IMRIS, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reiterates Earnings Guidance for the Year 2014 and Provides Preliminary Revenue Guidance for the Year 2015
October 28, 2014 at 10:28 am EDT
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IMRIS, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, sales were $6,924,000 against $17,765,000 a year ago. Adjusted LBITDA was $4,681,000 against $2,535,000 a year ago. The decrease in Adjusted EBITDA was primarily due to lower gross
profit, partially offset by lower operating expenses. Operating loss was $5,748,000 against $3,990,000 a year ago. Operating loss increased primarily due to lower gross profit of $4.4 million, partially offset by lower operating expenses of $2.6 million primarily tied to transition related activities in 2013. Net loss was $8,392,000 or $0.16 per basic and diluted share against $3,804,000 or $0.07 per basic and diluted share a year ago. The increase in net loss is due to the operating loss increase of $1.8 million, foreign exchange expense increase of $1.7 million, higher interest expense of $0.9 million, and loss on asset disposals of $0.2 million.
For the nine months, sales was $19,333,000 against $36,057,000 a year ago. Adjusted LBITDA was $15,273,000 against $15,167,000 a year ago. The decrease in Adjusted EBITDA was primarily due to lower gross profit, partially offset by lower operating expenses. Operating loss was $18,649,000 against $19,471,000 a year ago. Net loss was $23,320,000 or $0.45 per basic and diluted share against $20,385,000 or $0.41 per basic and diluted share a year ago. The cash used in operating activities was $9.1 million. The increase in net loss was primarily due to higher interest expense of $3.0 million, foreign exchange expense increase of $0.7 million, and loss on asset disposals of $0.2 million. This was partially offset by the operating loss decrease of $0.8 million, and tax benefit of $0.2 million.
The company reiterated its revenue guidance for the 2014 of between $30 million and $34 million. The company anticipates a gross profit margin of approximately 35% to 36%. Total capital expenditures are anticipated to be approximately $2.5 million. The company expects total cash and non-cash operating expenses in 2014 to be approximately $33 million. The company expects amortization and depreciation to be $4.0 million.
For the year 2015, the company expects revenue to be between $60 million to $65 million.
Imaging Canada Liquidating Corporation is a Canada-based medical device company. The Company engaged in the sale of medical imaging devices. The Company's subsidiaries include IDC USA, Inc., IDC Europe Inc. and 1370509 Alberta Inc.
IMRIS, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reiterates Earnings Guidance for the Year 2014 and Provides Preliminary Revenue Guidance for the Year 2015