Acceleware Reports Record Quarterly Income for Fourth Quarter Fiscal 2012
CALGARY, ALBERTA -- (Marketwired) -- 04/18/13 -- Acceleware(R) Ltd.
("Acceleware" or the "Company") (TSX VENTURE:AXE), a leading
developer of high performance computing applications, today announced
results for the three months and year ended December 31, 2012 (all
figures are in Canadian dollars unless otherwise noted).
During the three months ended December 31, 2012 ("Q4 2012") the
Company achieved its highest quarterly revenue since Q1, 2009 and the
highest quarterly income before tax in the Company's history. During
Q4 2012, the Company recognized revenue of $1,010,814 representing a
35% increase over the $747,153 recognized during Q4 2011. Revenue
increased 36% compared to the $743,161 recognized in Q3 2012.
"We are extremely pleased to have finished 2012 in a strong fashion,"
said Geoff Clark, president and CEO of Acceleware. "Our oil and gas
consulting business increased substantially throughout 2012, both in
high performance computing, and simulation services related to radio
frequency ("RF") heating of heavy oil and bitumen. In 2011,
Acceleware began providing simulation and design services to oil and
gas companies investigating the technology to use radio frequency
energy for in-situ heating of heavy oil and bitumen. Acceleware's
unique expertise with RF heating technology has resulted in service
revenue both locally and abroad."
The increase in revenue compared to Q4 2011 can be attributed to
increased consulting revenue, and is partially offset by lower
product revenue. However, product revenue increased in Q4 2012
compared to Q3 2012 which along with increased consulting revenue
resulted in the increase in revenue in Q4 2012 compared to Q3 2012.
During the three months ended December 31, 2012, Acceleware had
income before tax and total comprehensive income of $107,096,
compared to a loss before tax and total comprehensive loss of
($131,068) for the three months ended December 31, 2011 and compared
to a loss before tax and total comprehensive loss of ($145,194) in Q3
2012. The increase over Q4 2011 is a result of the increase in
revenue, coupled with a modest 3% increase in expenses. The increase
over Q3 2012 is a result of a 36% increase in revenue, coupled
modest 2% increase in expenses.
During the year ended December 31, 2012, Acceleware showed increased
revenue compared to the year ended December 31, 2011. The increase in
revenue was primarily due to increased consulting services work from
several key oil and gas customers. Product revenues decreased in 2012
as compared to 2011, however the Company plans to continue investing
in the development of its core seismic imaging and electromagnetic
software products. As a result of planned investments in marketing
and sales, loss before income taxes increased, and cash flow from
operations were lower this year compared to the previous year. The
return on these investments began to emerge in the fourth quarter of
2012, which saw the highest quarterly total comprehensive income in
the Company's history.
The Company had total comprehensive loss for the year ended December
31, 2012 of $483,815, compared to a total comprehensive income of
$452,256 for the year ended December 31, 2011. Loss before income
taxes increased 4% to $483,815 for the year ended December 31, 2012
compared to $464,940 for the year ended December 31, 2011.
The decrease in total comprehensive income for the year ended
December 31, 2012 is largely due to the recognition of the deferred
income tax recovery in the previous year. This deferred income tax
recovery is considered to be a one-time event and is not expected to
occur on a regular basis.
During the year ended December 31, 2012, Acceleware recognized
revenue of $2,910,580 representing a 5% increase over the $2,762,348
recognized during the year ended December 31, 2011. The increase is a
result of a 48% increase in consulting revenue from 2011, which was a
due to an increase in services revenue from the Company's oil and gas
Additional information, including the audited financial statements
for the year ended December 31, 2012 and management's discussion and
analysis relating thereto, are available on SEDAR at www.sedar.com.
Acceleware develops and markets high performance computing (HPC)
software solutions for the engineering and energy industries. These
solutions allow customers to speed-up simulation and data processing
algorithms, benefitting from HPC technologies such as multi-core CPUs
and massively parallel many-core GPUs. Acceleware software,
specialized HPC training and consulting services are deployed by
companies worldwide such as Boston Scientific, Samsung, LG, General
Mills, RIM, Medtronic, Hitachi, FDA, Mitsubishi, Sony Ericsson,
Fugro, DownUnder GeoSolutions and Rock Solid Images to speed up
product design, analyze data and make better business decisions.
Acceleware is a public company on Canada's TSX Venture Exchange under
the trading symbol AXE.
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.
+1 (403) 249-9099
435 10th Avenue SE
Calgary, AB, T2G 0W3
+1 (403) 249-9099
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