Health & Fitness
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Mon, March 25, 2013
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Immunotec Announces First Quarter 2013 Financial Results
March 21, 2013 14:00 ET
Immunotec Announces First Quarter 2013 Financial Results
Revenue increases by 10% and strong net profit
VAUDREUIL-DORION, QUEBEC--(Marketwire - March 21, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its first quarter 2013 financial results for the three-month period ended 31 January 2013.
"As the Company continues to execute against our business plan, we have delivered a strong quarter with net profit of $528 thousand. These results represent the best quarter we have seen in six years. Our profitability has improved and we continue to lay the groundwork for a strong future." said Bob Henry, Immunotec's Chairman and CEO.
Highlights for the first quarter of fiscal 2013
- Total Revenue reached $12.2M, an increase of 10.3% as compared to the same period in the previous year.
- Network sales reached $11.2M, an increase of 12.4% as compared to the same period in the previous year.
- Selected expenses1 defined as administrative, marketing and selling, quality and development expenses amounted to $2.9M or 23.9% of total revenues, which compares favorably to 27.2% for the same period in the previous year.
- Adjusted EBITDA1 improved to $0.8M or 6.8% of total revenues, compared to $0.3M or 2.5% of total revenues for the same period in the previous year, a significant improvement.
- Net profit of $528 thousand; a significant improvement over a net profit of $6 thousand for the same period in the previous year.
1 Refer to "Adjusted EBITDA" in the non-GAAP financial measures section of Management's Discussion and Analysis for the three-month period ended 31 January 2013.
About Immunotec Inc.
Immunotec is a world-class business opportunity supported by unique, scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and the Caribbean.
The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at [ www.sedar.com ] and on the Company's website at [ www.immunotec.com ]. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at [ www.sedar.com ]. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
| SUPPLEMENTAL INFORMATION | |||||
| Interim Consolidated Statements of Financial Position | |||||
| January 31, | October 31, | ||||
| 2013 | 2012 | ||||
| (Canadian dollars) | $ | $ | |||
| ASSETS | |||||
| Current assets | |||||
| Cash | 2,745,757 | 3,779,089 | |||
| Trade and other receivables | 905,426 | 1,688,279 | |||
| Inventories | 3,491,914 | 2,601,079 | |||
| Prepaid expenses | 573,008 | 374,774 | |||
| 7,716,105 | 8,443,221 | ||||
| Non-current assets | |||||
| Property, plant and equipment | 5,867,767 | 5,931,470 | |||
| Intangible assets | 1,520,052 | 1,621,830 | |||
| Goodwill | 833,559 | 833,559 | |||
| Other non- current assets | 3,822,576 | 3,102,151 | |||
| 12,043,954 | 11,489,010 | ||||
| 19,760,059 | 19,932,231 | ||||
| LIABILITIES | |||||
| Current liabilities | |||||
| Bank indebtedness | - | 5,000 | |||
| Payables | 1,696,173 | 1,545,310 | |||
| Accrued liabilities | 2,944,334 | 3,151,212 | |||
| Provisions | 319,324 | 491,776 | |||
| Deferred revenue and customer deposits | 325,217 | 630,240 | |||
| Income taxes | 47,815 | 54,859 | |||
| Current portion of long- term debt | 118,533 | 117,120 | |||
| 5,451,396 | 5,995,517 | ||||
| Long-term debt | 1,932,602 | 1,964,336 | |||
| 7,383,998 | 7,959,853 | ||||
| EQUITY | |||||
| Share capital | 3,454,845 | 3,462,503 | |||
| Contributed surplus | 13,233,270 | 13,259,401 | |||
