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Intrinsyc Technologies Corp. Releases Q4 and Full Year Financial Results for 2015
Mar. 24, 2016 06:04AM PST
Cloud InvestingIntrinsyc Technologies Corp. (TSXV:ITC) has released its financial results for the fourth quarter and fiscal year ended Dec. 31, 2015.
Intrinsyc Technologies Corp. (TSXV:ITC) has released its financial results for the fourth quarter and fiscal year ended Dec. 31, 2015.
According to the press release:
Intrinsyc reports fourth quarter revenue of $4-million (U.S.) versus $2.6-million (U.S.) in the fourth quarter of 2014, an increase of 57%. Intrinsyc achieved adjusted EBITDA of US$965,194 in the fourth quarter of fiscal 2015, with net income of US$805,532 and earnings per share of US$0.04. For the 2015 fiscal year, Intrinsyc reports revenue of US$12.5 million compared to US$10.1 million, an increase of 25%. Intrinsyc achieved adjusted EBITDA of US$1.7 million during fiscal 2015 with net income of US$722,773 and earnings per share of US$0.03. Financial information is reported in United States dollars and in accordance with International Financial Reporting Standards (“IFRS”).
“Our outstanding results in the fourth quarter capped off another year of revenue growth and improved financial performance,” stated Tracy Rees, President and Chief Executive Officer, of Intrinsyc. “We witnessed the positive results from our strategic transformation to a product realization company offering comprehensive solutions from product design to production; with revenue increasing in every quarter, culminating with very strong revenue and financial performance in the fourth quarter. As mentioned in our January 14, 2016 press release announcing preliminary results, we achieved outstanding margin contribution from our engineering services due to high utilization and productivity, as well as lower labour cost due to a decline in the value of the Canadian dollar against the US dollar. To continue our momentum we plan to introduce several additional embedded computing products in 2016, including development kits, vertical market reference designs, and production-ready embedded computing modules. In addition, we are expanding our product design and development capabilities with new engineering centers in Boulder, Colorado and Taipei, Taiwan.”