ACCESS Newswire
28 May 2020, 16:49 GMT+10
BURLINGTON, ON, CANADA / ACCESSWIRE / May 28, 2020 / Memex Inc. ('Memex' or the 'Company') (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its second quarter 2020 ending March 31, 2020. All results are reported in Canadian dollars. A complete set of March 31, 2020 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
Summary financial highlights for the three-months ended March 31, 2020:
Summary financial highlights for the six-months ended March 31, 2020:
Management commentary:
'Although the COVID-19 pandemic affected the last two weeks of Memex's quarter, we're satisfied with our financial results,' said Memex CEO David McPhail. 'COVID-19 began to significantly affect Memex's operations around March 16, 2020, when we closed our offices and implemented remote work procedures. We have continued to experience significant interest in our products and services and are supporting our customers and prospects well. However certain sales activities cannot progress due to the closure of the Canada / U.S. border. Further, the COVID-19 infused economy will inevitably make it more challenging for some (prospective) customers to continue to make discretionary spending on products such as MERLIN, or in some cases, just to continue in business themselves. We expect to have more clarity within the next few weeks regarding when we could resume normal business activities.'
Selected financial information:
* Working Capital = current assets - current liabilities
** Working Capital ratio = current assets / current liabilities
About Memex Inc.:
Established in 1992, Memex grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. Memex is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.
Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge's manufacturers face. We made it our mission to, 'successfully transform factories of today into factories of the future.' As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from 'Shop-Floor-to-Top-Floor.'
The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world-class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom-line financial performance. For more information, please visit: www.MemexOEE.com
For investor inquiries please contact:
Ed Crymble, Chief Financial Officer
905-635-1540
[email protected]
David McPhail, President & CEO
905-635-1540
[email protected]
Sean Peasgood, Investor Relations
647-977-9264
[email protected]
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
i & ii These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management's Discussion and Analysis for the periods ended March 31, 2020 and 2019, in the section 'Other Financial Measures.' That MD&A is available at www.sedar.com under our company profile.
SOURCE: Memex Inc.
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