Seeing Machines Limited Year End Trading Update (3905E)

TIDMSEE

RNS Number : 3905E

Seeing Machines Limited

18 July 2016

Seeing Machines Limited

("Seeing Machines" or "the Company")

Year End Trading Update

18 July 2016

Seeing Machines (AIM: SEE), the AIM-listed company with a focus on operator monitoring and intervention sensing technologies and services, is pleased to confirm that it expects to report pre and post tax trading for the full year to 30 June 2016 in line with market expectations, with revenue for the year of AUD 33.6 million.

This revenue figure is 77 percent higher than the previous financial year's total revenue of AUD 18.9 million. These revenue figures exclude the research and development tax incentive received from the Australian government which is reported in 'Other income'. This incentive, which is received as a cash refund based on eligible R&D expenditure, totaled AUD 2.4 million for FY16 (FY15 AUD 2.2 million).

The revenue was earned from the sale of goods and services and license fees. As previously reported, included in the license fees, was an amount of AUD 21.8 million from Caterpillar Inc. due on signing a global product development, licensing and distribution agreement. Caterpillar takes over all costs and commercial responsibilities for the manufacturing, marketing, sales, field support and remote monitoring of the DSS rugged off-road product suite. Caterpillar continues to commercially engage Seeing Machines in supporting the engineering of their next generation DSS technology.

The Caterpillar agreement also provides Seeing Machines with a royalty stream for both hardware sales and all DSS supporting services. Royalties for the quarter ending 30 June were USD150,000 lower than the previous quarter due to longer than expected sales cycles with certain customers. However, Caterpillar's forecasting confirms that the number of technology trials and the overall volume of sales opportunities continues to increase.

Discussions continue well with the lead and other investors following the signing of the automotive business term sheet, as previously announced.

The Company expects to release its final results and audited accounts in late September.

Enquiries:

 
 Seeing Machines Limited      www.seeingmachines.com / 
                               [phone] 
 Ken Kroeger, Managing        [e-mail] 
  Director and CEO 
 Media inquiries              [e-mail] 
  finnCap Ltd, Broker for Seeing Machines 
  Ed Frisby / Emily Watts, 
   Corporate Finance          [phone] 
  Joanna Scott, Corporate 
   Broking 
  Newgate, Investment Communications for Seeing Machines 
  Bob Huxford                 Tel: [phone] / Mob: 
                               [phone] 
                               [e-mail] 
   Helena Bogle 
                               Tel: [phone] / Mob: 
                               [phone] 
   Adam Lloyd                  [e-mail] 
 
                               Tel: [phone] / Mob: 
                               [phone] 
                               [e-mail] 
 
 

About Seeing Machines

Seeing Machines, (AIM: SEE) is focused on operator monitoring and intervention sensing technologies and services. With more than 15 years of experience, Seeing Machines uses advanced detection and prevention safety assistance technologies to track eye and facial movement in order to monitor fatigue, drowsiness and distraction events, such as microsleeps, texting and cell phone use as they occur, while providing for a real-time intervention strategy, which improves operator, driver and environmental safety, preserves assets, and reduces risk. Seeing Machines' technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia and has offices in Tucson, Arizona and Mountain View, California. The Company counts Caterpillar, Electro Motive Diesel, Progress Rail, Boeing, Takata, SEMCo, and Eye Tracking Inc among its partners.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 18, 2016 02:00 ET (06:00 GMT)