Espial Reports 2016 Third Quarter Results
Ottawa, Ontario - Nov 1, 2016 Transforming the viewing [ ]
Ottawa, Ontario - Nov 1, 2016 Transforming the viewing experience worldwide, Espial Group Inc. ( Espial or the Company ), (TSX:ESP), today announced its third quarter financial results for the three and nine month periods ended September 30, 2016.
Espial Q3 Highlights
Third quarter revenue of $6.0 million and adjusted EBITDA loss including acquisition related transaction costs was $1.9 million.
Completed the acquisition of Whole Home Solution Platform from ARRIS. With this acquisition, Espial gained an addressable subscriber base with millions of subscribers, a cloud hosted video service platform, and a talented engineering and operations team.
ARRIS, a multi-billion dollar manufacturer of set-top boxes and global leader in entertainment and communications technology, entered into a Software License and Distribution Agreement to resell and integrate Espial's product portfolio to service providers worldwide.
Introduced Espial Elevate cloud-hosted video solution and announced 3 new customers for this solution. Espial Elevate enhances the Whole Home Solution with Espial's G4 UX and IP Back Office solution to enable service providers to offer new, innovative IP video services.
Showcased Espial's proven RDK-based G4 Client solution, User Experience and back office solutions at IBC in Amsterdam and SCTE in Philadelphia.
Initiated a Normal Course Issuer Bid.
In Q3, we continued to roll-out NOS's next generation UMA TV service to positive reviews in Portugal. We've also entered the final stretch of working towards a commercial launch for Tele Columbus in Germany with our products. Our success with these customers is positively impacting our sales pipeline with service providers looking to adopt RDK based solutions. said Jaison Dolvane, CEO Espial. Our acquisition of the WHS Platform from ARRIS expands our immediate addressable subscriber base and increases our scale in revenue, customers and engineering talent. We also signed a licensing and distribution agreement with ARRIS which scales distribution, integration and deployment of Espial solutions to video service providers globally. Our execution on these and other milestones in Q3 positions us well as service providers seek competitive advantage by introducing new IP video services with immersive user experiences.
Financial Summary
For the three-month period ended September 30, 2016, the Company is reporting revenue of $6.0 million compared with revenue of $8.7 million for the three months ended September 30, 2015. Adjusted EBITDA loss, which includes $0.3 million of acquisition related transaction costs, for the third quarter of fiscal 2016 was $1.9 million compared to income of $2.3 million for the third quarter of fiscal 2015. Cash on September 30, 2016, was $44 million.
Q3 Financial Results
Third quarter revenues were $6,018,117 compared with revenues of $8,709,354 in the same period a year ago. Third quarter software license and royalty revenues were $3,448,616 compared to $5,217,518 in the third quarter of fiscal 2015. Professional services for the third quarters of 2016 and 2015 were $1,069,103 and $2,146,008 respectively. Maintenance and support revenues for the third quarter were $1,500,398 compared to $1,345,828 last year.
European revenues were $3,303,384 in the third quarter of 2016 compared to $2,318,270 in 2015. Asia revenues were $580,017 in the third quarter of 2016 compared to $694,704 in 2015. North American revenues were $2,134,716 in the third quarter of 2016 compared to $5,696,380 in 2015.
Gross margin for the third quarters of fiscal 2016 and 2015 was 71% and 77% respectively.
Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (adjusted EBITDA) for the third quarter of fiscal 2016 was a loss of $1,885,253 compared to income of $2,333,472 in fiscal 2015.
Net loss, which includes non-cash items like depreciation, goodwill and intangibles, in the third quarter was $2,435,969 compared to net income of $2,203,314 last year.
Cash and cash equivalents on September 30, 2016, was $44,301,376
A complete set of financial statements and management's discussion and analysis for the quarter ended September 30, 2016 will be available at http://www.sedar.com.
Conference Call
The Company will be hosting a conference call to discuss the Q3 2016 financial results on November 1, 2016 at 5:00PM EDT and the phone number to join the results discussion is:
Toll Free line (Canada/US) 866-521-4909
Toll line (International/Local) 647-427-2311
The playback for the call will be available two hours after the call's completion and will be available until 11:59pm ET on December 1, 2016, at the following numbers and passcode:
Toll-free line: +1-855-859-2056 or +1-404-537-3406, Passcode: 7808819.
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Espial Reports 2016 Third Quarter Results 
