ViXS Reports Third Quarter 2016 Results

The following table sets forth selected financial information derived from the Company's unaudited interim condensed consolidated financial statements for the three and nine months ended October 31, 2015, July 31, 2015 and October 31, 2014. The selected financial information was prepared in accordance with IAS 34 in a manner consistent with the Company's annual financial statements. The following information should be read in conjunction with these statements and the accompanying notes.

                                                                            
                                                          Nine-month Period 
                             Three-month Period Ended           Ended       
                            October             October   October   October 
                              31,    July 31,     31,       31,       31,   
Dollar amounts in U.S.                                                      
 dollars                     2015      2015      2014      2015      2014   
----------------------------------------------------------------------------
Amounts in thousands,                                                       
 except loss per share                                                      
                                                                            
Revenue                      $5,138    $5,974   $10,757   $21,074   $27,187 
  Cost of sales               2,884     3,927     5,552    12,084    14,952 
                          ------------------------------ -------------------
Gross margin                  2,254     2,047     5,205     8,990    12,235 
                          ------------------------------ -------------------
Operating expenses                                                          
  Research and development    3,215     2,698     4,669    10,017    12,579 
  Selling, general and                                                      
   administrative             1,970     1,923     3,077     6,478    11,578 
                          ------------------------------ -------------------
Total operating expenses                                                    
 (1)                          5,185     4,621     7,746    16,495    24,157 
                          ------------------------------ -------------------
Loss before finance costs                                                   
 and income, currency                                                       
 gains                       (2,931)   (2,574)   (2,541)   (7,505)  (11,922)
                          ------------------------------ -------------------
Other income (expense):                                                     
  Finance costs                 (89)     (155)      (33)     (336)      (90)
  Finance income                  3         8        19        33        65 
  Currency gains (losses)        (173)          (274)          (302)          (133)            225  
                                                    ------------------------------  -------------------
Total  other  income                                                                                                                    
  (expense)                                          (259)          (421)          (316)          (436)            200  
                                                    ------------------------------  -------------------
Loss  before  taxes                      ($3,190)    ($2,995)    ($2,857)    ($7,941)  ($11,722)
    Income  tax  expense                          (4)              (5)            (22)            (18)            (27)
                                                    ------------------------------  -------------------
Net  loss  for  the  period            (3,194)      (3,000)      (2,879)      (7,959)    (11,749)
Other  comprehensive  income                                                                                                    
  (loss)                                                                                                                                          
Item  subject  to                                                                                                                          
  reclassification                                                                                                                      
    Exchange  difference  on                                                                                                        
      translating  foreign                                                                                                            
      operations                                        11              (13)            (27)              (7)            (45)
                                                    ------------------------------  -------------------
Comprehensive  loss  for  the                                                                                                    
  period                                          ($3,183)    ($3,013)    ($2,906)    ($7,966)  ($11,794)
                                                    ==============================  ===================
Loss  per  share  attributed                                                                                                      
  to  common  equity  holders                                                                                                      
    Basic                                            ($0.06)      ($0.06)      ($0.06)      ($0.16)      ($0.23)
    Diluted                                        ($0.06)      ($0.06)      ($0.06)      ($0.16)      ($0.23)
Weighted  average  number  of                                                                                                    
  common  shares  outstanding                                                                                                    
    Basic                                            50,377        50,377        50,375        50,377        50,368  
    Diluted                                        50,377        50,377        50,375        50,377        50,368  
                                                                                                                                                        
(1)  Includes  share-based                                                                                                        
  transaction  expense  of:                                                                                                        
Research  and  development                  92            (130)            251              125              702  
Selling,  general  and                                                                                                                
  administrative                                  111                55              156              (48)            815  
                                                    ------------------------------  -------------------
                                                              $203            ($75)          $407              $77        $1,517  
                                                    ==============================  ===================
                                                                                                                                                        
 

BALANCE SHEET

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