Seeing Machines Limited Year End Trading Update (3905E)
July 18 2016 - 1:00AM
UK Regulatory
TIDMSEE
RNS Number : 3905E
Seeing Machines Limited
18 July 2016
Seeing Machines Limited
("Seeing Machines" or "the Company")
Year End Trading Update
18 July 2016
Seeing Machines (AIM: SEE), the AIM-listed company with a focus
on operator monitoring and intervention sensing technologies and
services, is pleased to confirm that it expects to report pre and
post tax trading for the full year to 30 June 2016 in line with
market expectations, with revenue for the year of AUD 33.6
million.
This revenue figure is 77 percent higher than the previous
financial year's total revenue of AUD 18.9 million. These revenue
figures exclude the research and development tax incentive received
from the Australian government which is reported in 'Other income'.
This incentive, which is received as a cash refund based on
eligible R&D expenditure, totaled AUD 2.4 million for FY16
(FY15 AUD 2.2 million).
The revenue was earned from the sale of goods and services and
license fees. As previously reported, included in the license fees,
was an amount of AUD 21.8 million from Caterpillar Inc. due on
signing a global product development, licensing and distribution
agreement. Caterpillar takes over all costs and commercial
responsibilities for the manufacturing, marketing, sales, field
support and remote monitoring of the DSS rugged off-road product
suite. Caterpillar continues to commercially engage Seeing Machines
in supporting the engineering of their next generation DSS
technology.
The Caterpillar agreement also provides Seeing Machines with a
royalty stream for both hardware sales and all DSS supporting
services. Royalties for the quarter ending 30 June were USD150,000
lower than the previous quarter due to longer than expected sales
cycles with certain customers. However, Caterpillar's forecasting
confirms that the number of technology trials and the overall
volume of sales opportunities continues to increase.
Discussions continue well with the lead and other investors
following the signing of the automotive business term sheet, as
previously announced.
The Company expects to release its final results and audited
accounts in late September.
Enquiries:
Seeing Machines Limited www.seeingmachines.com /
+61 2 6103 4700
Ken Kroeger, Managing Ken.Kroeger@seeingmachines.com
Director and CEO
Media inquiries marketing@seeingmachines.com
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts,
Corporate Finance +44 20 7220 0500
Joanna Scott, Corporate
Broking
Newgate, Investment Communications for Seeing Machines
Bob Huxford Tel: +44 20 7653 9848 / Mob:
+44 7469 154 806
Bob.huxford@newgatecomms.com
Helena Bogle
Tel: +44 20 7680 6563 / Mob:
+44 7714 756 246
Adam Lloyd Helena.bogle@newgatecomms.com
Tel: +44 20 7653 9842 / Mob:
+44 7966 609 084
Adam.lloyd@newgatecomms.com
About Seeing Machines
Seeing Machines, (AIM: SEE) is focused on operator monitoring
and intervention sensing technologies and services. With more than
15 years of experience, Seeing Machines uses advanced detection and
prevention safety assistance technologies to track eye and facial
movement in order to monitor fatigue, drowsiness and distraction
events, such as microsleeps, texting and cell phone use as they
occur, while providing for a real-time intervention strategy, which
improves operator, driver and environmental safety, preserves
assets, and reduces risk. Seeing Machines' technology is used
worldwide across the automotive, mining, transport and aviation
industries; as well as many of the leading academic research groups
and transportation authorities. Seeing Machines is headquartered in
Australia and has offices in Tucson, Arizona and Mountain View,
California. The Company counts Caterpillar, Electro Motive Diesel,
Progress Rail, Boeing, Takata, SEMCo, and Eye Tracking Inc among
its partners.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTAKODDOBKDAOD
(END) Dow Jones Newswires
July 18, 2016 02:00 ET (06:00 GMT)