Fabricating and Metalworking.com Record Financial Results for Memex
Revenue increased to $2.1 million, or 115 percent higher than the prior year.
- The company generated record revenue of $2.1 million, $1.1 million or 115 percent higher than the prior year.
- The company achieved record gross margin of $1.3 million, 200 percent higher than the prior year.
- Unearned revenue of $582 thousand closed the year at a record high, $129 thousand or 28.5 percent higher than the previous high at September 30, 2014.
The company showed a $2.4 million net and comprehensive loss for the year equating to a $0.030 loss per share. This compares with a $2.1 million net and comprehensive loss and a $0.040 loss per share in 2014. Memex qualified for up to $800 thousand in Government of Canada funding through FedDev Ontario’s Investing in Business Innovation (“IBI”) initiative. Financial Highlights for the quarter ended September 30, 2015:
- The company generated quarterly revenue of $575 thousand, a $373 thousand or 179 percent increase when compared to Q4-2014, and $124 thousand more than Q3-2015.
- The quarterly loss from operations of $600 thousand was down $153 thousand from $753 thousand for the same period a year ago, and $266 thousand less than the $866 thousand reported Q3-2015.
Operational highlights for the year inlude:
- The company sold its flagship software product, MERLIN, to 32 new manufacturing enterprise customers in Canada, Mexico, the United States and Australia including Lynch Fluid Controls Inc., Koss Aerospace Ltd., Industrial B&S de Mexico SA de CV, FM Industries Inc., ANCA Pty Ltd., The Oilgear Company and Milwaukee Electric Tool Corporation.
- In August 2015 the company was invited by Mazak Corporation, a global machine tool leader, to join its exclusive Value Inspired Partner (VIP) program. Memex is the only such partner offering software in its category.
- The company acquired the intellectual property and other related assets of Dostek Incorporated and engaged its president, Doug Struthers, in the role of Merlin Direct Numerical Control (DNC) Architect to bolster Merlin’s DNC product capabilities.
- Commencing January 2015, the company focused its own Partner Channel program on relationships and future business potential with three of its largest partners: Mazak, Okuma, and Mazak Optonics.
“We are very proud of our accomplishments during fiscal 2015, and our team is focused on achieving even greater growth,” stated Memex president and chief exective officer David McPhail. “More than 90 percent of manufacturers today run their factories without IIoT software and our job is to turn them on to MERLIN’s well-documented return on investment. I commend each and every one of our employees for their contributions to this record year. And all of us want to thank our new and existing manufacturing customers for placing their trust in us as they take advantage of our software’s productivity promise.”
“We have expanded MERLIN’s global customer footprint, continued investment in the development of our direct sales and partner channels, and achieved success with key partners,” noted the company’s vice president of sales, John Rattray. “As well as customer expansion, we have immense potential within our existing install base. All of this progress is reflected in the numbers reported. The Industrial Internet of Things is a desirable concept to many advanced manufacturing firms. To our customers however, it’s an achievable, real-time reality with fast payback.”
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