Research Frontiers Reports First Quarter 2017 Financial Results
Management to Host Conference Call at 4:45 p.m.
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WOODBURY, NY -- (Marketwired) -- 05/04/17 -- Research Frontiers Inc. (NASDAQ: REFR) announced its financial results for its first quarter ended March 31, 2017. Management will host a conference call today at 4:45 p.m. Eastern Time to discuss its financial and operating results as well as recent developments including: (i) recent announcement by Japan Railway East of their adoption of Asahi Glass Corporation's Wonderlite SPD SmartGlass train windows, and (ii) the recent license agreement covering SPD SmartGlass for the automotive aftermarket.
- Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
- Date/Time: May 4, 2017, 4:45PM ET
- Dial-in Information: 1-412-717-9591
- Replay: Available on Friday, May 5, 2017 for 90 days at www.SmartGlass-IR.com
Key First Quarter 2017 Comments:
The Company's fee income from licensing activities for the three months ended March 31, 2017 was $393,116 as compared to $409,133 for the three months ended March 31, 2016. This $16,017 decrease was principally the result of exchange rate fluctuations and lower levels of sales of SLK and SL vehicles containing the Magic Sky Control option by Daimler offset somewhat by higher sales of the S-Class vehicles with the Magic Sky Control option.
In the first quarter of 2017, the Company received royalty revenues from sales of the Magic Sky Control option on the S-Class sedans and coupe, and on the SLK and SL roadsters in excess of minimum annual royalty levels in its license agreements with our licensees who supply this glass to Daimler which resulted in accretive royalty revenue from these licensees.
Sales of S-Class and roadster vehicles by Mercedes, and King Air aircraft, using the Company's SPD-SmartGlass technology were up by double digit percentages in the first quarter of 2017 as compared to the previous quarter.
The Company expects that lower pricing of the Company's technology could expand the market opportunities, adoption rates, and revenues for its technology in automotive and non-automotive applications. The Company is working with all levels of licensees in the supply chain to further reduce the cost of final products using the Company's technology.
Operating expenses decreased by $50,252 for the three months ended March 31, 2017 to $1,136,255 from $1,186,507 for the three months ended March 31, 2016.
Research and development expenditures decreased by $198,924 to $211,293 for the three months ended March 31, 2017 from $410,217 for the three months ended March 31, 2016.
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, 2017 December 31, 2016
----------------- -----------------
Assets
Current assets:
Cash and cash equivalents $ 2,565,215 $ 1,691,603
Short-term investments - 1,523,333
Royalty receivables, net of reserves
of $1,110,020 in 2017 and 2016 1,083,568 1,117,146
Prepaid expenses and other current
assets 78,827 256,892
----------------- -----------------
Total current assets 3,727,610 4,588,974
----------------- -----------------
Fixed assets, net 611,924 651,655
Deposits and other assets 33,567 33,567
----------------- -----------------
Total assets $ 4,373,101 $ 5,274,196
================= =================
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 47,642 $ 29,932
Accrued expenses and other 339,338 339,338
Deferred revenue 33,750 -
----------------- -----------------
Total current liabilities 420,730 369,270
----------------- -----------------
Shareholders' equity:
Common stock, par value $0.0001 per
share; authorized 100,000,000
shares, issued and outstanding
24,043,846 shares for 2017 and 2016 2,404 2,404
Additional paid-in capital 111,551,490 111,551,490
Accumulated deficit (107,601,523) (106,648,968)
----------------- -----------------
Total shareholders' equity 3,952,371 4,904,926
----------------- -----------------
Total liabilities and
shareholders' equity $ 4,373,101 $ 5,274,196
================= =================
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
Unaudited
Three months ended
------------------------------------
March 31, 2017 March 31, 2016
----------------- -----------------
Fee income $ 393,116 $ 409,133
----------------- -----------------
Operating expenses 1,136,255 1,186,507
Research and development 211,293 410,217
----------------- -----------------
Total Expenses 1,347,548 1,596,724
----------------- -----------------
Operating loss (954,432) (1,187,591)
Net investment income 1,877 10,898
----------------- -----------------
Net loss $ (952,555) $ (1,176,693)
================= =================
Basic and diluted net loss per common
share $ (0.04) $ (0.05)
================= =================
Weighted average number of common
shares outstanding 24,043,846 24,043,846
================= =================
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
Unaudited
Three months ended
------------------------------------
March 31, 2017 March 31, 2016
----------------- -----------------
Cash flows from operating activities:
Net loss $ (952,555) $ (1,176,693)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 43,852 47,412
Change in assets and liabilities:
Royalty receivables 33,578 (59,539)
Prepaid expenses and other current
assets 178,065 54,237
Deferred revenue 33,750 30,762
Accounts payable and accrued
expenses 17,710 67,482
----------------- -----------------
Net cash used in operating
activities (645,600) (1,036,339)
----------------- -----------------
Cash flows from investing activities:
Purchases of fixed assets (4,121) (1,591)
Proceeds from sale of investments
and change in investments 1,523,333 (2,568)
----------------- -----------------
Net cash provided by (used in)
investing activities 1,519,212 (4,159)
----------------- -----------------
Cash flows from financing activities:
Net cash provided by financing
activities - -
----------------- -----------------
Net increase (decrease) in cash and
cash equivalents 873,612 (1,040,498)
Cash and cash equivalents at beginning
of year 1,691,603 5,712,310
----------------- -----------------
Cash and cash equivalents at end of
period $ 2,565,215 $ 4,671,812
================= =================
CONTACT: Seth L. Van Voorhees Chief Financial Officer Research Frontiers Inc. +1-516-364-1902 [email protected]
Source: Research Frontiers Inc.
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