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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
- Operating expenses down 77% for the quarter and 66% for the nine-month
period -
CHANTILLY, VA, Nov. 29, 2012 /CNW/ - BlueScout TechnologiesTSXV: SCT, providers of the BlueScout OCS-210 for optimized wind energy generation, reported its financial results
for the three- and nine-month periods ended September 30, 2012. All
figures are in U.S. dollars, unless otherwise stated.
Select Highlights
A new signal processing sub-system design was completed. As opposed to
the prior design, which was an evolution of a design targeted at
aerospace applications, the all-new design started with a clean slate
approach specifically addressing the requirements of the wind turbine
industry. The foundation of the design is a fundamentally different
signal processing algorithm, sharing no commonality of software,
firmware or hardware with the prior design. The work combines a clean
set of signal processing protocols, modern chipsets, and active system
noise reduction to improve system sensitivity by five hundred percent
and eliminate errors due to turbine blade blockage.
The operational fleet has 34 units installed with another seven on
backlog for installation. BlueScout products now have over 300,000 of
operational field hours.
Reduced operating expenses by 77% or $8.6M for the quarter compared to
last year and reduced net loss for the quarter by $8.3M or $0.08 per
share versus Q3 2011.
Successfully rebranded under the name BlueScout Technologies, which
included a new image, mission, vision, values, domain name, ticker
symbol and fresh logo.
Completed a special warrant offering for gross proceeds of CDN$3.1
million and a convertible debenture offering for CDN$1.2 million, for
total gross proceeds of CDN$4.3 million.
Continued its market expansion by entering into a trial program with EDP
Renewables North America (EDPR NA) to demonstrate the performance
improvement of two EDPR NA turbines under the operational control of
the OCS-210 wind turbine control system.
Legal Updates
As part of ongoing legal disputes, Optical Air Data Systems LLC (OADS)
sent more than twenty subpoenas to key BlueScout customers and
suppliers.
The indemnification suit brought against BlueScout by Phil and Alisa
Rogers was dismissed without prejudice by the Fairfax Circuit Court in
Virginia in October. Following this dismissal the Rogers subsequently
filed a substantially similar indemnification lawsuit in the same
court.
In the IP suit, a few days after a motion by OADS against BlueScout was
denied at the magistrate level, subsequently another motion was
introduced by OADS asking that the denial be re-evaluated by a district
level judge.
Financial Performance
BlueScout recognized revenue of $50K for the quarter ended September 30,
2012, compared to $348K for the three-month period ended September 30,
2011. The Company has $742K of deferred revenue and customer deposits
recorded on its consolidated balance sheet at September 30, 2012
related to product shipments that have performance provisions that are
expected to be recognized in future quarters. On a nine-month basis,
BlueScout recognized revenue of $510K for 2012 compared to $738K for
the same period in 2011.
Operating expenses for Q3 2012 were $2.6M, down 77% from $11.2M for the
corresponding period last year. Excluding the non-cash items,
litigation expense, one-time August 24 financing fees and one-time
rebranding fees, operating expenses in Q3 2012 were $2.2M, down 23%,
compared to $2.8M for Q3 2011.
For the nine-month period ended September 30, 2012, operating expenses
were $7.4M, down 66% from $21.4M for FY2011. Excluding the non-cash
items, litigation expense, one-time August 24 financing fees and
one-time rebranding fees, operating expenses were $6.0M, down 49% from
$11.8M for the same period last year. Selected operating expenses are
detailed below:
Cost of sales for the three-month period ended September 30, 2012 was
$598K compared to $527K for the same period last year. On a
nine-month basis, cost of sales was $1.2M compared to $1.6M for the
same period in 2011. Cost of sales include product inventory costs and
all costs associated with the installation on, and integration with,
wind turbines.
General and administrative expense for Q3 2012 was $196K, down 70% from
$625K for Q3 2011. The decrease is primarily due to reductions in
travel related expenses and repairs and maintenance costs. On a
nine-month basis, general and administrative expense was $659K compared
to $2.2M for the same period in 2011. The 2011 expenses were
predominantly related to travel and maintenance related to the Falcon
50 aircraft which the Company has not been affiliated with since
October 22, 2011.
