Eight Solutions 2014 Fiscal Year End Results
VANCOUVER BC, April 27, 2015 — Eight Solutions Inc. (CSE:ES) (“Eight” or the “Company”) is pleased to announce the release of its audited financial results for the fiscal year ended December 31, 2014. All figures are in Canadian dollars.
“2014 was a year of tremendous success in our 3D conversion business, working on five movies and gaining significant attention from Hollywood. This success lead Prime Focus, the world leader in 3D conversion, to take notice,” says Rory Armes, CEO. “Closing the agreement with Prime Focus earlier this year has positioned us to concentrate on our core strength of developing technology.”
2014 Financial Highlights:
Revenue for the year was $13,797,506, a 55% increase over 2013 revenue of $8,888,032 and a 350% increase over 2012 revenue of $2,567,143 Net loss for the year was $2,369,867, a 77% decrease from 2013 net loss of $10,473,529 The Company had two profitable quarters
2014 Operational Update:
The Company performed 3D conversion for four films released during the year – Maleficent, Jupiter Ascending, Godzilla and The Grandmaster – the highest volume of 3D conversion work completed by the Company in any year since its inception The Grandmaster marks the first movie the Company converted for the Chinese market Eight signed its first manufacturing client for Cumul8
2015 Outlook:
Upon completing the transaction with Prime Focus, the Company will no longer be directly involved in the post production services business but will continue to generate licensing and royalty income for years to come The Company will focus on continued development and commercialization of its Cumul8 and Reelhouse technologies
Financial Summary for the fiscal year ended December 31, 2014
§ Year ended December 31,
2014§
2013§
§
§
Revenue
§ $ 13,797,506
§ $ 8,888,032
§
§
Net loss and comprehensive loss attributable to the Shareholders of the Company
§
2,369,867
§
10,473,529
§
§
Basic loss per share
§ $ 0.05
§ $ 0.27
§
§
About Eight Solutions
Eight Solutions Inc. is a technology and software company led by a team of gaming industry veterans. The Company creates and develops elegant technology solutions where science and art are brought together to solve business challenges. Eight’s portfolio includes a 3D technology division; Cumul8, a BI analytics solution focused on data visualization; and Reelhouse, an online entertainment distribution community. For more information, visit www.eightsolutions.com.
On Behalf of the Board of Directors
“Rory Armes” Rory Armes Chief Executive Officer and Director
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Eight believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For more Information, please contact:
Danielle Rockel Vice President of Corporate Affairs Danielle@eightsolutions.com Suite 100, 138 East 7th Avenue Vancouver, British Columbia, V5T 1M6 Phone: (604) 669-8885 Fax: (604) 669-8855 |