Business
Annual Financial Report
Annual Financial Report.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n RNS Number : 5020Z Seeing Machines Limited 23 September 2009 \n\n\n23 September 2009\nSeeing Machines Limited\n\nFINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2009\n\nSeeing Machines Limited (AIM: SEE), a leading developer of advanced computer based imaging software systems, announces final results for the year ended 30 June 2009.\n\nFinancial Highlights\n\n\n\nRevenue increased by A$826,024 to A$5,225,771 (2008: A$4,399,747);\n\n\nOther income increased to A$304,575 (2008: A$271,975), helped by favourable foreign exchange movements;\n\n\nGross profit increased by A$425,108 to A$3,051,569 (2008: 2,626,461); and \n\n\nNet loss of A$5,609,112 (2008: Profit A$326,744) principally due to a one off write down of intangible assets of A$5,043,984.\n\n\n\nOperational Highlights\n\n\n\nMarketing of DSS in the global commercial transport and mining sectors;\n\n\nRelease of the first commercial version of faceAPI in August 2008 with sales of over A$250,000;\n\n\nRelease of faceLAB® 5 in February 2009;\n\n\nContinued progress towards commercialization of the TrueField Analyzer®; and\n\n\nRestructure of the business in February 2009 to focus on cash generative operations and to conserve cash reserves.\n\n\n\nNick Cerneaz, CEO, stated. 'The second half of the year saw the business adversely affected by the global economic crisis particularly its impact on our DSS and faceLAB businesses. In light of this the Company was restructured in February 2009 to align its revenue and cost base to preserve cash and focus on cash generating operations. We started seeing signs of recovery in the last quarter and believe the Company is well placed to record positive operational performance going forward following the write down of the intangible assets.'\n\nThe Seeing Machines Annual Report for 2008-2009 is available for download from the Company's website www.seeingmachines.com and will be posted to shareholders in October 2009. Extracts from the Annual Report are set out below.\n\nEnquiries: \n\n\n\n\n\nSeeing Machines Limited\nwww.seeingmachines.com\n\n\nNick Cerneaz, CEO\n\n\n+61 (0) 2 6103 4700\n\n\n\n\nGrant Thornto...