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Research Frontiers Reports First Quarter 2017 Financial Results

Management to Host Conference Call at 4:45 p.m.

/EINPresswire.com/ -- WOODBURY, NY--(Marketwired - May 4, 2017) - Research Frontiers Inc. (NASDAQ: REFR) announced its financial results for its first quarter ended March 31, 2017. Management will host a conference call today at 4:45 p.m. Eastern Time to discuss its financial and operating results as well as recent developments including: (i) recent announcement by Japan Railway East of their adoption of Asahi Glass Corporation's Wonderlite SPD SmartGlass train windows, and (ii) the recent license agreement covering SPD SmartGlass for the automotive aftermarket.

  • Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
  • Date/Time: May 4, 2017, 4:45PM ET
  • Dial-in Information: 1-412-717-9591
  • Replay: Available on Friday, May 5, 2017 for 90 days at www.SmartGlass-IR.com

Key First Quarter 2017 Comments:

The Company's fee income from licensing activities for the three months ended March 31, 2017 was $393,116 as compared to $409,133 for the three months ended March 31, 2016. This $16,017 decrease was principally the result of exchange rate fluctuations and lower levels of sales of SLK and SL vehicles containing the Magic Sky Control option by Daimler offset somewhat by higher sales of the S-Class vehicles with the Magic Sky Control option.

In the first quarter of 2017, the Company received royalty revenues from sales of the Magic Sky Control option on the S-Class sedans and coupe, and on the SLK and SL roadsters in excess of minimum annual royalty levels in its license agreements with our licensees who supply this glass to Daimler which resulted in accretive royalty revenue from these licensees.

Sales of S-Class and roadster vehicles by Mercedes, and King Air aircraft, using the Company's SPD-SmartGlass technology were up by double digit percentages in the first quarter of 2017 as compared to the previous quarter.

The Company expects that lower pricing of the Company's technology could expand the market opportunities, adoption rates, and revenues for its technology in automotive and non-automotive applications. The Company is working with all levels of licensees in the supply chain to further reduce the cost of final products using the Company's technology.

Operating expenses decreased by $50,252 for the three months ended March 31, 2017 to $1,136,255 from $1,186,507 for the three months ended March 31, 2016.

Research and development expenditures decreased by $198,924 to $211,293 for the three months ended March 31, 2017 from $410,217 for the three months ended March 31, 2016.

Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.

   
   
RESEARCH FRONTIERS INCORPORATED  
Consolidated Balance Sheets  
Unaudited  
   
    March 31, 2017     December 31, 2016  
Assets                
                 
Current assets:                
  Cash and cash equivalents   $ 2,565,215     $ 1,691,603  
  Short-term investments     -       1,523,333  
  Royalty receivables, net of reserves of $1,110,020 in 2017 and 2016     1,083,568       1,117,146  
  Prepaid expenses and other current assets     78,827       256,892  
    Total current assets     3,727,610       4,588,974  
                 
Fixed assets, net     611,924       651,655  
Deposits and other assets     33,567       33,567  
    Total assets   $ 4,373,101     $ 5,274,196  
                 
Liabilities and Shareholders' Equity                
                 
Current liabilities:                
  Accounts payable   $ 47,642     $ 29,932  
  Accrued expenses and other     339,338       339,338  
  Deferred revenue     33,750       -  
    Total current liabilities     420,730       369,270  
                 
Shareholders' equity:                
  Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 24,043,846 shares for 2017 and 2016     2,404       2,404  
  Additional paid-in capital     111,551,490       111,551,490  
  Accumulated deficit     (107,601,523 )     (106,648,968 )
    Total shareholders' equity     3,952,371       4,904,926  
                 
    Total liabilities and shareholders' equity   $ 4,373,101     $ 5,274,196  
   
   
   
RESEARCH FRONTIERS INCORPORATED  
Consolidated Statements of Operations  
Unaudited  
   
    Three months ended  
    March 31, 2017     March 31, 2016  
                 
Fee income   $ 393,116     $ 409,133  
                 
Operating expenses     1,136,255       1,186,507  
Research and development     211,293       410,217  
  Total Expenses     1,347,548       1,596,724  
                 
  Operating loss     (954,432 )     (1,187,591 )
                 
Net investment income     1,877       10,898  
  Net loss   $ (952,555 )   $ (1,176,693 )
                 
Basic and diluted net loss per common share   $ (0.04 )   $ (0.05 )
                 
Weighted average number of common shares outstanding     24,043,846       24,043,846  
   
   
   
RESEARCH FRONTIERS INCORPORATED  
Consolidated Statements of Cash Flows  
Unaudited  
   
    Three months ended  
    March 31, 2017     March 31, 2016  
Cash flows from operating activities:                
Net loss   $ (952,555 )   $ (1,176,693 )
Adjustments to reconcile net loss to net cash used in operating activities:                
  Depreciation and amortization     43,852       47,412  
  Change in assets and liabilities:                
    Royalty receivables     33,578       (59,539 )
    Prepaid expenses and other current assets     178,065       54,237  
    Deferred revenue     33,750       30,762  
    Accounts payable and accrued expenses     17,710       67,482  
      Net cash used in operating activities     (645,600 )     (1,036,339 )
                 
Cash flows from investing activities:                
  Purchases of fixed assets     (4,121 )     (1,591 )
  Proceeds from sale of investments and change in investments     1,523,333       (2,568 )
    Net cash provided by (used in) investing activities     1,519,212       (4,159 )
                 
Cash flows from financing activities:                
    Net cash provided by financing activities     -       -  
                 
Net increase (decrease) in cash and cash equivalents     873,612       (1,040,498 )
                 
Cash and cash equivalents at beginning of year     1,691,603       5,712,310  
Cash and cash equivalents at end of period   $ 2,565,215     $ 4,671,812  
                 

CONTACT:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com