News blog
Seeing Machines
- BY: Andrew Hore |
- POSTED: 27/09/2009 |
Seeing Machines fell into loss in the second half of its financial year after reporting a profit in the fist half.
Seeing Machines designs integrated software and digital camera technology that tracks facial movement and reactions. The main source of revenues comes from supplying devices fitted in vehicles to assess driver distraction and drowsiness. Even so, the contract with Dycom Industries has not generated revenues at the pace originally expected. There is still some way to go in the roll-out across its fleet of vehicles.
Seeing Machines went from a profit of A$327,000 in 2007-08 to a loss of A$5.61m in the year to June 2009, although that includes a net write-off of development costs of A$5.04m. This means that there are no capitalised development costs on the balance sheet.
The TrueField Analyzer is launching later this year. It is designed to detect glaucoma. Seeing Machines is talking to global distribution partners.
Seeing Machines recently appointed Daniel Stewart as its broker. The new house broker forecasts a profit of A$700,000 in the year to June 2010. This assumes at least one new vehicle fleet contract. That puts the shares on 17 times forecast earnings for 2009-10.
Net cash was $679,000 at the end of June 2009. Management believes it has enough cash for the company’s needs. If it meets forecasts the cash pile should be higher at the end of June 2010.
At 2p a share, Seeing Machines is valued at £6.24m.
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