14th Sep 2015 07:34
LONDON (Alliance News) - DDD Group PLC said Monday it is continuing to carefully manage its costs and expenses as it works towards break-even, and reported a slightly widened pretax loss for its first half, hit by a softening in the 3D TV market.
DDD provides imaging and 3D technology products.
For the half year to end-June the company posted a pretax loss of USD1.4 million, widened slightly from a pretax loss of USD1.2 million a year before, as revenue fell to USD438,000 from USD1.2 million. The drop in revenue was primarily a result of lower shipments of 3D TV products by its existing licencees.
DDD attributed the decline in shipments to a softening of demand in the LCD TV market, and the shift towards new Ultra High Definition - or 4K - televisions. It expects royalties from 3D TV shipments to recover during the remainder of the year.
Additionally, only two PC licensees were shipping 3D PC products, compared to five in the previous year, as the majority of remaining 3D PC products became end-of-line in previous periods. This had a knock-on effect for direct-to-consumer PC software sales, which fell to USD41,000 from USD69,000.
Following the half year end the company filed a patent infringement lawsuit in Los Angeles against South Korean electronics company LG Electronics Inc. It also extended its license agreement with Samsung for the use of its 'TriDef' "D to 3D conversion technology in its 3D TVs until the end of 2016.
Shares in DDD were down 4.8% at 2.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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