Sales and marketing expense for Q3 2012 was $101K compared to $15K for
Q3 2011. Sales and marketing expense includes expenses for trade
shows, advertising, promotion and sales and marketing consulting
costs. The increase is primarily due to $64K of rebranding costs and
$22K of expenses associated with trade shows during the quarter.
Professional fees totaled $1.6M for the three-month period ended
September 30, 2012, up from $331K for the same period last year. The
increase in professional fees for the quarter is due to legal expenses,
primarily related to litigation matters, and costs associated with the
August 24 financing which totaled $572K. Legal expense was $873K for
the third quarter of 2012 versus $131K for the same period last year.
On a nine-month basis professional fees were $2.9M for 2012 ($1.7M
related to litigation) and $1.0M for 2011.
Third quarter 2012 research and development expense was $77K compared to
$384K for the same period last year. On a nine-month basis, research
and development expense was $257K compared to $3.7M for the same period
in 2011. Research and development during 2012 has been centered on the
transition to contract manufacturing and turbine integration.
BlueScout recorded a net loss for Q3 2012 of $2.6M or $0.02 per share,
compared to a net loss of $10.9M or $0.10 per share for Q3 2011. On a
nine-month basis, BlueScout generated a net loss of $6.9M or $0.06 per
share compared to a net loss of $20.7M or $0.22 per share for the same
period of FY2011.
As of September 30, 2012, BlueScout had cash and cash equivalents of
$2.1M and working capital of $3.4M, compared to cash and cash
equivalents of $6.0 million and working capital of $6.2 million at
December 31, 2011.
BlueScout has filed its financial statements for the three and nine
month period ended September 30, 2012 and related Management's
Discussion and Analysis (MD&A) with securities regulatory authorities.
BlueScout's financial statements, MD&A and related documents are
available via SEDAR as well as through the Company's website, www.BlueScout.com.
Conference Call
BlueScout will hold a conference call on November 30, 2012 at 1:00 pm ET
to discuss its third quarter 2012 financial results.
To access the conference call by telephone, dial 647-427-7450 or
1-888-231-8191. Please connect approximately 15 minutes prior to the
beginning of the call to ensure participation. A question and answer
session for analysts and institutional investors will follow
management's presentation.
A live audio webcast of the conference call will be available at www.BlueScout.com. Please connect at least 15 minutes prior to the conference call to
ensure adequate time for any software download that may be required to
join the webcast. The webcast will be archived at the above web site
for 30 days.
A taped rebroadcast will be available to listeners until 12 a.m. ET on
Friday, December 7, 2012. To access the rebroadcast, please dial
416-849-0833 or 1-855-859-2056 and enter passcode 72229223, followed by
the number sign.
About BlueScout
BlueScout Technologies(TSXV: SCT) increases energy production and decreases operating costs by applying
groundbreaking microgeographical wind flow sensing to turbine control
systems that increases the effectiveness and availability of wind
turbines. BlueScout combines precise, optically based wind forecasting
with advanced predictive control architectures to ready the turbine for
the imminent wind inflow changes - optimizing energy production and
reducing the harmful effects of wind turbulence on the turbine. With
extensive operating data on multiple wind turbine models, BlueScout is
the leading, value-added innovator in wind turbine performance and
optimization.
The team consists of experienced high-tech, R&D and manufacturing
engineers, innovative entrepreneurs, and proven leaders. The BlueScout
team has unique expertise and shares a firm commitment, as part of the
wind power industry, to continuously improve the reliability of wind
power generation through innovation. For more information, visit www.BlueScout.com.
Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to,
economic performance and future plans and objectives of BlueScout
Technologies. Any number of important factors could cause actual
results to differ materially from these forward-looking statements as
well as future results. Although BlueScout believes that the
assumptions and factors used in making the forward-looking statements
are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release, and
no assurance can be given that such events will occur in the disclosed
timeframes or at all. BlueScout Technologies disclaims any intention or
obligation to update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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