|By PR Newswire||
|November 29, 2012 10:50 PM EST||
- Operating expenses down 77% for the quarter and 66% for the nine-month period -
CHANTILLY, VA, Nov. 29, 2012 /CNW/ - BlueScout Technologies TSXV: SCT, providers of the BlueScout OCS-210 for optimized wind energy generation, reported its financial results for the three- and nine-month periods ended September 30, 2012. All figures are in U.S. dollars, unless otherwise stated.
A new signal processing sub-system design was completed. As opposed to
the prior design, which was an evolution of a design targeted at
aerospace applications, the all-new design started with a clean slate
approach specifically addressing the requirements of the wind turbine
industry. The foundation of the design is a fundamentally different
signal processing algorithm, sharing no commonality of software,
firmware or hardware with the prior design. The work combines a clean
set of signal processing protocols, modern chipsets, and active system
noise reduction to improve system sensitivity by five hundred percent
and eliminate errors due to turbine blade blockage.
The operational fleet has 34 units installed with another seven on
backlog for installation. BlueScout products now have over 300,000 of
operational field hours.
Reduced operating expenses by 77% or $8.6M for the quarter compared to
last year and reduced net loss for the quarter by $8.3M or $0.08 per
share versus Q3 2011.
Successfully rebranded under the name BlueScout Technologies, which
included a new image, mission, vision, values, domain name, ticker
symbol and fresh logo.
Completed a special warrant offering for gross proceeds of CDN$3.1
million and a convertible debenture offering for CDN$1.2 million, for
total gross proceeds of CDN$4.3 million.
- Continued its market expansion by entering into a trial program with EDP Renewables North America (EDPR NA) to demonstrate the performance improvement of two EDPR NA turbines under the operational control of the OCS-210 wind turbine control system.
As part of ongoing legal disputes, Optical Air Data Systems LLC (OADS)
sent more than twenty subpoenas to key BlueScout customers and
The indemnification suit brought against BlueScout by Phil and Alisa
Rogers was dismissed without prejudice by the Fairfax Circuit Court in
Virginia in October. Following this dismissal the Rogers subsequently
filed a substantially similar indemnification lawsuit in the same
- In the IP suit, a few days after a motion by OADS against BlueScout was denied at the magistrate level, subsequently another motion was introduced by OADS asking that the denial be re-evaluated by a district level judge.
BlueScout recognized revenue of $50K for the quarter ended September 30, 2012, compared to $348K for the three-month period ended September 30, 2011. The Company has $742K of deferred revenue and customer deposits recorded on its consolidated balance sheet at September 30, 2012 related to product shipments that have performance provisions that are expected to be recognized in future quarters. On a nine-month basis, BlueScout recognized revenue of $510K for 2012 compared to $738K for the same period in 2011.
Operating expenses for Q3 2012 were $2.6M, down 77% from $11.2M for the corresponding period last year. Excluding the non-cash items, litigation expense, one-time August 24 financing fees and one-time rebranding fees, operating expenses in Q3 2012 were $2.2M, down 23%, compared to $2.8M for Q3 2011.
For the nine-month period ended September 30, 2012, operating expenses were $7.4M, down 66% from $21.4M for FY2011. Excluding the non-cash items, litigation expense, one-time August 24 financing fees and one-time rebranding fees, operating expenses were $6.0M, down 49% from $11.8M for the same period last year. Selected operating expenses are detailed below:
Cost of sales for the three-month period ended September 30, 2012 was $598K compared to $527K for the same period last year. On a nine-month basis, cost of sales was $1.2M compared to $1.6M for the same period in 2011. Cost of sales include product inventory costs and all costs associated with the installation on, and integration with, wind turbines.
General and administrative expense for Q3 2012 was $196K, down 70% from $625K for Q3 2011. The decrease is primarily due to reductions in travel related expenses and repairs and maintenance costs. On a nine-month basis, general and administrative expense was $659K compared to $2.2M for the same period in 2011. The 2011 expenses were predominantly related to travel and maintenance related to the Falcon 50 aircraft which the Company has not been affiliated with since October 22, 2011.
Sales and marketing expense for Q3 2012 was $101K compared to $15K for Q3 2011. Sales and marketing expense includes expenses for trade shows, advertising, promotion and sales and marketing consulting costs. The increase is primarily due to $64K of rebranding costs and $22K of expenses associated with trade shows during the quarter.
Professional fees totaled $1.6M for the three-month period ended September 30, 2012, up from $331K for the same period last year. The increase in professional fees for the quarter is due to legal expenses, primarily related to litigation matters, and costs associated with the August 24 financing which totaled $572K. Legal expense was $873K for the third quarter of 2012 versus $131K for the same period last year. On a nine-month basis professional fees were $2.9M for 2012 ($1.7M related to litigation) and $1.0M for 2011.
Third quarter 2012 research and development expense was $77K compared to $384K for the same period last year. On a nine-month basis, research and development expense was $257K compared to $3.7M for the same period in 2011. Research and development during 2012 has been centered on the transition to contract manufacturing and turbine integration.
BlueScout recorded a net loss for Q3 2012 of $2.6M or $0.02 per share, compared to a net loss of $10.9M or $0.10 per share for Q3 2011. On a nine-month basis, BlueScout generated a net loss of $6.9M or $0.06 per share compared to a net loss of $20.7M or $0.22 per share for the same period of FY2011.
