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SOURCE DEQ SYSTEMS CORP.
LEVIS, QC, Oct. 24, 2013 /PRNewswire/ - DEQ Systems Corp. (TSX-V: DEQ) ("DEQ" or the "Company") announces the filing of its third quarter financial results for the period ended August 31, 2013. The Consolidated Financial Statements are available on SEDAR (www.sedar.com) and DEQ's website. A conference call will be held on Friday, October 25, 2013 at 11am EST to present and discuss these results. Those interested in participating in the call should dial toll free 1 (800) 768-4046 or 1 (416) 981-9000. A presentation is available on DEQ's website in the Investors/Financial Reports/Presentation section to support the call content.
2013 Q3 and Nine-Month Results:
Third Quarter Highlights
"The third quarter has yielded continued solid results and progression"
stated Francois Proulx, Interim CEO. "The initial Hawk™ electronic shoe placements are doing well and we are thrilled with the
market reception of this new and promising product. Our continued
penetration in the USA with the G3™ product at significant locations like the Borgata in Atlantic City and
our expansion into Asia with Las Vegas Sands as well as with other
distinguished customers are fuelling our success and we are very
excited about these and other growth opportunities. Our shareholder
base is now stronger with the addition of several new important
stockholders recently and we are extremely happy to see them
demonstrate their confidence in our business plan and in the continued
positive results we are delivering from a financial, product and market
|Statement of Earnings|
|(unaudited)||Third Quarter||Nine-Month Period|
|Total recurring revenue||1,395,000||1,741,000||3,929,000||4,849,000|
|Non recurring revenue||17,000||23,000||59,000||228,000|
|Gross Profit (1)||1,280,000||1,464,000||3,505,000||4,332,000|
|% Gross margin||90%||83%||88%||85%|
|Operating expenses (1)||1,195,000||1,309,000||3,795,000||4,055,000|
|Stock based compensation||20,000||5,000||66,000||153,000|
|Foreign exchange (gain) loss||40,000||15,000||28,000||1,000|
|Net Income (Loss)||(690,000)||(572,000)||(2,495,000)||(1,971,000)|
|Net Income (Loss ) per share||$(0.010)||$(0.008)||$(0.037)||$(0.028)|
|Note 1:||Gross profit and operating expenses excluded non-cash items such as depreciation, amortization and stock based compensation.|
We use EBITDA (Earnings before Stock option based compensation,
Interest, Taxes, Depreciation, Amortization and Foreign exchange) as
performance measurements in our financial disclosure. This measure is
not recognized under IFRS. The reconciliations above demonstrate how we
calculate such measurements from our financial statements.
|Cash and cash equivalents||750,000||703,000||1,770,000|
|Current assets (other than cash)||1,884,000||1,795,000||1,842,000|
|Total Liabilities and Equity||11,518,000||10,219,000||10,778,000|
|Number of shares outstanding||69,182,000||69,182,000||71,682,000|
DEQ Systems Corp. (TSXV: DEQ) is a customer-centric company that delivers to the global gaming industry best-of-breed table-game technology-related products that add value and increase client revenue. DEQ provides table-game-bonusing technology, table games, baccarat results tracking, and jackpot connectivity solutions to more than 275 casinos in 30 countries. DEQ is an intellectual-property-focused company that has an extensive patent portfolio of more than 20 patents recognized in 50 countries. For further information, please visit www.deq.com.
TSX Venture does not accept any responsibility regarding the accuracy of the information contained in this press release.
Forward-looking statements contained in this Press Release involve known
and unknown risks, uncertainties and other factors that may cause
actual results, performance and achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the said forward-looking statements.
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