Research Frontiers Reports Fourth Quarter and Full Year 2017 Financial Results

RFI 4Q and Full Year 2017 Financial Results Word

RFI 4Q and Full Year 2017 Financial Results PDF

Management to Host Conference Call at 4:30 p.m.

WOODBURY, N.Y., March 8, 2018 – Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full year ended December 31, 2017. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.

  • Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
  • Date/Time: Thursday, March 8, 2018 at 4:30PM ET
  • Dial-in Information:1-412-717-9591
  • Questions: Email to Questions@SmartGlass.com
  • Replay: Available on Friday, March 9, 2018 for 90 days at SmartGlass-IR.com

Key Comments:

  • The Company’s fee income for 2017 increased by $272,973 (+22%) to $1,509,070 as compared to $1,236,097 for 2016
  • A substantial majority of this increase was the result of increase fees earned from licensees focused in automotive, marine, display and architectural industries which was partially offset by slightly lower level of fee income from licensees focused in the aircraft industry (which the Company believes to be temporary).
  • Expenses decreased by $1,576,361 (-29%) for 2017 to $3,927,681 from $5,504,042 for 2016.
    • A substantial majority of this decrease was the result of cost reduction initiatives undertaken by the Company that resulted in lower payroll, marketing, investor relations, and patent expense, as well as lower bad debt expenses in 2017.
  • The Company’s net loss per common share in 2017 was cut in almost half from the prior year. In 2017 the Company’s net loss was $2,413,859 ($0.10 per common share) as compared to $4,238,410 ($0.18 per common share) in 2016.
  • Net cash used in operating activities decreased by $2,534903 (-63%) to $1,470,540 for 2017 from $4,005,443 for 2016.
  • In February 2018, a small group of long-time shareholders of the Company made an interest-free long-term loan of $1.25 million to the Company which is expected to convert into common stock at a price equal to the market price of the Company’s common stock when the loan was made plus warrants exercisable at a premium to such market price.
  • The Company believes that its current cash and cash equivalents will fund its operations until at least the fourth quarter of 2019.

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.

CONTACT:

Seth L. Van Voorhees

Chief Financial Officer

Research Frontiers Inc.

+1-516-364-1902

Info@SmartGlass.com

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.