D-BOX Technologies Inc. (TSX: DBO), a world leader in immersive entertainment experiences, today announced results for the fiscal year and fourth quarter ended March 31, 2020. All dollar amounts are expressed in Canadian currency.
Highlights for the Year Ended March 31, 2020
Compared with the year ended March 31, 2019:
- Revenues decreased from $34.2 million to $25.9 million.
- Recurring revenues decreased from $8.6 million to $7.3 million.
- Net loss went from $1.7 million to $6.3 million.
- Net loss for this year includes $1.4 million of restructuring costs to reflect the change of the organizational structure and $1.3 million of impairment charges.
- Adjusted EDITDA* decreased from $2.1 million to $0.6 million.
Highlights for the Fourth Quarter Ended March 31, 2020
Compared with the fourth quarter ended March 31, 2019:
- Revenues decreased from $8.3 million to $6.6 million.
- Recurring revenues decreased from $1.8 million to $1.3 million.
- Net loss went from $0.6 million to $3.1 million.
- Net loss for this quarter includes $0.4 million of restructuring costs and $1.3 million of impairment charges.
- Quarterly Adjusted EBITDA* amounted to $7 thousand compared with $0.3 million.
- On March 11, 2020, the World Health Organization declared coronavirus (“COVID-19) a global pandemic. Most governments have enacted emergency measures to combat the spread of the virus, including travel bans, mandatory closures of nonessential services and businesses and social distancing. These measures have caused material disruption to businesses worldwide resulting in economic uncertainty, supply chain disruption, change in consumer demand. At the present time, D-BOX cannot reliably provide an estimate of the duration or magnitude of the outbreak and its impact on the Corporation’s financial results.
- In the professional simulation segment, CM Labs, the leading vendor for simulation-based training in the construction industry with over 1,000 simulators in 30 countries, has developed a new simulator. This simulator, which integrates D-BOX’s motion technology, is adapted for the training of heavy equipment operators.
- In the themed entertainment, BRP Inc., a global leader in powersport vehicles and marine products, has developed a Ski-Doo simulator with D-BOX’s motion technology to replicate an immersive experience.
- In the theatrical segment, D-BOX expanded its footprint with the additions from Premiere Cinemas (USA), Traumpalast (Germany) and Golden Screen Cinemas (Malaysia).