ViXS reports first quarter fiscal 2018 resultsWednesday, June 7th, 2017
TORONTO, ON — ViXS Systems Inc. (TSX: VXS), a pioneer and leader in advanced media processing solutions, reported today its first quarter fiscal 2018 results for the period ending April 30, 2017.
Revenues for the first quarter of fiscal 2018 totaled $4.8 million, down from $7.7 million recognized in the fourth quarter of fiscal 2017. This sequential decrease was primarily due to XConnex sales that were roughly one half the level in the prior quarter given the sale of the XConnex (MoCA) product line during the first quarter along with expected lower seasonal sales of legacy products, partially offset by slightly higher sequential sales of XCode 5000 and 6000 products.
Customer, Product and Corporate Announcements
- On April 12, 2017, ViXS completed the sale of its legacy XConnex (MoCA) product line to Maxlinear, Inc. Revenue for the first quarter of fiscal 2017 include only two months of XConnex sales from the MoCA product line.
- On May 8, 2017, ViXS completed an amendment to its Comerica loan agreement, which extended the term of the loan to October 31, 2017, plus an extension on the EDC-backed inventory portion.
- On May 18, 2017, ViXS announced the proposed sale of the Company to Pixelworks, with the close targeted for early August, 2017.
- Renewed interest has been expressed by multiple Service Providers and MSO’s to include OTA functionality as part of their product offering. ViXS is engaged with multiple North American and Korean providers to evaluate ViXS’ offering.
- Strong design activity has occurred with tier-1 Japanese customers in the area of BD Player, Android OTT/OTA Box, as well as next-generation ADSB video standard products. As evidence of this, in March 2017 Sharp announced three new BD Recorder products for Ultra HD Blu-ray based on the XCode 6800 and XCode 5190 System on Chips, with initial production starting now and volume ramp expected later this year.
- Successful NAB and Computex trade shows where VIXS demonstrated its 12-bit 100mbs HDR stream decoding, with ViXS being the only company able to offer this unique capability — as confirmed by multiple studios. New opportunities were identified for the Professional 4K Decoder with both existing and new customers.
- In February, Fred Shlapak was appointed to the Company Board of Directors, bringing over three decades of leadership and operational experience, coupled with deep knowledge of the semiconductor industry.