Research Frontiers Reports First Quarter 2017 Financial Results
Management to Host Conference Call at 4:45 p.m.
(firmenpresse) - WOODBURY, NY -- (Marketwired) -- 05/04/17 -- Research Frontiers Inc. (NASDAQ: REFR) announced its financial results for its first quarter ended March 31, 2017. Management will host a conference call today at 4:45 p.m. Eastern Time to discuss its financial and operating results as well as recent developments including: (i) recent announcement by Japan Railway East of their adoption of Asahi Glass Corporation''s Wonderlite SPD SmartGlass train windows, and (ii) the recent license agreement covering SPD SmartGlass for the automotive aftermarket.
Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
May 4, 2017, 4:45PM ET
1-412-717-9591
Available on Friday, May 5, 2017 for 90 days at
The Company''s fee income from licensing activities for the three months ended March 31, 2017 was $393,116 as compared to $409,133 for the three months ended March 31, 2016. This $16,017 decrease was principally the result of exchange rate fluctuations and lower levels of sales of SLK and SL vehicles containing the Magic Sky Control option by Daimler offset somewhat by higher sales of the S-Class vehicles with the Magic Sky Control option.
In the first quarter of 2017, the Company received royalty revenues from sales of the Magic Sky Control option on the S-Class sedans and coupe, and on the SLK and SL roadsters in excess of minimum annual royalty levels in its license agreements with our licensees who supply this glass to Daimler which resulted in accretive royalty revenue from these licensees.
Sales of S-Class and roadster vehicles by Mercedes, and King Air aircraft, using the Company''s SPD-SmartGlass technology were up by double digit percentages in the first quarter of 2017 as compared to the previous quarter.
The Company expects that lower pricing of the Company''s technology could expand the market opportunities, adoption rates, and revenues for its technology in automotive and non-automotive applications. The Company is working with all levels of licensees in the supply chain to further reduce the cost of final products using the Company''s technology.
Operating expenses decreased by $50,252 for the three months ended March 31, 2017 to $1,136,255 from $1,186,507 for the three months ended March 31, 2016.
Research and development expenditures decreased by $198,924 to $211,293 for the three months ended March 31, 2017 from $410,217 for the three months ended March 31, 2016.
Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at , and on , , and .
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.
CONTACT:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
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Datum: 04.05.2017 - 14:05 Uhr
Sprache: Deutsch
News-ID 1502578
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