SLI
06/05/2016 08:31
FORECAST
PRICE SENSITIVE
REL: 0831 HRS SLI Systems Limited
FORECAST: SLI: Operating Revenue for FY 2016 Expected to Rise 25%
Operating Revenue for FY 2016 Expected to Rise 25% to a record $35 million
SLI still on path to cash flow break even despite unavoidable loss of three
large customers; no change in expectations regarding cash
CHRISTCHURCH, New Zealand - May 6, 2016 - SLI Systems (SLI.NZ) today
announced operating revenue expectations for the 2016 financial year. The
company anticipates operating revenue for the twelve months to 30 June 2016
to be a record of $35 million. This equates to a 25% rise in operating
revenue compared to the twelve months to 30 June 2015.
Forecast annual recurring revenue (ARR) will be relatively flat compared to
June 2015, primarily due to the loss of three large customers. Two of the
losses were caused by insolvencies while the third was due to a change of
control with the acquiring company deciding to move the acquired company to
an existing home grown infrastructure. SLI will attempt to work with the
acquirers of the insolvent entities to continue operations; however, they are
currently treated as lost customers.
"This is not a reflection on the market or SLI's products, but rather
extenuating circumstances that are unusual and beyond the company's control,"
said Chris Brennan, CEO. "While we have lost these three customers, we still
have approximately 600 customers and over 100,000 potential ecommerce
companies to target. We're confident the recent changes we've made will
restore growth in North America to complement our greater than market growth
rate in both our EMEA and Asia Pacific regions."
This news has no impact on prior statements made by SLI. With current cash of
$6.3m compared to $5.6m at 30 June 2015, SLI reconfirms that it will not need
to raise additional capital to achieve cash flow break-even performance.
About SLI Systems
SLI Systems (SLI.NZ) enables the world's leading e-commerce retailers to
accelerate sales by connecting shoppers with the products they're most likely
to buy. With offerings that include site search, navigation, merchandising,
mobile, product recommendations and user-generated SEO, SLI is the most
chosen cloud-based site search provider to U.S. Internet Retailer Top 1,000
retailers. The company's patented technology continuously learns from the
actions of visitors to deliver the most relevant results possible. Whether
via PC, tablet or phone, a site powered by SLI delivers the kind of
satisfying search experience that increases conversion rates, secures brand
loyalty and results in higher order values. SLI operates on five continents.
For more information, visit www.sli-systems.com.
# # #
Media resource
Connect with SLI:
Twitter - twitter.com/slisystems
Facebook - facebook.com/slisystems
LinkedIn - linkedin.com/company/sli-systems
Media Contact:
Richard Inder
The Project
+64 21 645 643
[email protected]
End CA:00281911 For:SLI Type:FORECAST Time:2016-05-06 08:31:36
