Flexpoint Reports Third Quarter 2012 Financial Results
DRAPER, Utah, Nov. 15, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced total revenue of $13,837 for the third quarter ended September 30, 2012. This compares to $18,616 in total revenue during Q3 2011. The decrease in revenue was due primarily the Company concentrating its marketing strategy on a limited number of customers. Management believes this approach has the highest potential to bring long term commercially viable products to market during the balance of 2012 and beyond, and will provide sustainable cash flow to fund the Company's operations in the future.
Total operating expenses for the quarter decreased to $245,632 compared to $346,193 during Q3 2011. The decrease was the result of fully expensing the non-cash compensation to employees and further reduction in compensation taken by the President of the company to preserve cash.
Net loss for the quarter was $241,789 or .01 EPS versus a net loss of $346,193 or .01 EPS during Q3 2011.
Key Recent Company Highlights
- Testing Validation with Navistar – Product slated for implementation into all of Navistar's full truck line upon completion of the next generation of the Navistar trucks' electronic architecture. Navistar produces approximately 100,000 trucks annually.
- Integrating Bus Occupancy Solution with Pink Power Technology – Passenger detection system utilizes Flexpoint's Universal Sensor. Expected to be launched for full commercial use during late 2012/early 2013 into one of the largest busing markets in the world, India.
- Completion of two (2) new plug-and-play products with Monnit, a leader in the design and manufacture of turnkey, self-installing, low cost wireless sensor solutions – One of the products is a seat sensor for occupancy detection and monitoring and the other is designed to measure airflow in HVAC systems. Monnit is currently selling their product, which include Flexpoint's sensors.
- Nears Completion of Two Key contracts – Company is on the verge of completing contracts with partners in the industrial and safety industry. Testing has been completed and Flexpoint is awaiting completion of the UL certification process, expected during 2012.
- Signed a Joint Development Agreement for a new variation of the Bend Sensor – The new design can fit inside a narrow tube and have an immediate use in Flexpoint's colonoscope project and in other small diameter applications.
- Completion of Prototypes of Two new Medical Devices – Working with another Company on the development of a disposable directional positioning sensor for colonoscopies and a specialty sensor for an undisclosed medical device with a second Company. The products are currently undergoing testing.
- Development of security mat sensor – Negotiating with one of the world's largest industrial firms. Testing has shown that sensor can differentiate between foot traffic and other items like wheels on a dolly. Product can tell if someone is entering a building carrying an unusually heavy load.
- Product Testing to 100% Accuracy – Flexpoint's product developed in conjunction with a South African Company identified passenger counts in certain taxi types with 100% accuracy. The system has generated interest in companies in Africa and South America
- Completion of Flow Sensor Product for Color Paint Dispenser - Expects annual contract during next several weeks for this application
- Finalizing Field Testing for HTK's braking system – Product includes Flexpoint's sensors, sales of system likely to begin in early 2013
- Passed Advanced-Stage Testing for Major Car Components – Flexpoint is confident that its technology will clear the remaining hurdles and that a large annual contract will follow. It is anticipated that the company will be able to disclose specific achievements and milestones with various companies for this industry prior to the end of the year.
- Completion of Monitoring Device Prototype – Company is in the process of commercializing a movement and motion detection system for the US Military with a US military subcontractor.
"Overall, the company is pleased by the important milestones achieved since the beginning of the third quarter. We believe that this positions us well for significant revenues during the next few quarters and anticipate the company to be cash flow positive during the first half of 2013," stated Clark Mower, Flexpoint CEO.
Flexpoint Sensor Systems (OTCBB: FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
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