ACCESS Newswire
23 Jan 2020, 17:49 GMT+10
BURLINGTON, ON / ACCESSWIRE / January 23, 2020 / Memex Inc. ('Memex' or the 'Company') (TSX-V: OEE), a global leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released its annual financial and operational highlights for its fiscal year ending September 30, 2019. All results are reported in Canadian dollars. A complete set of the Audited September 30, 2019 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
Summary financial highlights for the three-months ended September 30, 2019:
Summary financial highlights for the Year ended September 30, 2019:
Management commentary:
'The team at Memex executed our operational and financial plans exceedingly well in the fourth quarter and fiscal year of 2019,' said Memex CEO David McPhail. 'The Company posted several records and near record metrics and did so while consuming record low cash from operations in fiscal 2019. Bookings are up, giving us increased confidence that the MERLIN suite is resonating with the manufacturing industry. In fact, demonstrations of MERLIN's advanced analytics and agility are primary reasons for our record bookings, as these features address industry trends of streamlining production facility operations and increasing responsiveness to shifts in demand. We're pleased with our progress, and we look forward to continued execution in fiscal 2020.'
Selected financial information:
Three-months periods ended September 30 | Year ended September 30 | |||||||||||||||||||||||
(Canadian dollars - in thousands except per share and margin%) | 2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||||||
Revenue | 932 | 1,077 | - 13 | % | 3,251 | 2,853 | + 14 | % | ||||||||||||||||
Bookingsi | 503 | 421 | + 19 | % | 3,484 | 2,752 | + 27 | % | ||||||||||||||||
Gross margin % | 69.5 | 81.9 | + 15 | % | 70.9 | 69.9 | + 1 | % | ||||||||||||||||
Operating expenses | 740 | 939 | - 21 | % | 3,260 | 4,195 | - 22 | % | ||||||||||||||||
Cash utilized in operating activities1 | 71 | 22 | + 223 | % | 822 | 1,949 | - 58 | % | ||||||||||||||||
Net and comprehensive loss for the period | 137 | 70 | - 96 | % | 1,072 | 2,254 | - 52 | % | ||||||||||||||||
Basic and diluted loss per share - period | 0.001 | 0.001 | - 0 | % | 0.008 | 0.017 | - 52 | % | ||||||||||||||||
1. Before changes in non-cash working capital balances.
As at (Canadian dollars - in thousands except WC ratio) | September 30, 2019 | September 30, 2018 | ||||||
Cash on hand | 740 | 1,048 | ||||||
Current assets | 1,901 | 1,964 | ||||||
Total assets | 2,189 | 2,319 | ||||||
Current liabilities | 1,545 | 1,241 | ||||||
Working capital* | 356 | 723 | ||||||
Working capital ratio** | 1.23 to 1 | 1.58 to 1 | ||||||
Backlogii | 1,189 | 1,100 | ||||||
* Working Capital = current assets - current liabilities
** Working Capital ratio = current assets / current liabilities
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
[email protected]
David McPhail, President & CEO
905-635-1540
[email protected]
Sean Peasgood, Investor Relations
647-977-9264
[email protected]
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 years ended September 30, 2019 and 2018, in the section 'Other Financial Measures.' That MD&A is available at www.sedar.com under our company profile.
SOURCE: Memex Inc.
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