Espial Reports 2015 First Quarter Results
Ottawa, Ontario - May 7, 2015 - 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, 2015
Espial Reports 2015 First Quarter Results Espial Q1 Highlights
Record quarterly revenue of $5.4 million.
Adjusted EBITDA income of $0.8 million.
In January, announced a major European cable operator chose Espial's G4 Client software and integration services to deliver their next-gen RDK based 4K DVB set-top box platform and user experience.
In March, announced a second major European cable operator selected Espial's end-to-end RDK solution, including Espial's G4 Client software for DVB/IP set-top boxes, user experience, and Espial's back-office service management platform.
Jeff Huppertz joined Espial's management team as VP Marketing and Business Development
In April, Mike Hayashi, former Time Warner Cable Executive Vice President, joined Espial's board of directors.
On May 6, 2015 closed a $35 million bought deal financing.
Espial had a strong start to 2015, signing two major European cable operator contracts to provide our flagship G4 Client software and integration services, said Jaison Dolvane, CEO, Espial. We are seeing growing interest in RDK from the worldwide operator community and continue to strengthen our pipeline. I'm also excited to have Jeff Huppertz join our management team and Mike Hayashi join the Espial Board of Directors. These are great additions to our team and I look forward to working together to execute on the opportunity ahead of us
Financial Summary
For the three-month period ended March 31, 2015, the Company is reporting revenue of $5.4 million compared with revenue of $5.0 million for the three months ended March 31, 2014. Adjusted EBITDA income for the first quarter of fiscal 2015 was $0.8 million compared to $1.3 million for the first quarter of fiscal 2014. Net income for the quarter was $0.4 million, compared with net income of $1.0 million last year. Adjusted net income for the first quarter was $0.8 million compared to adjusted net income of $1.2 million last year.
Q1 Financial Results
First quarter revenues were $5,415,877 compared with revenues of $4,974,824 in the same period a year ago. First quarter software license and royalty revenues were $2,413,027 compared to $3,427,351 in the first quarter of fiscal 2014. Professional services for the first quarters of 2015 and 2014 were $1,872,706 and $360,394 respectively. Maintenance and support revenues for the first quarter were $1,130,144 compared to $1,187,079 last year.
North American revenues were $1,341,519 in the first quarter of 2015 compared to $1,859,999 in 2014. Asia revenues were $1,161,278 in the first quarter of 2015 compared to $1,014,449 in 2014. European revenues were $2,913,080 in the first quarter of 2015 compared to $2,100,376 in 2014.
Gross margin for the first quarter of fiscal 2015 was 78% compared with 85% in the first quarter of fiscal 2014.
Operating expenses in the first quarter of fiscal 2015 were $3,990,618 compared to $3,149,106 in the first quarter of fiscal 2014.
Earnings before interest, foreign exchange, taxes, stock compensation, depreciation and amortization (adjusted EBITDA) for the first quarter of fiscal 2015 was income of $785,998 compared to income of $1,305,819 in fiscal 2014.
Net income, which includes non-cash items like depreciation, goodwill and intangibles, in the first quarter was $359,225 compared to net income of $1,028,574 last year.
Cash, restricted cash and cash equivalents on March 31, 2015, was $17,729,748
A complete set of financial statements and management's discussion and analysis for the quarter ended March 31, 2015 will be available at http://www.sedar.com.
Conference Call
The Company will be hosting a conference call to discuss the Q1 2015 financial results on May 8, 2015 at 10:00AM 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 9, 2015, at the following numbers and passcode:
Toll-free line: +1-855-859-2056 or +1-404-537-3406, Passcode: 41436385.
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Espial Reports 2015 First Quarter Results 
