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Mitec Telecom reports first quarter, fiscal 2010 results, provides update onmarket opportunities, mergers and acquisitions comm

^{Published on 2009-09-14 05:12:52 - Market Wire}
 

 MITEC TELECOM INC. INTERIM CONSOLIDATED BALANCE SHEETS (In thousands of Canadian dollars) As at As at July 31, April 30, 2009 2009 $ $ ------------------------------------------------------------------------- Unaudited Audited ASSETS Current Cash and cash equivalents 3,344 4,485 Short-term investments 181 181 Trade receivables 5,758 5,592 Other receivables 690 126 Income tax recoverable 353 323 Inventories 7,402 8,088 Prepaid expenses and other 935 629 ------------------------------------------------------------------------- Total current assets 18,663 19,424 ------------------------------------------------------------------------- Property, plant and equipment 5,215 5,493 Intangible assets 3,060 3,263 Goodwill 1,991 1,991 Investments 25 25 Future income tax 164 125 ------------------------------------------------------------------------- 29,118 30,321 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities 6,506 5,449 Current portion of long-term debt 1,316 1,215 ------------------------------------------------------------------------- Total current liabilities 7,822 6,664 ------------------------------------------------------------------------- Shareholders' equity Common shares 132,142 132,142 Warrants 1,925 1,925 Equity component of convertible debentures 7 14 Contributed surplus 9,895 9,836 Deficit (122,049) (119,980) Accumulated other comprehensive loss (624) (280) ------------------------------------------------------------------------- Total shareholders' equity 21,296 23,657 ------------------------------------------------------------------------- 29,118 30,321 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MITEC TELECOM INC. INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME In thousands of Canadian dollars, except per share data and number of shares) Unaudited For the three months ended July 31, 2009 2008 $ $ ------------------------------------------------------------------------- Sales 6,707 14,931 Cost of sales 5,672 11,765 ------------------------------------------------------------------------- Gross profit 1,035 3,166 ------------------------------------------------------------------------- Expenses Research and development 1,064 1,013 Selling and administrative 1,210 1,534 Amortization of intangible assets 220 305 Financial expenses 154 179 Foreign exchange 411 (108) Impairment of property, plant and equipment 25 - Stock-based compensation 59 202 ------------------------------------------------------------------------- 3,143 3,125 ------------------------------------------------------------------------- Profit (loss) before income taxes (2,108) 41 Income tax recovery (39) (14) ------------------------------------------------------------------------- Net profit (loss) for the period (2,069) 55 ------------------------------------------------------------------------- Unrealized gain (loss) on translating financial statements of self-sustaining foreign operations (344) 22 ------------------------------------------------------------------------- Comprehensive profit (loss) for the period (2,413) 77 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted profit (loss) per common share (0.01) 0.00 ------------------------------------------------------------------------- Weighted average number of outstanding common shares 220,666,756 220,343,256 ------------------------------------------------------------------------- MITEC TELECOM INC. INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands of Canadian dollars, except for number of shares) Unaudited Equity component of conver- tible deb- Common shares Warrants entures ------------------------------------------------------------------------- No.(000s) $ No.(000s) $ $ ------------------------------------------------------------------------- Balance, April 30, 2008 220,312 132,097 38,016 1,931 46 Issued under a convertible debenture financing 354 43 - - - Stock-based compensation - - - - - Other comprehensive gain for the period - - - - - Net profit for the period - - - - - ------------------------------------------------------------------------- Balance, July 31, 2008 220,666 132,140 38,016 1,931 46 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Balance, April 30, 2009 220,666 132,142 37,829 1,925 14 Issued upon conversion of convertible debentures - - - - (7) Stock-based compensation - - - - - Other comprehensive loss for the period - - - - - Net loss for the period - - - - - ------------------------------------------------------------------------- Balance, July 31, 2009 220,666 132,142 37,829 1,925 7 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Accumu- lated other Con- compre- Share- tributed hensive holders' surplus Deficit loss equity --------------------------------------------------------------- $ $ $ $ --------------------------------------------------------------- Balance, April 30, 2008 9,223 (115,372) (894) 27,031 Issued under a convertible debenture financing - - - 43 Stock-based compensation 202 - - 202 Other comprehensive gain for the period - - 22 22 Net profit for the period - 55 - 55 --------------------------------------------------------------- Balance, July 31, 2008 9,425 (115,317) (872) 27,353 --------------------------------------------------------------- --------------------------------------------------------------- Balance, April 30, 2009 9,836 (119,980) (280) 23,657 Issued upon conversion of convertible debentures - - - (7) Stock-based compensation 59 - - 59 Other comprehensive loss for the period - - (344) (344) Net loss for the period - (2,069) - (2,069) --------------------------------------------------------------- Balance, July 31, 2009 9,895 (122,049) (624) 21,296 --------------------------------------------------------------- --------------------------------------------------------------- MITEC TELECOM INC. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of Canadian dollars) Unaudited For the three months ended July 31, 2009 2008 $ $ ------------------------------------------------------------------------- OPERATING ACTIVITIES Net profit (loss) for the period (2,069) 55 Add items not affecting cash Amortization of property, plant and equipment, intangible assets and deferred charges 468 753 Impairment of property, plant and equipment 25 - Stock-based compensation 59 202 Accretion expense 111 128 Income tax recovery (39) (14) ------------------------------------------------------------------------- (1,445) 1,124 Changes in non-cash working capital balances related to operating activities 677 (2,416) ------------------------------------------------------------------------- Cash flows used in operating activities (768) (1,292) ------------------------------------------------------------------------- INVESTING ACTIVITIES Additions to property, plant and equipment and intangible assets (364) (149) Purchase of short-term investments - (79) Sale of short-term investments - 77 ------------------------------------------------------------------------- Cash flows used in investing activities (364) (151) ------------------------------------------------------------------------- FINANCING ACTIVITIES Repayment of long-term debt - (94) ------------------------------------------------------------------------- Cash flows used by financing activities - (94) ------------------------------------------------------------------------- Loss on foreign cash and cash equivalents held (9) - ------------------------------------------------------------------------- Net decrease in cash and cash equivalents for the period (1,141) (1,537) Cash and cash equivalents, beginning of the period 4,485 4,861 ------------------------------------------------------------------------- Cash and cash equivalents, end of the period 3,344 3,324 ------------------------------------------------------------------------- -------------------------------------------------------------------------