| Accumulated other comprehensive income | 88,750 | 179,531 | |||
| Deficit | (4,400,804 | ) | (4,929,057 | ) | |
| 12,376,061 | 11,972,378 | ||||
| 19,760,059 | 19,932,231 | ||||
| Interim Consolidated Statements of Income | |||||
| 2013 | 2012 | ||||
| (Canadian dollars except for the number of shares) | $ | $ | |||
| Revenues | |||||
| Network sales | 11,200,494 | 9,961,042 | |||
| Other revenue | 978,865 | 1,082,126 | |||
| 12,179,359 | 11,043,168 | ||||
| Cost of sales | |||||
| Cost of goods sold | 1,988,452 | 1,856,122 | |||
| Sales incentives - Network | 5,381,975 | 4,964,247 | |||
| Other variable costs | 1,075,242 | 949,011 | |||
| Margin before expenses | 3,733,690 | 3,273,788 | |||
| Expenses | |||||
| Administrative | 1,439,546 | 1,622,154 | |||
| Marketing and selling | 1,239,074 | 1,157,264 | |||
| Quality and development costs | 227,035 | 222,673 | |||
| Depreciation and amortization | 220,672 | 239,604 | |||
| Other expenses | 4,451 | 10,141 | |||
| Operating income | 602,912 | 21,952 | |||
| Net finance expenses | (67,874 | ) | (44,484 | ) | |
| Profit before income taxes | 670,786 | 66,436 | |||
| Income taxes | |||||
| Current | 1,092 | 2,157 | |||
| Deferred | 141,441 | 58,700 | |||
| Net profit | 528,253 | 5,579 | |||
| Total basic and diluted net profit common per share | 0.01 | 0.00 | |||
| Weighted average number ofcommon shares outstanding during the period | |||||
| Basic and diluted | 69,845,360 | 69,994,300 | |||
| Interim Consolidated Statements of Comprehensive Income (Loss) | |||||
| 2013 | 2012 | ||||
| (Canadian dollars) | $ | $ | |||
| Net profit | 528,253 | 5,579 | |||
| Other comprehensive income (loss),net of income tax | |||||
| Items that may be reclassified subsequently to profit or loss: | |||||
| Foreign currency translation adjustments | (90,781 | ) | (114,314 | ) | |
| Total comprehensive income (loss) | 437,472 | (108,735 | ) | ||
| Interim Consolidated Statements of Cash Flows | |||||
| 2013 | 2012 | ||||
| (Canadian dollars) | $ | $ | |||
| Operating activities | |||||
| Net profit | 528,253 | 5,579 | |||
| Adjustments for: | |||||
| Depreciation | 99,076 | 101,292 | |||
| Amortization | 121,596 | 138,312 | |||
| Foreign exchange gain on items denominated in foreign currencies | (134,680 | ) | (153,257 | ) | |
| Net interest expense | 18,198 | 20,240 | |||
| Deferred income taxes | 141,441 | 58,700 | |||
| Share- based compensation | 4,451 | 10,141 | |||
| Interest paid | (18,198 | ) | (21,806 | ) | |
| Interest received | - | 1,556 | |||
| Cash prior to working capital variation | 760,137 | 160,757 | |||
| Net change in non- cash working capital | (1,655,171 | ) | (518,088 | ) | |
| Net cash used in operating activities | (895,034 | ) | (357,331 | ) | |
| Investing activities | |||||
| Additions to property, plant and equipment | (28,113 | ) | (163,574 | ) | |
| Additions to intangible assets | (18,921 | ) | (27,515 | ) | |
| Net cash used in investing activities | (47,034 | ) | (191,089 | ) | |
| Financing activities | |||||
| Bank indebtedness | (5,000 | ) | 215,000 | ||
| Reimbursement of long- term debt | (30,321 | ) | (27,865 | ) | |
| Repurchase of shares | (38,240 | ) | - | ||
| Reimbursment of other liability | - | (25,508 | ) | ||
| Net cash provided by (used in) financing activities | (73,561 | ) | 161,627 | ||
| Net decrease in cash during the period | (1,015,629 | ) | (386,793 | ) | |
| Cash -Beginning of the period | 3,779,089 | 2,561,969 | |||
| Effect of foreign exchange rate fluctuations on cash | (17,703 | ) | (8,884 | ) | |
| Cash -End of the period | 2,745,757 | 2,166,292 | |||