As of September 30, 2012, BlueScout had cash and cash equivalents of $2.1M and working capital of $3.4M, compared to cash and cash equivalents of $6.0 million and working capital of $6.2 million at December 31, 2011.
BlueScout has filed its financial statements for the three and nine month period ended September 30, 2012 and related Management's Discussion and Analysis (MD&A) with securities regulatory authorities. BlueScout's financial statements, MD&A and related documents are available via SEDAR as well as through the Company's website, www.BlueScout.com.
BlueScout will hold a conference call on November 30, 2012 at 1:00 pm ET to discuss its third quarter 2012 financial results.
To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management's presentation.
A live audio webcast of the conference call will be available at www.BlueScout.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above web site for 30 days.
A taped rebroadcast will be available to listeners until 12 a.m. ET on Friday, December 7, 2012. To access the rebroadcast, please dial 416-849-0833 or 1-855-859-2056 and enter passcode 72229223, followed by the number sign.
BlueScout Technologies (TSXV: SCT) increases energy production and decreases operating costs by applying groundbreaking microgeographical wind flow sensing to turbine control systems that increases the effectiveness and availability of wind turbines. BlueScout combines precise, optically based wind forecasting with advanced predictive control architectures to ready the turbine for the imminent wind inflow changes - optimizing energy production and reducing the harmful effects of wind turbulence on the turbine. With extensive operating data on multiple wind turbine models, BlueScout is the leading, value-added innovator in wind turbine performance and optimization.
The team consists of experienced high-tech, R&D and manufacturing engineers, innovative entrepreneurs, and proven leaders. The BlueScout team has unique expertise and shares a firm commitment, as part of the wind power industry, to continuously improve the reliability of wind power generation through innovation. For more information, visit www.BlueScout.com.
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of BlueScout Technologies. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although BlueScout believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. BlueScout Technologies disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither 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.
BlueScout Technologies Ltd. Condensed Consolidated Interim Balance
|(Expressed in United States dollars)||Note||
|Cash and cash equivalents||2,107,678||6,018,559|
|Prepaid expenses and other assets||168,484||352,002|
|Property and equipment||149,175||418,896|
|Liabilities and Equity|
|Accounts payable and other liabilities||1,453,548||1,391,799|
|Obligations under finance leases||7||14,461||62,707|
|Due to related party||11||126,197||18,516|
|Deferred revenue and customer deposits||202,000||552,800|
|Obligations under finance leases||7||-||7,620|
|Special warrants liability||13||1,939,060||-|
|Option component of convertible debenture||14||106,489||-|
|Provision for indemnification agreement||8||2,000,000||2,000,000|
|Due to related party||11||74,028||-|
|Commitments and contingencies||9,10|
|Total (deficiency) equity||(2,015,315)||4,496,207|
|Total liabilities and (deficiency) equity||5,471,830||8,872,728|
BlueScout Technologies Ltd. Condensed Consolidated Interim Statements of
||Three months ended||Nine months ended|
(Expressed in United States dollars)
|Cost of sales||5||598,161||526,599||1,238,116||1,583,303|
|Salaries and benefits||6||656,042||607,827||1,974,704||1,689,854|
|General and administrative||7||195,607||624,967||659,348||2,209,469|
|Amortization of intangible assets||
|Depreciation of property and equipment||
|Sales and marketing||2||101,037||14,516||255,845||310,529|
|Professional engineering fees||-||102,108||229,333||582,839|
|Research and development||
|Other income, net||
|Impairment of property and equipment||
|Impairment of intangible assets||
|Gain on fair value of warrant liability||12||(25,880)||(965,614)||(274,232)||(713,728)|
|Gain on fair value special warrants liability||13||(1,152,994)||-||(1,152,994)||-|
|Gain on fair value option component of||
|Gain on fair value deferred related party||
|Loss of asset disposal||
|Loss on foreign exchange||
|Net loss and total comprehensive loss||(2,573,665)||(10,867,841)||(6,874,565)||(20,691,952)|
|Net loss and total comprehensive loss attributable to:||
|Owners of the Company||
|Net loss per share - basic and diluted||
|Weighted average number of common shares outstanding||122,513,614||106,527,100||122,513,614||89,265,679|
SOURCE BlueScout Technologies
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 12, 2016 09:00 PM EST Reads: 131
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 12, 2016 06:00 PM EST
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 12, 2016 04:15 PM EST Reads: 428
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 12, 2016 03:00 PM EST
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 12, 2016 02:15 PM EST Reads: 451
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Feb. 12, 2016 02:15 PM EST
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 12, 2016 01:00 PM EST Reads: 230
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 12, 2016 12:30 PM EST Reads: 266
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 12, 2016 12:30 PM EST Reads: 108
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 12, 2016 11:45 AM EST Reads: 455
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 12, 2016 11:15 AM EST Reads: 143
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 12, 2016 10:00 AM EST Reads: 134
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 12, 2016 09:30 AM EST Reads: 219
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Feb. 12, 2016 09:00 AM EST
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 12, 2016 09:00 AM EST
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 12, 2016 06:00 AM EST Reads: 258
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 12, 2016 05:45 AM EST Reads: 463
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 12, 2016 05:00 AM EST
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 12, 2016 02:30 AM EST Reads: 238
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 12, 2016 12:45 AM EST Reads: 414