Espial Reports 2013 Second Quarter Results
Espial Reports 2013 Second Quarter Results
OTTAWA, Aug. 1, 2013 /CNW/ 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 month period ended June 30, 2013.
Q2 Espial Highlights
Pace the world's largest set-top box manufacturer and Espial signed co-selling and marketing agreement to jointly deliver an advanced RDK & HTML5 based set-top box solution integrating Espial's STB client software with Pace set-top boxes.
Cisco showcased Espial's multi-screen applications integrated with Cisco RDK-based set-top boxes at the Cable Show in Washington, DC.
Completed Espial TV Browser integration with 2 new Smart TV manufacturers that will begin shipments later this year.
Espial was recognized for its leadership in HbbTV, and elected as marketing co-chair to the HbbTV, a leading global standards organization.
Harvard, a leading UK-based consumer electronics company, started shipping set-top boxes powered by the Espial STB Client under their Goodmans and View21 brands.
Espial continues to gain recognition in delivering advanced HTML5 user experiences on set-top boxes and Smart TVs. We are building this leadership position with our high performance HTML5 clients and intelligent cloud solutions, new partnerships and customer deployments. said Jaison Dolvane, CEO, Espial. Globally, the majority of the service providers and Smart TV manufacturers are looking to adopt intelligent cloud and HTML5 technologies as essential components in their next generation TV platforms. We are well positioned to capitalize on this trend. In Europe, we continue to experience lower expansion revenues from our current telecom operator customers due to the overall economy; however cable operators in that region are beginning to show positive signs of investing in next generation IP services.
Financial Summary
For the three-month period ended June 30, 2013, the Company reported revenues of $2.3 million compared with revenues of $3.8 million for the three months ended June 30, 2012. Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) for the second quarter of fiscal 2013 was a loss of $1.5 million compared with earnings of $0.2 million in the second quarter of fiscal 2012. Net loss for the quarter was $2.1 million or $0.15 per share, compared with a net loss of $0.3 millionlast year, or $0.02 per share.
Year over year, we experienced a significant decrease in our European revenue said Carl Smith, Chief Financial Officer. Our European revenue for this quarter decreased to $1.0 million from $2.4 million last year due primarily to slower roll-outs from existing customers. Our customers have indicated this is a temporary situation and is a result of constrained capital budgets due to the economy. Europenotwithstanding, we are seeing increased activity in North America and Asia. We are also seeing increased royalties from Smart TV shipments and expect this to continue to grow into 2014 .
Q2 Financial Results
Revenue for the second quarter of fiscal 2013 was $2,279,506 compared with revenues of $3,842,525 in the same period a year ago. Second quarter software license and royalty revenues were $949,471 compared with software license and royalty revenues of $2,186,765 in the second quarter of fiscal 2012. Professional services revenue for the second quarters of 2013 and 2012 were $254,777 and $742,191 respectively. Maintenance and support revenues for the second quarter were $1,075,258 compared with $913,569 last year.
Gross margin for the second quarter of fiscal 2013 was 75 percent compared with 79 percent in the second quarter of fiscal 2012.
Operating expenses for the second quarter of fiscal 2013 were $3,738,296 compared with $3,154,572 in the second quarter of fiscal 2012.
Earnings for the second quarter of fiscal 2013 before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (EBITDA) was a loss of $1,539,481 compared with earnings of $233,646 in the second quarter of fiscal 2012.
Net loss in the second quarter was $2,132,914 compared with a loss of $296,533 last year.
Cash and cash equivalents on June 30, 2013, was $3,602,648.
A complete set of financial statements and management's discussion and analysis for the period ended June 30, 2013 will be available at http://www.sedar.com.
Conference Call
The Company will be hosting a conference call to discuss the Q2 2013 financial results on August 1, 2013 at5:00 p.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 September 2, 2013, at the following numbers and passcode:
Toll line: 1 416-764-8677, Passcode: 275817
Toll-free line: 1-888-390-0541, Passcode: 275817
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Espial Reports 2013 Second Quarter Results 
