Seeing Machines confident as losses narrow

20th Sep 2010 08:01

Seeing Machines, which makes systems that monitor drivers' facial movements to detect drowsiness, saw losses narrow in the year to June 30 despite lower revenues as it cut costs.Losses narrowed to A$1.8m from $2.3m the previous year on revenues that fell to $4.2m from $4.9m. The company said that the reduction in revenues was due to a delay in the supply of its DSS system, which is used by drivers of long-haul vehicles and trucks used in the mining sector.Expenses fell as a result of restructuring and expenditure control implemented during 2009 to address the adverse impacts on the business of the global financial crisis. Seeing has been seeking to concentrate on the mining industry and has won three contracts to supply DSS to mines in North America and Peru since the year end, on top of contracts won during the period..'We're riding the coattails of the mining boom,' chief executive Nick Cerneaz explained at the company's results presentation.He added that the company still sees a strong future in road transport in the longer term.Seeing has four main products including DSS, including a medical device that it intends to license to another company when it has been developed, a tracking device used in research markets and a software system that is licensed to companies on a royalty basis.