Flexpoint Sensor Systems, Inc. Reports Third Quarter 2014 Financial Results
Revenues Increase 273%
DRAPER, Utah, Nov. 13, 2014 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced total revenue of $124,464 for the quarter ended September 30, 2014. This compares to $33,407 in total revenue during 2013 Q3. This represents a 273% increase in revenue.
Net loss for the quarter was $232,434 or .00 EPS versus a net loss of $188,229 or .00 EPS during 2013 Q3.
The increase in revenue during this quarter was primarily due to the company entering into a development agreement with Bend Tech and the work with Haemoband Surgical, Ltd.
For the first nine months of 2014, revenues totaled $221,117 versus $75,182 during the first nine months of 2013.
Net losses for the first nine months of 2014 were $728,915 or .01 EPS compared to net losses of $688,183 or .01 EPS.
Recent Highlights:
- Completed and delivered colonscope units, including all monitors and electronics, to Haemoband Surgical, Ltd. to showcase at the Medica 2014 medical trade show being held November 12-15, 2014
- Completed the electronics and software that will be used in a running shoe and other sports related products. The launch of the website for this product is anticipated during the current quarter, making the product commercially available during late Q1 2015.
- Received purchase orders from multiple clients totaling over 50,000 sensors and corresponding electronic components from a variety of industries (toys, medical, industrial, electronic, etc.)
- Completed in-vehicle testing for Flexpoint's proprietary horn switch system with Fortune 100 automobile maker
"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. We anticipate that the colonscope product along with our running shoe insert system will be commercially available during the first half of 2015. We also expect to have additional products featuring our patented Bend Sensor® technology on the market over the next nine to 12 months, including products in the medical, sport shoe, residential home care and industrial control industries," commented Flexpoint CEO Clark Mower.
"During the past nine months, we completed the electronics and software that will be used in a running shoe and other sports related products. The completion of these components opens the way for Bend Tech and Flexpoint to aggressively market to major shoe manufactures. It also is a critical piece of the golf training aid that Bend Tech will market. We look forward to continuing to hit key milestones during the current quarter, including the delivery of the remainder of the units to Haemoband and launching our website in conjunction with Bend Tech launching the website featuring their shoe insert system," continued Flexpoint CEO Clark Mower.
For a full earnings report please view our entire filing at www.sec.gov.
About Flexpoint:
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.
Forward-Looking Statements
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.
Contact Information:
Flexpoint Sensor Systems, Inc. – Investor Relations Contact:
Clark Mower
801-568-5111
Brokers and Analysts:
Chesapeake Group
410-825-3930
SOURCE Flexpoint Sensor Systems, Inc.
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