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Seeing Machines

  • BY: Andrew Hore |
  • POSTED: 23/09/2008 |

Seeing Machines reported slightly better than expected profits for the year to June 2008.

Seeing Machines designs integrated software and digital camera technology that tracks facial movement and reactions. It moved from a loss of A$467,000 to a profit of A$327,000. The faceLAB software used by researchers and systems designers remains the main revenue generator but the majority of the increase in revenues from A$2.84m to A$4.4m came from the contract to supply Dycom Industries with the Driver State Sensor technology that can alert drivers when they are falling asleep at the wheel.

Capitalised research and development spending fell slightly from A$2.42m to A$2.33m. That meant that there was a cash outflow but there is still A$2.77m of cash in the bank.

The Dycom contract will be a significant contributor to the current financial year as the technology is rolled out across its fleet of vehicles. Other potential users are undertaking pilot studies of the technology.

The TrueField Analyzer has gained FDA marketing approval. It is a device designed to detect glaucoma and other eye diseases.

The faceAPI application programming interface is being used in a number of different areas, such as computer games, biometrics, robotics and aerospace. This could become a much more important revenue generator in the future.

The shares recovered 0.125p to 2.375p each, valuing Seeing Machines at £7.41m.

Edison forecasts profits of A$2m on revenues of A$10m in 2008-09. That would put the shares on around seven times prospective earnings. 

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