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Spectra7 Announces Record Financial Results for the Second Quarter of 2017

SAN JOSE, CA--(Marketwired - August 08, 2017) - (TSX: SEV) Spectra7 Microsystems Inc., ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for virtual reality (VR), augmented reality (AR), mixed reality (MR), data center and other connectivity markets, today announced its unaudited financial results for the three and six months ended June 30, 2017. The unaudited consolidated financial statements for the three and six months ended June 30, 2017 prepared in accordance with International Financial Reporting Standards and the corresponding management's discussion and analysis will be available under the Company's profile on www.sedar.com. All amounts are in US dollars unless otherwise noted.

Financial Highlights for the Quarter ended June 30, 2017

CEO Commentary

"I am very pleased with the second quarter's record revenue and overall financial results," said Spectra7 CEO Raouf Halim. "Design win activity remains robust and we expect this activity to convert into revenue in the coming quarters. Activity across the AR/VR/MR market remains strong and we are optimistic that we will end the year with continued growth. Data center initiatives are progressing and we anticipate delivering initial revenue from this segment in 2018."

Other Quarterly Highlights

Subsequent to Quarter-end

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with design centers in Markham, Ontario, Cork, Ireland, and Little Rock, Arkansas. For more information, please visit www.spectra7.com.

CAUTIONARY NOTES

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's annual MD&A for the year ended December 31, 2016. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

(1) Additional GAAP Measure - Gross margin is presented in this press release consistent with information presented in the Company's financial statements. Gross margin has been calculated by deducting manufacturing cost of sales, and provision for inventory write downs from revenue. Management of the Company believes that providing this information allows investors to better understand the Company's historical and future financial performance.



For more information, please contact:

Spectra7 Microsystems Inc.
 Sean Peasgood
 Investor Relations
 416-565-2805
 
Email Contact 
 
 Spectra7 Microsystems Inc.
 David Mier
Chief Financial Officer
669-284-3170 

Email Contact