Espial Reports 2016 First Quarter Results
Ottawa, Ontario - May 4, 2016 - Transforming the viewing experience worldwide, Espial Group Inc. (Espial or the Company), (TSX:ESP), today announced its first quarter financial results for the three month period ended March 31, 2016.
Espial Q1 Highlights
First quarter revenue of $5.3 million and adjusted EBITDA loss of $1.2 million.
North American cable operator customer began rolling out their 4K Ultra High Definition set-top boxes together with market leading content offerings for 4K sports and entertainment.
Tele Columbus, a leading German cable operator, announced very positive consumer ratings and termed the field trial of their new Advanced TV video service as an unqualified success .
Our second European cable operator customer concluded advanced field trials and are now in a training phase to prepare their call center, retail and field tech staff for a commercial launch.
Strengthened our integration and solution delivery capabilities, growing our Espial EliteTM Professional Services Team
In Q1, we made major strides toward commercial deployment of our operator customers through real-world trials with their next generation video services, said Jaison Dolvane, CEO, Espial. Our priorities are focused on these operators to ensure they roll out successfully. We have a good pipeline of new prospects, and these deployment milestones provide a solid foundation to build additional customer wins. In addition, we continue to invest in our solution delivery capabilities and R&D to innovate on user experience and cloud software solutions that enable our customers to achieve competitive advantage.
Financial Summary
For the three-month period ended March 31, 2016, the Company is reporting revenue of $5.3 million compared with revenue of $5.4 million for the three months ended March 31, 2015. Adjusted EBITDA loss for the first quarter of fiscal 2016 was $1.2 million compared to income of $0.8 million for the first quarter of fiscal 2015. Cash on March 31, 2016, was $48.5 million.
Q1 Financial Results
First quarter revenues were $5,323,982 compared with revenues of $5,415,877 in the same period a year ago. First quarter software license and royalty revenues were $2,440,739 compared to $2,413,027 in the first quarter of fiscal 2015. Professional services for the first quarters of 2016 and 2015 were $1,672,025 and $1,872,706 respectively. Maintenance and support revenues for the first quarter were $1,211,218 compared to $1,130,144 last year.
European revenues were $3,407,180 in the first quarter of 2016 compared to $2,913,080 in 2015. Asia revenues were $1,113,020 in the first quarter of 2016 compared to $1,161,278 in 2015. North American revenues were $803,782 in the first quarter of 2016 compared to $1,341,519 in 2015.
Gross margin for the first quarter of fiscal 2016 was 64% compared with 78% in the first quarter of fiscal 2015.
Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (adjusted EBITDA) for the first quarter of fiscal 2016 was a loss of $1,166,501compared to income of $785,998 in fiscal 2015.
Net loss, which includes non-cash items like depreciation, goodwill and intangibles, in the first quarter was $1,967,532 compared to net income of $359,225 last year.
Cash and cash equivalents on March 31, 2016, was $48,514,160
A complete set of financial statements and management's discussion and analysis for the quarter ended March 31, 2016 will be available at http://www.sedar.com.
Conference Call
The Company will be hosting a conference call to discuss the Q1 2016 financial results on May 4, 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 June 4, 2016, at the following numbers and passcode:
Toll-free line: +1-855-859-2056 or +1-404-537-3406, Passcode: 1775691.
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Espial Reports 2016 First Quarter Results 
