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05/15/2014

TORONTO, ON–(Marketwired – May 15, 2014) – Baylin Technologies Inc. (TSX: BYL), a global provider of innovative antenna solutions for the mobile, broadband and wireless infrastructure markets, today announced its financial results for the three months ended March 31, 2014. All figures are stated in United States dollars unless otherwise noted.

First Quarter 2014 Highlights

  • Revenue was $11.3 million in Q1 2014 compared to $17.7 million in Q1 2013
  • Gross profit for Q1 2014 was $2.5 million, compared to $5.9 million for Q1 2013
  • Adjusted EBITDA in Q1 2014 was $(1.8) million as compared to 2.4 million for Q1 2013
  • Total cash and cash equivalents were $36.8 million at March 31, 2014

“As we communicated in our last quarterly conference call, our first quarter revenues saw a decrease, mainly as a result of lower sales with our key mobile customer,” said Ephraim Ulmer, President and CEO. “We continue to market our innovative patented new LTE antenna technology for mobile and broadband, and the interest from large handset manufacturers has been very positive. We expect this interest to translate into new customer wins in the coming quarters. As part of our diversification strategy, we have also made great strides growing our infrastructure business. Major wireless carriers worldwide, including North America, have already approved our technology for use in their in-building deployments. In the first quarter we saw our revenue for this segment exceed half of the entire revenue reported for this segment in 2013.”

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