Flexpoint Sensor Systems, Inc. Reports Second Quarter 2014 Financial Results
DRAPER, Utah, Aug. 14, 2014 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced total revenue of $43,302 for the quarter ending on June 30, 2014. This compares to $28,495 in total revenue during 2013 Q2. This represents a 52% increase in revenue.
Net loss for the quarter was $251,532 or .00 EPS versus a net loss of $254,194 or .01 EPS during 2013 Q2.
The increase in revenue was primarily due to the company entering in to a development agreement with Bend Tech, the recognition of $10,000 in deferred income for the shoe development and the work with Haemoband Surgical, Ltd. on the custom sensor for the colonoscope.
For the first six months of 2014, revenues totaled $96,653 versus $41,754 during the first six months of 2013.
Net losses for the first six months of 2014 were $496,490 or .01 EPS compared to net losses for the same period last year of $499,850 or .01 EPS.
- Completed in-vehicle testing for horn switch system with Fortune 100 automobile maker
- Began work on Phase III on the colonoscope product for Haemoband Surgical, Ltd. The company anticipates final delivery of these units to occur during the current quarter. Flexpoint will receive the corresponding milestone payment upon completion.
- Patented technology continued to gain recognition in various markets and industries as evidenced by the recent receipt of an initial production order from CPS Color Equipment S.p.A Italy and orders from a Fortune 100 automotive maker for the company's horn system
- Completed the electronics and software that will be used in a running shoe and other sports related products
- Continued to receive development orders from Intertek Industrial Corp. for their ProTek System. The ProTek System is an automotive seat-monitoring device integrated into emergency response vehicles. This monitoring device places the company's Bend Sensors® in each rear passenger seat with a monitor viewable to the vehicle's driver.
- Received purchase orders from multiple clients totaling over 40,000 sensors and corresponding electronic components from a variety of industries (toys, medical, industrial, electronic, etc.)
"The company continues to better execute its business plan by concentrating its marketing resources on a limited number of customers that have the greatest potential to generate the most short-run revenue while still building relationships with our larger customers. Management believes this approach has the highest potential to bring long-term commercially viable products to market during the remainder of 2014 and beyond and will provide sustainable cash flow to fund the company's operations in the future. We look forward to continuing to hit key milestones during the current quarter," stated Clark Mower, CEO of Flexpoint Sensor Systems, Inc.
For a full earnings report please view our entire filing at www.sec.gov
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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