PALO ALTO, CALIFORNIA and TORONTO, ONTARIO — (Marketwired) — 01/12/15 — Spectra7 Microsystems Inc. (TSX VENTURE: SEV) (“Spectra7” or the “Company”) today announced preliminary record revenue of $1.88 million for the three month period ended December 31, 2014, an increase of 88% over the same period in 2013. The Company also announced preliminary record annual revenue of $5.5 million for the year ended December 31, 2014, an increase of 84% over the previous year. This marks a record annual revenue level for the Company and the third consecutive quarter the Company has delivered sequential record quarterly revenue growth. Gross margins for the year are expected to be approximately 74%, compared to 65% in the previous year.
Audited financial statements for the year are expected to be released in April 2015. The information contained herein may change based on final results. Unless otherwise indicated, all amounts in this release are expressed in US dollars.
During the quarter, the Company also received approximately CAD$5.2 million from the exercise of warrants from the Company–s 2013 and 2014 equity financings. These proceeds resulted in additional new working capital that substantially enhanced the Company–s ability to further accelerate product development and delivery.
The Company has also announced the promotion of Charito Alcantara to Vice President of Operations and Channel Management. Ms. Alcantara was previously Senior Director of Retail and Channel Operations. She holds a Bachelor–s Degree in Business from the University of Santo Tomas and brings to the Company over 15 years of Consumer Electronics Operations and Channel Experience from her tenure at Fry–s Electronics, CompUSA and Monster. Ms. Alcantara replaces Melissa Chee, the Company–s outgoing Vice President, Product Management and Corporate Marketing, who will be leaving the Company to pursue other interests following a brief transition period.
“Spectra7–s record revenue for the third consecutive quarter and strong gross margins reflect the unique value of the Company–s products, technology and business model in expanding high growth market segments including Virtual Reality, Wearable Computing and Consumer Interconnects,” said Tony Stelliga, CEO of Spectra7. “Our team has executed well and I am pleased to have the opportunity to promote Charito as our newest Vice President.”
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance consumer connectivity company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading consumer electronics manufacturers in Virtual Reality, Wearable Computing and Ultra-HD 4K/8K Displays. Spectra7 is based in Palo Alto, California and Markham, Ontario with a Design Center in Cork, Ireland. For more information, please visit .
CAUTIONARY NOTES
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company–s future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements and assumptions are not historical facts but instead represent only the Company–s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Additional factors that could cause actual results, performance and achievements to differ materially include, but are not limited to, the risk factors discussed in the Company–s annual MD&A for the year ended December 31, 2013. Actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
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.
Contacts:
Spectra7 Microsystems Inc.
Sean Peasgood
Investor Relations
416.565.2805
Spectra7 Microsystems Inc.
Tony Stelliga
Chief Executive Officer
650.752.6957
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