GeoVision Inc. Announced Financial Results for the First Quarter Ended Mar. 31, 2017

The revenues decreased by 20% year over year to NT$398 million during the first quarter of 2017.

Gross profit were NT$156 million and the gross margin came down to 39% for the first quarter of this year. The fierce competition among the surveillance market and the sharp appreciation of TWD against USD both have impact on revenue and gross margin performance.

Operating expenses increased 4% to NT$163 million due to the increase on operating cost and R&D expenditure, which led to an operating loss of NT$7 million for the first quarter.

The appreciation of TWD to USD led to a great loss of foreign currency exchange on non-operating expenditures.

Net losses for the first time due to above reasons amounted to NT$95 million which corresponds to an EPS of minus NT$1.24 based on the current capital of NT$766 million.

The net sales of the company’s network cameras contributed to over 60% of the total products revenues, compared to nearly 20% of net sales of network digital surveillance systems and video capture cards for this quarter.

GeoVision is coming up with new sales strategy and product strategy to cope with the rapid change from market competition. New products will be continually released to drive the revenue growth. The products to be released soon include but not limited to 14 Megapixels Panorama PTZ network cameras, and Surround Video series network cameras.

GeoVision Financial Results:

The following are the highlights of the company's financial results for the first quarter ended March 31, 2017