Contacted Etienne - he is still it for mbo. His website will be running late today or tom. at latest
Great news from SEV:
Spectra7 Announces Preliminary Third Quarter 2014 Financial Results
Expects Record Quarterly Revenue and Gross Margins; Third Quarter Revenue Grows 170% Year-Over-Year and Gross Margins Exceed 80%
PALO ALTO, CALIFORNIA and TORONTO, ONTARIO--(Marketwired - Oct. 21, 2014) - Spectra7 Microsystems Inc. (TSX VENTURE:SEV) ("Spectra7" or the "Company") today announced preliminary selected unaudited financial results for the three and nine months ended September 30, 2014. Unaudited financial statements for the fiscal third quarter ended September 30, 2014 will be released in November 2014. The information contained herein may change based on final results. Unless otherwise indicated, all amounts in this release are expressed in US dollars.
The Company expects to report record quarterly revenue of approximately $1.7 million for the three months ended September 30, 2014. This represents an increase of 45% over the prior quarter and an increase of 170% compared to the same period last year. Gross margins1 for the three-month period ended September 30, 2014 will exceed 80%, up from 76% in the previous quarter and from 69% in the same period last year. The Q3 2014 financial results indicate record quarterly revenue and gross margins for the Company and continued strong product gross margins for the second consecutive quarter.
The Company expects to report revenue of approximately $3.7 million for the nine-month period ended September 30, 2014, representing a year-over-year increase of 83%. Gross margins for the nine month period ended September 30, 2014 grew to 79%, up from 66% for the same period last year.
Following the end of Q3 2014, a number of warrants issued in connection with the Company's prior equity financings were exercised, resulting in proceeds to the Company of over CDN$1.0 million. As previously announced, the Company also recently entered into an agreement with an arm's length party whereby, upon the satisfaction of certain conditions precedent, the lender has agreed to provide a CDN$4.75 million subordinate secured non-revolving loan facility. These events have substantially enhanced the Company's access to capital to further accelerate product development and delivery.
"Spectra7's record revenue and gross margins for the second consecutive quarter reflects the unique value of the Company's products, technology and business model in multiple high growth market segments including virtual reality, wearable computing and consumer interconnects." said Tony Stelliga, CEO of Spectra7. "Our recent milestones in new orders, new products and access to new capital underline our growing momentum in these markets."