LEVIS, QUEBEC — (Marketwire) — 07/14/11 — DEQ Systems Corp. (TSX VENTURE: DEQ) (“DEQ” or the “Company”) announces today the filing of its second quarter financial results for the period ended May 31, 2011. The Consolidated Financial Statements are available on SEDAR () and DEQ-s website. A conference call will be held on Friday, July 15, 2011 at 11am EST to present and discuss these results. Those interested in participating should dial toll free 1 (800) 736-4594 or (416) 981-9000. A PowerPoint presentation will be available on DEQ-s website in the Invest/Financial Reports/PowerPoint section to support the call content.
2011 SECOND QUARTER RESULTS HIGHLIGHTS:
Financial Metrics
Operational Highlights
“We are pleased to announce that DEQ had a total of 183 new installations in Q2-2011, for a total of 324 for the six-month period (an increase of 144% and 130% respectively over 2010), making Q2 our strongest quarter in the history of the company in terms of new installations. This important increase in installations shows the growing interest in our products from customers all around the world”, stated Earle G. Hall, President and CEO of DEQ. “The positive results of all the efforts and investments in licensing that we have done are paying off by the significant increase in our direct leasing revenue which has grown by more than 80% compared to the same quarter last year. With regards to operating expenses, we have started to see the benefits of our reduction plan that was implemented in March 2011 and we are very happy with the cost control measures in place to ensure maximum shareholder value going forward.”
Note 1: Our royalties (excluding Severn Enterprises) decreased in Q2-2011, explained by Station Casinos- bankruptcy in 2010 and by the termination of Paltronics three-year agreement in the second quarter of 2010.
Note 2: On March 3, 2011, the Company entered into a settlement agreement with DEK International on the Severn Project and the royalty from Severn Enterprises was terminated as of February 28, 2011.
Note 3: We use EBITDA (Earnings before Stock option based compensation, Interest, Taxes, Depreciation, Amortization and Foreign exchange) as performance measurements in our financial disclosure. This measure is not recognized under generally accepted accounting principles. The reconciliations above demonstrate how we calculate such measurements from our financial statements.
Balance Sheet
ABOUT DEQ
DEQ Systems Corp. (TSXV: DEQ) is a global provider of gaming technology in over 30 countries. Protected by more than 20 patents in 50 countries, DEQ specializes in progressive and random bonusing systems for table games. DEQ-s innovation and ingenuity has been to replace the single dollar coin slot and sensor with its internationally award winning G3 technology. The G3 incorporates multiple credit betting, dealer hand betting and mystery bonusing. DEQ also commercializes technology and patents including the award winning baccarat revolution, EZ Baccarat and related auxiliary products such as EZ Trak. DEQ is and will continue to lead innovation in the table game bonusing segment of the global gaming market. For further information, please visit .
Forward-looking statements contained in this Press Release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
TSX Venture does not accept any responsibility regarding the accuracy of the information contained in this press release.
Contacts:
Earle G. Hall
President & CEO
DEQ Systems Corp.
(418) 839-3012
Francois Proulx
Chief Financial Officer
DEQ Systems Corp.
(418) 839-3012
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