Business
Reviewed Interim Results
Reviewed Interim Results.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n RNS Number : 6564O Seeing Machines Limited 11 March 2009 \n \n\n11 March 2009\nSeeing Machines Limited\n('Seeing Machines' or the 'Company')\n\nREVIEWED INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2008\n\nSeeing Machines Limited (AIM: SEE) announces its reviewed interim results for the six months to 31 December 2008. \n\nFinancial Highlights\n\n\n\noverall revenue increased to A$3.28m (2007: A$1.31m);\n\n\nrevenue from product sales was A$2.81m an increase of 142% on the corresponding period to 31 December 2007 (2007: A$1.16m);\n\n\nrevenue now derived from three product streams faceLAB®, Driver State Sensor (DSS) and faceAPI;\n\n\nmaiden half-year net profit of A$358,099 (2007: net loss of A$430,155).\n\n\n\nOperational Highlights\n\n\n\nrelease of faceLAB® 4.6 in August 2008;\n\n\nrelease of the first commercial version of faceAPI in August 2008;\n\n\nrelease of analytical tools for the Company's key driver monitoring software DSS;\n\n\nsuccessful trials of DSS in large truck fleets in North America;\n\n\nsuccessful showcasing of the TrueField Analyzer (TFA) at the American Academy of Ophthalmology Meeting in Atlanta in November 2008;\n\n\nrelocation of the Company from the Australian National University campus to more suitable premises in Braddon, ACT, Australia. \n\n\n\nSubsequent to the period under review, the Company has released two trading statements to the market in light of the impact of the global economic downturn. These statements highlighted:\n\n\n\nsales growth of the driver monitoring product DSS had been slower than anticipated;\n\n\nrevenues for the second half of the financial year difficult to predict due to delays in DSS contracts;\n\n\nrestructure of the business to conserve cash and focus on cash generative operations;\n\n\nTFA, a device to detect glaucoma, expected to be launched commercially mid 2009. \n\n\n\nCommenting on the interim results, Chief Executive Nick Cerneaz said 'The pleasing aspect of these results is that we generated revenue from three product lines and we made a profit for the half-year, the first time the Company h...