|By Business Wire||
|May 15, 2014 09:09 AM EDT||
Visualant, Inc. (OTCQB: VSUL), a leading provider of disruptive light-based technologies, reported results for the fiscal second quarter ended March 31, 2014.
Fiscal Q2 2014 Highlights
- Shipped 20 Software Development Kits (SDKs) to Intellectual Ventures (IV), which IV deployed to 20 inventor groups in its global Inventor Network (IVIN).
- IVIN worked with the SDKs to explore unique applications of Visualant’s ChromaID technology, as well as investigated enhancements to the technology. Initial results indicate approximately 50 discoveries, which may lead to applications and the expansion of the ChromaID technology.
- Visualant received positive feedback from potential customers in the pharma, medical devices, packaging and semiconductor industries.
- Visualant explored potential applications pertaining to process control and food safety.
- TransTech subsidiary sold new product solutions, including UHF RFID asset tracking systems and kiosk printer products. These new product offerings led to an increase in revenue and profitability in the second quarter.
“During the second quarter we witnessed first-hand the breadth and depth of the Intellectual Ventures global inventor’s network,” said Ron Erickson, Visualant’s founder and CEO. “We are receiving great reports about the many new ChromaID applications being developed by IV’s network, and we anticipate our first commercial application to materialize in the second half of this year. We also expect several new patent filings as a result of these efforts, which will strengthen our intellectual property foundation as we move into the commercial marketplace.
“In step with this, IV has also been introducing our technology to major potential partners and licensees through its vast business development network. We are encouraged by IV’s early efforts and remain well positioned to capitalize on the substantial opportunities that lie ahead.”
Fiscal Q2 2014 Financial Summary
Revenue was $2.0 million versus $2.2 million in the same year-ago quarter. The decrease was due to $250,000 in deferred revenue recognized in the second quarter of fiscal 2013 from the joint development agreement with Sumitomo Precision Products that did not repeat in the second quarter of fiscal 2014. The decline was partially offset by a $54,000 increase in TransTech revenue related to the release of new products, including radio frequency, asset tracking and kiosk printer products.
Gross profit was 16.8% compared to 25.9% in the same year-ago quarter. The decrease relates to the reduction in Sumitomo license revenue, offset by an increase in TransTech gross margin from 16.5% to 16.8% related to the release of new products.
Research and development expenses decreased $120,500 to $91,900 from $212,400 in the same year-ago quarter. The decrease was due to reduced expenditures for suppliers related to the commercialization of the company’s ChromaID technology.
Selling, general and administrative expenses decreased 50% to $753,500 from $1.5 million in the same year-ago quarter. The decrease was due to a reduction in business development expenses of $103,000, stock-based compensation of $354,000 and legal expenses of $145,000.
Net loss totaled $1.7 million or $(0.01) per basic and diluted share, an improvement from a net loss of $2.3 million or $(0.02) per basic and diluted share in the same year-ago quarter.
Visualant management will hold a conference call today (May 15, 2014) to discuss these results. The company’s President and CEO Ron Erickson will host the call starting at 4:30 p.m. Eastern time. A question and answer session will follow management’s presentation.
Date: Thursday, May 15, 2014
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free number: 1-888-549-7704
International number: 1-480-629-9810
Conference ID: 4683970
The conference call will be broadcast live and available for replay in the investor relations section at www.visualant.net.
Please call the conference telephone number at least five minutes prior to the start time and ask for the Visualant conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern time through May 29, 2014.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4683970
Important Cautions Regarding Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements regarding expectations for future financial performance, which involve uncertainty and risk. It is possible the Company's future financial performance may differ from expectations due to a variety of factors including, but not limited to our need for additional financing, the sale of significant numbers of our shares, the potential adjustment in the exercise price of our warrants and a volatile market price for our common stock. It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected. The company makes no commitment to update any forward-looking statement included herein, or disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.
About Visualant, Inc.
Visualant™ is a public company whose shares trade under the stock symbol “VSUL.” The Visualant Spectral Pattern Matching™ (SPM) technology directs structured light onto a substance or material, through a liquid or gas, or off a surface, to capture a unique ChromaID™. A ChromaID can be used to identify, detect, or diagnosis markers invisible to the human eye. ChromaID scanner modules can be integrated into a variety of mobile or fixed-mount form factors. The patented, award-winning technology is disruptive, making it possible to effectively conduct analyses in the field that could only previously be performed by large and expensive lab-based tests. For more information on Visualant, visit the company’s new website at www.visualant.net.
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening tod...
May. 4, 2015 10:04 AM EDT
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Ras...
May. 4, 2015 10:00 AM EDT Reads: 3,837
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
May. 4, 2015 10:00 AM EDT Reads: 5,434
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
May. 4, 2015 09:45 AM EDT Reads: 5,758
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
May. 4, 2015 09:45 AM EDT Reads: 3,298
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
May. 4, 2015 09:30 AM EDT Reads: 3,253
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around...
May. 4, 2015 09:19 AM EDT Reads: 219
Cloud and Big Data present unique dilemmas: embracing the benefits of these new technologies while maintaining the security of your organization's assets. When an outside party owns, controls and manages your infrastructure and computational resources, how can you be assured that sensitive data remains private and secure? How do you best protect data in mixed use cloud and big data infrastructure sets? Can you still satisfy the full range of reporting, compliance and regulatory requirements? In...
May. 4, 2015 09:15 AM EDT Reads: 3,617
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
May. 4, 2015 09:15 AM EDT Reads: 3,083
There are lots of challenges in IoT around secure, scalable and business friendly infrastructure for enterprises. For large corporations, IoT implementations are one of the top priorities of the decade. All industries are seeing a competitive need to sustain by investing in IoT initiatives. The value addition comes from improved customer service, innovative product and additional revenue streams. The data from these IP-connected devices can be leveraged for a variety of business applica...
May. 4, 2015 09:00 AM EDT Reads: 1,096
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
May. 4, 2015 09:00 AM EDT Reads: 3,960
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of ...
May. 4, 2015 09:00 AM EDT Reads: 755
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business's infrastructure required to support an effective web experience... but they are missing a critical component - Internet visibility. Internet connectivity has always played a role in customer access to web presence, but in the past few years u...
May. 4, 2015 08:45 AM EDT Reads: 1,315
Working with Big Data is challenging, especially when decision makers depend on market insights and intelligence from your data but don't have quick access to it or find it unusable. In their session at 6th Big Data Expo, Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia; Zel Bianco, President, CEO and Co-Founder of Interactive Edge of Solgenia; and Ermanno Bonifazi, CEO & Founder at Solgenia, discussed how a revolutionary cloud-based BI along with mobile analytics is already c...
May. 4, 2015 08:30 AM EDT Reads: 4,534
Recent technology advances in miniaturization has positioned the wearables as the pinnacle of technology convergence with the human body. We inquire if wearables are mere standard miniaturized devices extended with the connectivity and present our views on considerations like design, applications, performance, efficiency, interoperability, usage scenarios, human device interaction and consequent trade-offs enabling wearables to impart optimal value.
May. 4, 2015 08:00 AM EDT Reads: 1,714