Canada – Revenues progress 25 per cent for DEQBy Phil - 25 October 2013
DEQ Systems saw a 25 per cent increase in total revenue in the third quarter from $1,412,000 in Q3, 2012 to $1,764,000 in Q3-2013.
The manufacturer of table progressives said that operating expenses should remain stable for the last quarter of 2013. As of August 31, 2013, DEQ had 1,990 units installed worldwide compared to 1,636 units as of August 31, 2012. During the third quarter of 2013, a total of 57 net units were installed compared to net installations of 106 units in the third quarter of 2012. Unusual and very sporadic product volatility counts for this lower net install increase and the Company does not see this as a recurring matter or a concern.
The company is currently generating average recurring revenue of $3,425 per unit per year on its worldwide install base of 1,990 units for total annual recurring revenue of approximately $6,800,000.
Francois Proulx, Interim CEO, said: “The third quarter has yielded continued solid results and progression. The initial Hawk electronic shoe placements are doing well and we are thrilled with the market reception of this new and promising product. Our continued penetration in the USA with the G3 product at significant locations like the Borgata in Atlantic City and our expansion into Asia with Las Vegas Sands as well as with other distinguished customers are fuelling our success and we are very excited about these and other growth opportunities. Our shareholder base is now stronger with the addition of several new important stockholders recently and we are extremely happy to see them demonstrate their confidence in our business plan and in the continued positive results we are delivering from a financial, product and market penetration perspective.”