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IMRIS reports record quarterly results
Published on 2010-02-08 11:35:14 Highlights: - Record sales of $19.9 million increased 247% over Q4 2008 - Gross profit as a percentage of sales increased to 45% compared with 25% in Q4 2008 - First quarter of positive EBITDA at $1.4 million and net income of $0.4 million - Record order bookings of $27 million resulting in record backlog of $89.4 million - Equity financing completed for net proceeds of $19.3 million - First IMRISneuro sale in Europe Financial Highlights:
3 months ended Dec. 31 12 months ended Dec. 31
($ 000's except per share amounts) (unaudited) 2009 2008 Change 2009 2008 Change
Sales 19,922 5,734 247% 44,418 22,952 94%
Gross profit 8,930 1,421 528% 19,669 4,608 327%
Gross profit as % of sales 44.8% 24.8% n/m(1) 44.3% 20.1% n/m
Operating expenses 8,119 6,191 31% 26,782 23,351 15%
EBITDA(2) 1,408 (4,266) n/m (4,951) (17,285) 71%
Operating income (loss) before: 811 (4,770) n/m (7,113) (18,742) 62%
Foreign exchange (loss) gain (368) 881 n/m (2,025) 1,119 n/m
Interest (expense) income (26) 74 n/m (27) 661 n/m
Net income (loss) 418 (3,815) n/m (9,165) (16,963) 46%
Basic earnings (loss) per share 0.02 (0.14) n/m (0.33) (0.62) 47%
Cash, cash equivalents & accounts receivable 39,990 19,806 102% 39,990 19,806 102%
Total assets 65,584 39,849 65% 65,584 39,849 65%
(1) Not measurable. (2) EBITDA is defined as earnings before interest income (expense), foreign exchange gain (loss) taxes and amortization. Sales
Gross Profit
Operating Expenses
EBITDA
Operating and Net Income
Liquidity and Capital Resources
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