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Circa Reports Sales and Operating results for the First Quarter Ended March 31, 2010

^{Published on 2010-05-18 15:12:23 - Market Wire}
 

 Summary of first quarter operating results: - Consolidated sales of $5.3 million, representing a 12.4% decrease compared to Q1 2009 sales of $6.0 million - Net income of $0.1 million or $0.01 per share in the first quarter of 2010 as compared to a loss of $0.6 million or $0.07 per share in Q1 2009 - Adjusted EBITDA of $0.2 million for the quarter compared to ($0.7 million) for Q1 2009 (see below for explanation and calculation of Adjusted EBITDA) 

 ------------------------------------------------------------------------- (unaudited) (unaudited) Quarter Quarter ended ended March 31, March 31, 2010 2009 $ $ ------------------------------------------------------------------------- Net earnings (loss) and comprehensive earnings (loss) 72 (647) Provision for (recovery of) income taxes 66 (233) Interest 18 30 Depreciation and amortization 95 106 Foreign currency translation loss (gain) (35) (41) Restructuring costs - 58 ------------------------------------------------------------------------- 216 (727) ------------------------------------------------------------------------- 

 CIRCA ENTERPRISES INC. Consolidated Balance Sheets (000's of Canadian dollars) Unaudited ------------------------------------------------------------------------- As at March 31, December 31, 2010 2009 $ $ ------------------------------------------------------------------------- ASSETS Current Cash 312 350 Accounts receivable 2,941 3,588 Income taxes recoverable 32 58 Inventory 6,086 5,842 Prepaid expenses 284 295 ------------------------------------------------------------------------- 9,655 10,133 Property, plant and equipment 1,026 1,086 Assets held for sale 105 105 Deferred charges 265 286 Intangible assets 20 17 Future income taxes 755 782 ------------------------------------------------------------------------- 11,826 12,409 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES Current Bank indebtedness 3,123 3,391 Accounts payable and accrued liabilities 2,097 2,476 ------------------------------------------------------------------------- 5,220 5,867 Future income taxes 30 38 ------------------------------------------------------------------------- 5,250 5,905 ------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Share capital 2,710 2,710 Contributed surplus 2 2 Retained earnings 3,864 3,792 ------------------------------------------------------------------------- 6,576 6,504 ------------------------------------------------------------------------- 11,826 12,409 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CIRCA ENTERPRISES INC. Consolidated Statements Operations and Retained Earnings (000's of Canadian dollars, except per share amounts) Unaudited ------------------------------------------------------------------------- Three months Three months ended ended March 31, March 31, 2010 2009 $ $ ------------------------------------------------------------------------- SALES 5,271 6,019 COST OF SALES Direct costs 4,082 5,236 Depreciation and amortization 38 45 ------------------------------------------------------------------------- 1,151 738 ------------------------------------------------------------------------- EXPENSES Selling, general and administrative 973 1,510 Depreciation and amortization 57 61 Restructuring costs - 58 Interest 18 30 Foreign currency translation gain (35) (41) ------------------------------------------------------------------------- 1,013 1,618 ------------------------------------------------------------------------- EARNINGS (LOSS) BEFORE INCOME TAXES 138 (880) ------------------------------------------------------------------------- PROVISION FOR (RECOVERY OF) INCOME TAXES Current 47 40 Future 19 (273) ------------------------------------------------------------------------- 66 (233) ------------------------------------------------------------------------- NET EARNINGS (LOSS) AND COMPREHENSIVE EARNINGS (LOSS) 72 (647) RETAINED EARNINGS, BEGINNING OF PERIOD 3,792 5,023 ------------------------------------------------------------------------- RETAINED EARNINGS, END OF PERIOD 3,864 4,376 ------------------------------------------------------------------------- ------------------------------------------------------------------------- EARNINGS (LOSS) PER SHARE Basic and diluted 0.01 (0.07) ------------------------------------------------------------------------- ------------------------------------------------------------------------- CIRCA ENTERPRISES INC. Consolidated Statements of Cash Flows (000's of Canadian dollars) Unaudited ------------------------------------------------------------------------- Three months Three months ended ended March 31, March 31, 2010 2009 $ $ ------------------------------------------------------------------------- CASH FLOWS RELATED TO THE FOLLOWING ACTIVITIES: OPERATING Net earnings 72 (647) Adjustments for: Depreciation and amortization 95 106 Loss on disposal of assets - (2) Future income taxes 19 (273) ------------------------------------------------------------------------- 186 (816) Changes in non-cash working capital 47 720 ------------------------------------------------------------------------- 233 (96) ------------------------------------------------------------------------- FINANCING (Decrease) increase in bank indebtedness (268) 115 ------------------------------------------------------------------------- INVESTING Purchase of property, plant and equipment (14) (25) Proceeds from sale of property, plant and equipment - 6 Additions to deferred charges - (32) Additions to intangible assets (3) (5) Changes in non-cash working capital 14 (22) ------------------------------------------------------------------------- (3) (78) ------------------------------------------------------------------------- NET DECREASE IN CASH (38) (59) CASH, BEGINNING OF PERIOD 350 255 ------------------------------------------------------------------------- CASH, END OF PERIOD 312 196 ------------------------------------------------------------------------- -------------------------------------------------------------------------