Technologically, the 5-Megapixel cameras were replaced with highly light-sensitive 6-Megapixel Moonlight systems, which are around 100 times more light-sensitive than the 3-Megapixel cameras that were still being sold until a year ago. The Moonlight systems give MOBOTIX a significant competitive advantage in the market, even though the process of switching all camera models to this new technology is not due to be completed until the third quarter of the year.
The completely redeveloped and extremely user-friendly video management software was not launched in the first half of the year as originally planned. However, the beta version, which is already available to 2,000 registered users, is being described as a 'game changer' at all international presentations.
The reorganization of the sales function and the market launch of new products in February 2015 enabled MOBOTIX AG to raise revenue in the second quarter by 30 percent compared with the first quarter of the financial year. The increase in revenue and the growth resulting from the technological switch to the new 6-Megapixel Moonlight cameras did not materialize until the second quarter, which meant that the revenue effect was slightly diluted for the reporting period as a whole. Nonetheless, total operating output rose by 4.7 percent to EUR 41.5 million in the first half of the financial year (prior year: EUR 39.6 million). March 2015 saw the highest revenue of any month in the Company's history.
At EUR 4.5 million, EBIT for the first half of the year is already twice as high as for the entire previous financial year (EUR 2.3 million). Due to the high level of demand and despite the change in technology inventories were around 6.4 percent lower than at the end of 2013/14 (EUR 10.9 million, compared with EUR 11.6 million as of September 30, 2014). At EUR 24.9 million (September 30, 2014: EUR 22.4 million), receivables and bank balances were significantly higher than the total liabilities of EUR 10.9 million (September 30, 2014: EUR 9.9 million).
There was a successful outcome to patent disputes in the US, and we were able to have several US patents of the plaintiffs revoked as a deterrent against any other potential patent trolls. The acquisition of our competitors Axis and Milestone by the Japanese camera manufacturer Canon at very high business valuations and inquiries in this respect during the reporting period indicate substantial consolidation in the video security market.
About MOBOTIX AG
MOBOTIX AG (mobotix.com) is a software company with in-house hardware development in the area of digital, high-resolution and network-based video security solutions. The company focuses on the development of user-friendly complete system solutions from a single source. The publicly-traded company with headquarters in Langmeil, Germany, is known as the leading pioneer in network camera technology since its foundation in 1999 and its decentralized concept has also made high-resolution video systems cost-efficient. Since 2010, MOBOTIX has extended its product range to include in-house developed, intelligent home automation products. Whether in embassies, airports, railway stations, ports, gas stations, hotels or highways, over one hundred thousand MOBOTIX video systems have been in operation on every continent for years.
This notification contains statements that are based on assumptions and estimates of MOBOTIX AG. Even though the management considers these assumptions and estimates to be true and accurate, the future actual development and the actual results may deviate from these assumptions and estimates for various reasons. Among those reasons are changes of the overall economic situation, foreign exchange rates, interest rates as well as changes in the market trends or the competitive environment. MOBOTIX AG does not assume any liability for deviations of the future development and actual results from the assumptions and estimates as contained in this announcement / press release / corporate news.