Espial Reports Fourth Quarter Results
Ottawa, Ontario - February 26, 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 fourth quarter and fiscal year financial results for the three and twelve month periods ended December 31, 2013.
Ottawa, Ontario - February 26, 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 fourth quarter and fiscal year financial results for the three and twelve month periods ended December 31, 2013.
Espial Q4 Highlights
Announced a major Tier 1 North American cable operator win for Espial's RDK and HTML5 user experience (UX) solutions.
Launched new on demand-services with Telenor owned Canal Digital Kabel, Norway's largest cable operator.
Announced a reseller deal for the Espial TV Browser with a leading, global Smart TV chipset manufacturer who started shipments with 2 new major Smart TV consumer electronic brands.
Q4 revenue increased 44% to $3.9 million from $2.7 million last year.
Q4 EBITDA increased to income of $0.6 million from a loss of $0.9 million last year.
We had a strong Q4 and a good finish to 2013. In 2013, we continued to invest in innovating around our RDK software and HTML5 user experience solutions said Jaison Dolvane, CEO, Espial. We announced a major cable operator win in Q4 2013 and continued to grab the attention of some of the world's largest cable operators with our sales and marketing efforts. Cable operators need open, cloud-based service platforms, using HTML5, to enable rapid service innovation and compete effectively against new, more nimble Internet competitors. As we move into 2014, we do so with a strong product portfolio, continued R&D innovation and a solid sales pipeline.
Fourth Quarter Financial Summary
For the three-month period ended December 31, 2013, the Company reported revenues of $3.9 million compared to revenues of $2.7 million for the three months ended December 31, 2012. Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) for the fourth quarter of fiscal 2013 was income of $0.6 million, compared to a loss of $0.9 million in the fourth quarter of fiscal 2012. Net income, which includes non-cash items like depreciation, stock compensation and amortization of intangibles, for the quarter was $0.1 million or $0.01 per share, compared to a net loss of $1.3 million last year, or $0.09 per share.
Q4 Financial Results
Fourth quarter revenues were $3,902,541 compared with revenues of $2,716,779 in the same period a year ago. Fourth quarter software license and royalty revenues were $2,482,863 compared to $1,517,179 in the fourth quarter of fiscal 2012. Professional services for the fourth quarters of 2013 and 2012 were $328,477 and $221,607 respectively. Maintenance and support revenues for the fourth quarter were $1,091,201 compared to $977,992 last year.
North American revenues were $1,717,493 in the fourth quarter of 2013 compared to $838,661 in 2012. . Asia revenues were $892,517 in the fourth quarter of 2013 compared to $563,747 in 2012. European revenues were $1,292,531 in the fourth quarter of 2013 compared to $1,314,391 in 2012
Gross margin for the fourth quarter of fiscal 2013 was 81% compared with 71% in the fourth quarter of fiscal 2012.
Operating expenses in the fourth quarter of fiscal 2013 were $2,845,056 compared to $3,211,461 in the fourth quarter of fiscal 2012.
Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) for the fourth quarter of fiscal 2013 was income of $576,690 compared to a loss of $910,636 in fiscal 2012.
Net income, which includes non-cash items like depreciation, goodwill and intangibles, in the fourth quarter was $148,944 compared to a loss of $1,273,082 last year.
Fiscal 2013 Financial Results
Total revenues for the fiscal year ended December 31, 2013 were $12,549,412 compared with revenues of $13,280,518, in the same period a year ago. Software license and royalty revenues for the 2013 fiscal year were $7,031,332 compared to $7,536,633 in fiscal 2012. Professional services for the fiscal years of 2013 and 2012 were $1,315,749 and $2,201,640 respectively. Maintenance and support revenues for the fiscal year ended December 31, 2013 were $4,202,331 compared to $3,542,244 last year.
North American revenues were $4,262,957 in the 2013 fiscal year compared to $2,833,563 in 2012. Asia revenues were $4,125,156 in the 2013 fiscal year compared to $2,524,494 in 2012. European revenues were $4,161,299 in the 2013 fiscal year compared to $7,922,460 in 2012.
Gross margin for the 2013 fiscal year was 82% compared with 78% in fiscal 2012.
Operating expenses for the 2013 fiscal year were $14,668,472 compared to $12,539,180 in fiscal 2012. Included in the fiscal 2013 year operating expenses is a restructuring charge and integrations costs related to the acquisition of ANT
Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) for the fiscal year ended December 31, 2013 was a loss of $2,960,261 compared to a loss of $747,962 in fiscal 2012..
Net loss in the 2013 fiscal year was $5,529,425 compared to a loss of $2,707,139 in 2012.
Cash, restricted cash and cash equivalents on December 31, 2013, was $7,407,093.
A complete set of financial statements and management's discussion and analysis for the period ended December 31, 2013, will be available at http://www.sedar.com.
Conference Call
The Company will be hosting a conference call to discuss the Q4 and fiscal year 2013 financial results on February 27, 2014 at 10:00 a.m. Eastern Time (ET). The phone number to join the results discussion is
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Espial Reports Fourth Quarter Results 
