 2014 compared to $812,923 in 2013. Asia revenue was $1,113,030 in the second quarter of 2014 compared to $463,787 in 2013. European revenue was $1,228,067 in the second quarter of 2014 compared to $1,002,796 in 2013
Gross margin for the second quarter of fiscal 2014 was 72 percent compared with 78 percent in the second quarter of fiscal 2013.
Operating expenses for the second quarter of fiscal 2014 were $3,157,315 compared with $3,738,296 in the second quarter of fiscal 2013.
Earnings for the second quarter of fiscal 2014 before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) was income of $601,952 compared to a loss of $1,480,644 in the second quarter of fiscal 2013.
Net income in the second quarter was $90,571 compared with a loss of $2,132,914 last year.
Cash and cash equivalents on June 30, 2014, was $14,427,985.
A complete set of financial statements and management's discussion and analysis for the period ended June 30, 2014 will be available at http://www.sedar.com.
Conference Call
The Company will be hosting a conference call to discuss the Q2 2014 financial results on July 22, 2014 at 10:00 a.m. Eastern Time (ET). The phone number to join the results discussion is:
Toll free line (Canada/US) - 1 888-390-0605
Toll line (international/local) 1 416-764-8609
The playback for the call will be available until 11:59pm ET on August 23, 2014, at the following numbers and passcode:
Toll line: 1 416-764-8677, Passcode: 151923
Toll-free line: 1-888-390-0541, Passcode: 151923
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Espial Reports 2014 Second Quarter Results 
