TORONTO – "We continue to make significant progress in our core business areas and the outlook remains promising," said Tri-Vision CEO Najmul Siddiqui in announcing his company’s first quarter results this week.
"Performance during the first quarter exhibited the normal cyclical downturn in sales for both areas during the months of April, May and June. The 42% increase in V-chip revenues during the quarter provides an indication of the very early positive results of the company’s U.S. V-chip licensing success. During the quarter the company strengthened cash and cash equivalents, and increased inventories. Cash flow from operations remained healthy at $235,131 for the three months."
Q1 revenue was $1.78 million, down from $2.07 million during the same time last year. Net loss in the quarter was $364,000, as compared to $95,855 in Q1 ’05.
"We were particularly gratified late in the first quarter that a new Canadian patent for our Universal Media Ratings Selector was granted," added Siddiqui. "This patent provides for a new method to control the playing/viewing of media that encodes age-based ratings selectors embedded in the media."
Management attributes the decline in revenues predominantly to the continuing shift in the cable television marketplace from analog to digital cable systems. In the previous year, Tri-Vision had higher sales based on analog systems, said the company in its press release. Since then the market has been shifting to more digital-based products and Tri-Vision has re-positioned its place in the market through the establishment of the Think Broadband Solutions’ subsidiary. "In a very short period of time Think Broadband made excellent in-roads in the digital arena by establishing a number of key distribution agreements," says the release.
"Think Broadband’s major highlight of the first quarter was the award of exclusive distributor rights to the Company by PCT North America LLC of the United States," it added.
