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Acceleware Reports Results for the Three Months Ended March 31, 2016
Acceleware Reports Results for the Three Months Ended March 31, 2016 Acceleware Re...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Reports Results for the Three Months Ended March 31, 2016\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAcceleware Reports Results for the Three Months Ended March 31, 2016\nCanada NewsWire\nCALGARY, May 26, 2016\n\n\n\nCALGARY, May 26, 2016 /CNW/ - Acceleware® Ltd. (\"Acceleware\" or the \"Company\") (TSX-V: AXE), a leading developer of high performance seismic imaging applications and RF heating technology, today announced results for the three months ended March 31, 2016 (all figures are in Canadian dollars unless otherwise noted).\n\nAcceleware continued to face very challenging market conditions in the three months ended March 31, 2016 (\"Q1 2016\"), caused by the persistent decline in the worldwide price of oil. Similar to the three months ended March 31, 2015 (\"Q1 2015\"), the Company's customers have started the new year in a cautious manner, delaying and in some cases, cancelling, plans to invest in seismic imaging software, HPC consulting services, and RF heating research and development. The caution however, is not as pronounced as it was in 2015 and as a result, Acceleware's revenue in Q1 2016 increased by 35% to $442,537 compared to $328,774 in Q1 2015. Revenue was 56% lower when compared to the $1,016,424 recorded in the most recently completed quarter ended December 31, 2015 (\"Q4 2015\"). The decrease compared to Q4 2015 was due to significant decrease in seismic imaging product revenue. \n\nDespite the increase in revenue, Acceleware's total comprehensive loss increased to $365,018 in Q1 2016 compared to $357,834 in Q1 2015 primarily due to higher foreign exchange loss caused by an appreciation of the Canadian dollar relative to the US dollar at the end of Q1 2016. Total comprehensive income for Q4 2015 was $158,746, due to the higher revenue noted above.\n\nAcceleware continued to develop its patent pending RF heating technology in Q1 2016. A patent application was recently filed protecting a concept that directly applies to Alberta's oil sands deposits. It is believed that the new concept can assist in improvin...