Hiwave Technologies PLC Interim Management Statement (1223K)

TIDMHIW

RNS Number : 1223K

Hiwave Technologies PLC

16 August 2012

HiWave Technologies plc

Interim Management Statement

HiWave Technologies plc ("HiWave" or the "Company"), the provider of electronic and transducer solutions for audio and haptic touch, is today issuing its Interim Management Statement for the period 17 February 2012 to 16 August 2012, in accordance with the requirements of the Disclosure and Transparency Rules of the UK Listing Authority.

-- Revenue on course to meet market expectations for Full Year 2012 with second half revenue anticipated to be in the region of (GBP)700,000

-- Operating performance improving with operating costs reduced; gross profit margin on component revenue steady at 35% and 100% on royalty revenue; cash and receivables as at 30 June 2012 (GBP)1.25 million; net assets as at 30 June 2012 (GBP)2.0 million; open order book currently over $377,000

-- Board strengthened with David Calderwood becoming Executive Chairman, and appointment of two further Non-Executive Directors, David McIntosh and Graham Searle

   --      Significant design-win traction feeding a growing sales pipeline for audio components

-- Won first haptic development contract with a Tier 1 automotive systems company, and additional haptics prospects in consumer and industrial segments

   --      Continuing close assessment of the future financing needs of the business

Operating Update

Operating costs have been reduced with a reorganisation of senior executives, and streamlining of IP expenditure to technology that delivers solutions for key focus markets. Gross profit margin has been preserved at 35% despite difficult market conditions, and recent orders from existing and new customers preparing for the autumn back-to-school and 'Black Friday' (the late-November start of the US holiday shopping period) seasonally-driven markets means that the current open order book stands at over $377,000.

With its broadening range of products and an increasing customer-base the Company anticipates greater stability in its revenue stream going forward, although the current successes in consumer audio and toys and games applications means some seasonality in the business will continue.

The Company has made strong progress in its engagements with major brands in mobile electronics, computing and automotive - collectively the Company's key focus markets. The Board is confident that it will continue to receive important input and feedback from large prospective customers ensuring that its haptics and audio solutions are aligned with customer needs.

The Board is closely monitoring financial performance and reviewing options that will enable execution of its growth plans for both audio and touch/haptics business segments.

Board Changes

A Board re-organisation has been accomplished with David Calderwood becoming Executive Chairman after four months as a Non-Executive Director, and the appointment of David McIntosh and Graham Searle as Non-Executive Directors. The Board now has the balance and experience to address the challenges of the next phase of growth.

David Calderwood, Executive Chairman stated:

"Keen focus on launching new products and engaging new customers has led to firm sales and repeat orders. This is a trend we intend to continue.

"Based on current trading and forecasts, the Board expects sales for the full year to be broadly in line with expectations leading to profitable trading months by the end of the next financial year."

For furtherinformation, please contact:

 
 HiWave Technologies plc        Tel: +44 (0)1223 597 840 
 James Lewis, Chief Executive 
  Officer 
 David Calderwood, Chairman 
 
 Singer Capital Markets         Tel: +44 (0)20 3205 7500 
 Claes Spång

Media enquiries

 
 FTI Consulting    Tel: +44 (0)20 7831 3113 
 Sophie McMillan 
 Clare Thomas

About HiWave:

HiWave Technologies develops and sells electronic components and devices with innovative sound and touch technologies to add outstanding user appeal to consumer electronics.

HiWave's audio amplifier chips and modules are as much as 20 times more efficient than other sound technologies and its loudspeaker drivers create extremely high quality sound using bending wave technology.

HiWave's patented haptic 'touch' technologies transform a flat screen on a smartphone or tablet computer so that the user can feel the switch or click of a keypad but without any moving parts.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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