|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
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 3, 2015 06:45 PM EDT Reads: 538
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 369
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 345
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,431
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 150
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,090
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,182
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,304
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,213
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,778
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,053
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,048
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 336
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,914
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,592
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 406
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,979
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 490
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,562
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,509