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Acceleware Reports Results for the Three Months Ended March 31, 2017
Acceleware Reports Results for the Three Months Ended March 31, 2017 Canada NewsWi...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Reports Results for the Three Months Ended March 31, 2017\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\n\nCanada NewsWire\nCALGARY, May 25, 2017\n\n\n\nCALGARY, May 25, 2017 /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, 2017 (all figures are in Canadian dollars unless otherwise noted).\n\nDuring the three months ended March 31, 2017 (Q1 2017), Acceleware continued to invest in radio frequency (RF) heating research and development. Activities included completing a field test of critical components of the RF XL technology.  The achieved objectives of the 1/20 scale field test were to successfully heat a sand formation with parameters similar to an oil sands reservoir, to confirm the results predicted from Acceleware's AxHeat RF heating simulation software, and to prove innovative concepts around the transmission of RF energy from the RF generator down to the oil bearing formation. Increased RF heating revenue, coupled with a rebound in software and services revenue resulted in the highest quarterly revenue in five consecutive quarters. Notwithstanding the rebound, the Company continues to face a challenging market for its software and services, caused be the persistent weakness in the worldwide price of oil.\n\nDuring the three months ended March 31, 2017, Acceleware recognized revenue of $498,189 - 13% higher than the $442,537 recognized during the three months ended March 31, 2016 (Q1 2016). The increase is primarily a result of a 131% increase in RF heating revenue, and despite a 16% decrease in software and services revenue.  Revenue in Q1 2017 also increased 184% relative to the $175,639 recorded in Q4 2016. The increase in revenue compared to the most recent quarter is due to higher RF heating revenue, and a 70% increase in software and services revenue, particularly higher seismic imaging maintenance revenue, and higher training services ...