Research Frontiers Reports First Quarter 2016 Financial Results
Management to Host Conference Call at 4:30PM
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WOODBURY, NY -- (Marketwired) -- 05/05/16 -- Research Frontiers Inc. (NASDAQ: REFR) reported financial results for its first quarter ended March 31, 2016. Management will host a conference call today at 4:30PM Eastern Time to discuss its financial and operating results as well as recent developments.
- Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
- Date/Time: Thursday, May 5, 2016, 4:30PM ET
- Dial-in Information: 1-412-717-9591
- Questions: Email to [email protected] by 2:00PM ET on Thursday, May 5, 2016
- Replay: Available on Thursday, May 6, 2016 for 90 days at www.SmartGlass-IR.com
Key First Quarter 2016 Highlights:
- Revenues increased by approximately 8% to $409K in the first quarter of 2016 compared to the same period in 2015. This increase was principally the result of higher royalties from the automotive and aircraft markets.
- Licensee Fokker Services and GKN Aerospace unveiled SPD-Smart Electronically Dimmable Windows (EDWs) in April at the Aircraft Interiors Expo in Hamburg, Germany. Fokker Services, now part of GKN Aerospace, showcased iShade SPD EDWs on a Boeing 737 mock-up, including the industry-first SkyView Panoramic Window.
- Licensee Vision Systems has partnered with AAR Corporation to offer SPD-Smart EDWs to the aircraft aftermarket.
- Refreshed Mercedes-Benz SLC and SL Models featuring Magic Sky Control using Research Frontiers SPD-SmartGlass Technology were showcased at the Geneva Motor Show and New York Auto Show, and in addition, the S-Class Coupe, Maybach and S-Class Sedan all now offer the Magic Sky Control panoramic roof option. This brings the total number of car models offering SPD-SmartGlass to five.
- With SPD-SmartGlass technology now an option on over 120,000 Mercedes-Benz vehicles produced annually, Research Frontiers has commenced a coordinated marketing initiative in conjunction with Daimler and its Mercedes-Benz dealers regarding the Magic Sky Control option.
- Continental Automotive debuted their Intelligent Glass Control system at the Consumer Electronics Show which controlled all twelve pieces of SPD-SmartGlass in a specially-outfitted Ford Mondeo.
- Deliveries to customers starts this year for the ARROW460 - Granturismo production yacht that Silver Arrows Marine produced in conjunction with Mercedes-Benz Style, a design arm of Mercedes-Benz.
Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.
RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
Assets 2016 2015
--------------------------------------------- -------------- --------------
Current assets:
Cash and cash equivalents $ 4,671,812 $ 5,712,310
Short-term investments 1,516,352 1,513,784
Royalty receivables, net of reserves of
$629,457 in
2016 and 2015 1,374,214 1,314,675
Prepaid expenses and other current assets 79,228 133,465
-------------- --------------
Total current assets 7,641,606 8,674,234
-------------- --------------
Fixed assets, net 790,395 836,216
Deposits and other assets 33,567 33,567
-------------- --------------
Total assets $ 8,465,568 $ 9,544,017
============== ==============
Liabilities and Shareholders' Equity
---------------------------------------------
Current liabilities:
Accounts payable $ 118,575 $ 46,734
Accrued expenses and other 417,119 421,478
Deferred revenue 30,762 -
-------------- --------------
Total current liabilities 566,456 468,212
-------------- --------------
Shareholders' equity:
Common stock, par value $0.0001 per share;
authorized 100,000,000 shares, issued and
outstanding
24,043,846 and 24,043,846 shares for 2016
and 2015 2,404 2,404
Additional paid-in capital 111,483,959 111,483,959
Accumulated deficit (103,587,251) (102,410,558)
-------------- --------------
Total shareholders' equity 7,899,112 9,075,805
-------------- --------------
Total liabilities and shareholders'
equity $ 8,465,568 $ 9,544,017
============== ==============
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
(Unaudited)
Three months ended
----------------------------------
March 31, 2016 March 31, 2015
---------------- ----------------
Fee income $ 409,133 $ 379,398
---------------- ----------------
Operating expenses 1,186,507 1,172,537
Research and development 410,217 434,454
---------------- ----------------
Total Expenses 1,596,724 1,606,991
---------------- ----------------
Operating loss (1,187,591) (1,227,593)
Net investment income 10,898 11,216
---------------- ----------------
Net loss $ (1,176,693) $ (1,216,377)
================ ================
Basic and diluted net loss
per common share $ (0.05) $ (0.05)
================ ================
Weighted average number of
common shares outstanding 24,043,846 23,944,144
================ ================
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
(Unaudited)
Three months ended
----------------------------------
March 31, 2016 March 31, 2015
---------------- ----------------
Cash flows from operating activities:
Net loss $ (1,176,693) $ (1,216,377)
Adjustments to reconcile net loss to net
cash
used in operating activities:
Depreciation and amortization 47,412 8,617
Stock-based compensation - 67,963
Change in assets and liabilities:
Royalty receivables (59,539) 20,776
Prepaid expenses and other current
assets 54,237 42,479
Deferred revenue 30,762 32,722
Accounts payable and accrued
expenses 67,482 (66,058)
---------------- ----------------
Net cash used in operating
activities (1,036,339) (1,109,878)
---------------- ----------------
Cash flows from investing activities:
Purchases of fixed assets (1,591) (176,224)
Change in investments (2,568) (2,382)
---------------- ----------------
Net cash used in investing
activities (4,159) (178,606)
---------------- ----------------
Cash flows from financing activities:
Net proceeds from exercise of options
and warrants - 245,873
---------------- ----------------
Net cash provided by financing
activities - 245,873
---------------- ----------------
Net decrease in cash and cash
equivalents (1,040,498) (1,042,611)
Cash and cash equivalents at beginning
of year 5,712,310 7,569,537
---------------- ----------------
Cash and cash equivalents at end of year $ 4,671,812 $ 6,526,926
================ ================
See accompanying notes to consolidated financial statements.
CONTACT:Seth L. Van VoorheesChief Financial OfficerResearch Frontiers [email protected]
Source: Research Frontiers Inc.
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