BURLINGTON, ON / ACCESSWIRE / August 10, 2023 / Memex Inc. ("Memex" or the "Company") (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its third quarter ending June 30, 2023. All results are reported in Canadian dollars. A complete set of its June 30, 2023 Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
As announced and formed last October, the special committee of independent directors (the "Special Committee") continues to explore and evaluate a broad range of strategic alternatives looking to accelerate the growth of the business. Among other things, this Special Committee's review has involved evaluation of the Company's strategic direction, operations, market valuation and capital structure.
For the | Three-months periods ended June 30 | Nine-months periods ended June 30 | ||||||||||||||||||||||
(Canadian dollars - in thousands except per share and margin%) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||
Revenue | 542 | 659 | - 18 | % | 1,570 | 1,633 | - 4 | % | ||||||||||||||||
Bookings i | 311 | 418 | - 26 | % | 1,541 | 1,801 | - 14 | % | ||||||||||||||||
Gross margin % | 83.0 | % | 79.3 | % | + 5 | % | 79.8 | % | 74.8 | % | + 7 | % | ||||||||||||
Operating expenses | 393 | 468 | - 16 | % | 1,301 | 1,553 | - 16 | % | ||||||||||||||||
Cash provided (utilized) in operations 1 | 76 | 80 | - 5 | % | 33 | (248 | ) | + 113 | % | |||||||||||||||
Net & comprehensive income (loss) - period | 28 | 23 | + 22 | % | (136 | ) | (435 | ) | + 69 | % | ||||||||||||||
Basic & diluted income (loss)/share - period | 0.000 | 0.000 | (0.001 | ) | (0.003 | ) |
As at | June 30 | September 30 | ||||||
(Canadian dollars - in thousands except WC ratio) | 2023 | 2022 | ||||||
Cash on hand | 65 | 290 | ||||||
Current assets | 433 | 586 | ||||||
Total assets | 648 | 894 | ||||||
Current liabilities | 1,395 | 1,519 | ||||||
Working capital* (excl. unearned rev) | (201 | ) | (77 | ) | ||||
Working capital ratio ** | 0.68 to 1 | 0.88 to 1 | ||||||
Backlog ii | 500 | 577 |
* Working Capital = current assets - current liabilities less unearned rev
** Working Capital ratio = current assets / current liabilities less unearned rev
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
Ed Crymble, Chief Financial Officer | David McPhail, President & CEO |
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 periods ended June 30, 2023, and 2022, in the section "Other Financial Measures." That MD&A is available at www.sedar.com under our company profile.
SOURCE: Memex Inc.