BURLINGTON, ON / ACCESSWIRE / August 26, 2021 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its third quarter of 2021 ending June 30, 2021. All results are reported in Canadian dollars. A complete set of its June 30, 2021 Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
Summary financial highlights for the three-months ended June 30, 2021:
- Memex reported third quarter revenue of $767 thousand versus $554 thousand in the year-ago quarter, a 38% increase and a 13% decline from the prior quarter ending March 31, 2021;
- Third quarter bookingsi, totalled $425 thousand versus $471 thousand in the year-ago period, a 10% decrease;
- Finished the quarter with $763 thousand in project backlogii, down 39% from September 30, 2020;
- Gross margin was 78.0% for the period compared to 87.3% for the year-ago period;
- Cash generated from operations (before changes in non-cash items) of $146 thousand was a $120 thousand improvement from the $26 thousand in cash generated from operations in the same period a year ago;
- Income from operations for the period of $88 thousand was a $40 thousand improvement from the same period a year ago, and a $97 thousand decline from the prior quarter (Q2-2021);
- Net and comprehensive loss for the period of $43 thousand ($0.000 per share) was down from the $52 thousand ($0.000 per share) net and comprehensive income for the same period a year ago; and
- $757 thousand in working capital (excluding unearned revenue) at June 30, 2021 is very comparable to the $780 thousand working capital at September 30, 2020; cash on hand has improved to $748 thousand from $549 thousand at September 30, 2020.
Summary financial highlights for the nine-months ended June 30, 2021:
- $2.22 million in revenue for the nine-month period versus $1.75 million in the year-ago period (a 26% increase);
- Bookingsi totalled $1.77 million versus $1.88 million in the same period a year ago, a 6% decrease;
- Gross margin was 79.7% for the current year-to-date compared to 73.1% for the year-ago period;
- Cash generated from operations in the first three quarters of 2021 (before changes in non-cash items) of $255 thousand, was an $875 thousand improvement from the first nine months of fiscal 2020; and
- Net and comprehensive loss for the current year-to-date of $32 thousand ($0.000 per share), is a $706 thousand improvement from the $738 thousand loss ($0.0005 loss per share) for the same period a year ago.
Management commentary:
"Although bookings were down during the quarter, we were still able to deliver on our customer commitments to produce another profitable quarter from operations and to stay on track for our first-ever year of positive income from operations," said Memex CFO Ed Crymble. "Our quarter-ended cash position was the highest we've seen in the last two years after another cash-positive quarter, and we continue to see strong interest in MERLIN, as the U.S. economy grows."
Selected financial information:
For the | Three-months periods ended June 30 | Nine-months periods ended June 30 | ||||||||||||||
(Canadian dollars - in thousands except per share and margin%) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||
Revenue | $ | 767 | $ | 554 | + 38% | $ | 2,215 | $ | 1,752 | + 26% | ||||||
Bookingsi | $ | 425 | $ | 471 | - 10% | $ | 1,770 | $ | 1,879 | - 6% | ||||||
Gross margin % | 78.0% | 87.3% | - 11% | 79.7% | 73.1% | + 9% | ||||||||||
Operating expenses | $ | 510 | $ | 436 | + 17% | $ | 1,587 | $ | 1,917 | - 17% | ||||||
Cash provided (utilized) in operations1 | $ | 146 | $ | 26 | + 462% | $ | 256 | $ | ( 620) | + 133% | ||||||
Net & comprehensive income (loss) - period | $ | (43) | $ | 52 | - 183% | $ | (32) | $ | ( 738) | + 96% | ||||||
Basic & diluted income (loss)/share - period | $ | (0.000) | $ | 0.000 | ↔ 0% | $ | 0.000 | $ | ( 0.005) | + 96% | ||||||
- Before changes in non-cash working capital balances.
As at (Canadian dollars - in thousands except WC ratio) | June 30, 2021 | September 30, 2020 | ||||
Cash on hand | $ | 748 | $ | 549 | ||
Current assets | $ | 1,147 | $ | 1,140 | ||
Total assets | $ | 1,607 | $ | 1,692 | ||
Current liabilities | $ | 1,470 | $ | 1,407 | ||
Working capital* (excl. unearned rev) | $ | 757 | $ | 780 | ||
Working capital ratio** | 2.94 to 1 | 3.17 to 1 | ||||
Backlogii | $ | 763 | $ | 1,252 | ||
* Working Capital = current assets - current liabilities less unearned rev
** Working Capital ratio = current assets / current liabilities less unearned rev
About Memex Inc.
Established in 1992, Memex grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. Memex is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.
Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge's manufacturers face. We made it our mission to, "successfully transform factories of today into factories of the future." As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from "Shop-Floor-to-Top-Floor."
The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world-class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom-line financial performance. For more information, please visit: www.MemexOEE.com
For investor inquiries please contact:
Ed Crymble, Chief Financial Officer
905-635-1540
investor.relations@memexOEE.com
David McPhail, President & CEO
905-635-1540
investor.relations@memexOEE.com
Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
i & ii These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management's Discussion and Analysis for the periods ended June 30, 2021 and 2020, in the section "Other Financial Measures." That MD&A is available at www.sedar.com under our company profile.
SOURCE: Memex Inc.
View source version on accesswire.com:
https://www.accesswire.com/661421/Memex-Inc-Reports-Q3-2021-Results-On-track-for-Positive-Income-from-Operations-for-Fiscal-2021
