1998 Second Quarter Results; Continued Strong Performance.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--Aug. 6, 1998-- Versent Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :VTC VTC - video teleconferencing ) (formerly Laser Quest This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. Corporation) today announced second quarter results. Revenues and earnings for the second quarter increased 26% and 3% over the previous year to $16.1 million and $0.4 million respectively. Cashflow and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased 13% and 38% to $2.6 million and $3.6 million. Second quarter earnings per share were 4cents, the same as in the previous year. After-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. cashflow per share increased marginally to 27 cents (24 cents fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) from 26 cents (23 cents fully diluted). Trailing four-quarter revenues were $61.1 million, EBITDA $15.8 million, and earnings $3.4 million or 36 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (basic). Trailing four-quarter cashflow was $11.9 million or $1.26 per share (basic). Although the core Laser Quest business performed well, its contributions were offset in part by those of other divisions. "Despite the earnings drain One side of a field effect transistor. When the gate is pulsed, current flows from the source to the drain, or vice versa depending on the design. See collector. (jargon) drain associated with certain acquisitions which are in the early stages of their assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation ," Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. commented, "the Corporation experienced modest growth and maintained its track record of strong cashflow". Detailed financial results for the quarter and six months ended June June: see month. 30, 1998, with comparisons for the quarter and six months ended June 30, 1997 are appended to this press release. Normal Course Issuer Bid In the opinion of Management and the Board of Directors, under current valuations repurchasing stock is an effective use of the Corporation's net free cash flow. As a result, the Company has continued to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. its Common Shares under a normal course issuer bid initiated in December December: see month. 1997. In the second quarter, the Company purchased 32,600 Common Shares for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. , and subsequently repurchased an additional 151,000 shares bringing the total repurchased under the plan to 234,260 since the program's inception. Company Profile Versent Corporation is a diversified diversified (di·verˑ·s growth-oriented leisure entertainment company with four related operating divisions -- Laser Quest, the world's premier laser tag Laser tag is a team or individual sport where players attempt to score points by engaging targets, typically with a hand-held infrared-emitting targeting device. Infrared-sensitive targets are commonly worn by each player and are sometimes integrated within arena in which the game concept, with over 50 owned and operated Laser Quest Centres in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ; -- Starburst StarBurst - An active DBMS from IBM Almaden Research Center. Coin Machines, one of Canada's largest distributors and operators of coin-operated Adj. 1. coin-operated - of devices that do not operate without the prior insertion of one or more coins; "a coin-operated telephone" coin-operated adj [machine] → que funciona con monedas amusement Amusement is the state of experiencing humorous and usually entertaining events or situations, and is associated with enjoyment, happiness, laughter and pleasure. Amusement may also be experienced through the recollection of events which have given rise to amusement in the past. machines; -- Threshold Electronics, a specialty electronics design and manufacturing company which produces the Laser Quest equipment, and -- Chromacolour, the world's leading supplier of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. paint, paper, and related products to the animation animation Process of giving the illusion of movement to drawings, models, or inanimate objects. From the mid-1850s, such optical devices as the zoetrope produced the illusion of animation. Stop-action photography enabled the production of cartoon films. industry. There are approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9.4 million shares of Versent Corporation issued and outstanding and the Company's trading symbol Trading symbol See: Ticker symbol on the TSE is VTC. The quarterly report will be available on our website at www.versent.com. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved of the information contained herein.
Versent Corporation
(Formerly Laser Quest Corporation)
Consolidated Interim Statements of Income
(unaudited)
For the three For the three
months ended months ended
June 30, 1998 June 30, 1997
Revenue $16,068,089 $12,749,474
-------------- -------------
Expenses
Cost of sales 3,096,203 2,395,621
Operating 7,238,010 6,457,769
Administrative 2,162,576 1,310,920
-------------- ------------
Earnings before interest and
amortization 3,571,300 2,585,164
Interest 500,618 383,456
Amortization 2,479,740 1,687,469
------------- ------------
Income before taxes 590,942 514,239
Income taxes 216,219 148,572
------------- ------------
Net income $374,723 $365,667
============= ============
Earnings per share - basic $0.04 $0.04
========= ======
Earnings per share - fully diluted $0.04 $0.04
========= ======
Versent Corporation
(formerly Laser Quest Corporation)
Interim Statements of Changes in Financial Position
(unaudited)
For the three For the three
months ended months ended
June 30, 1998 June 30, 1997
Cash provided by (used in):
Operating activities:
Net income $374,723 $365,667
Items not requiring cash:
Amortization 2,479,740 1,687,469
Increase in deferred taxes (295,516) 217,152
------------ -------------
Cashflow from operations 2,558,947 2,270,288
Increase in non-cash
working capital (1,140,683) (506,259)
------------- -------------
Net operating cashflow 1,418,264 1,764,029
------------ --------------
Investing activities:
Total capital expenditures (3,423,979) (7,285,136)
Acquisitions 119,879 -
------------- -------------
(3,304,100) (7,285,136)
------------- -------------
Financing activities:
Issuance of term debt 3,000,000 -
Net (decrease) in term debt (1,036,520) (691,815)
Increase (decrease) in bank
indebtedness (931,867) (1,047,675)
Issuance of Common Shares - net (163,426) 4,240,780
------------- --------------
868,187 2,501,290
------------- --------------
Increase (Decrease) in cash
during the period (1,017,649) (3,019,817)
Cash, beginning of period 1,718,051 4,419,431
------------- -------------
Cash, end of period $ 700,402 $1,399,614
============= =============
Cashflow from operations per
share - basic $0.27 $0.26
========= =========
Cashflow from operations per
share - fully diluted $0.24 $0.23
======== =========
Versent Corporation
(formerly Laser Quest Corporation)
Consolidated Interim Statements of Income
(unaudited)
For the six For the six
months ended months ended
June 30, 1998 June 30, 1997
Revenue $32,564,511 $23,870,980
------------- --------------
Expenses
Cost of sales 5,454,815 4,609,009
Operating 15,408,455 11,365,491
Administrative 3,550,004 2,592,891
-------------- --------------
Earnings before interest and
amortization 8,151,237 5,303,589
Interest 837,846 728,636
Amortization 4,762,422 3,024,325
------------- -------------
Income before taxes 2,550,969 1,550,628
Income taxes 976,674 489,191
------------ -------------
Net income $1,574,295 $1,061,437
============ =============
Earnings per share - basic $0.17 $0.13
====== =======
Earnings per share - fully diluted $0.16 $0.11
======= =======
Versent Corporation
(formerly Laser Quest Corporation)
Interim Statements of Changes in Financial Position
(unaudited)
For the six For the six
months ended months ended
June 30, 1998 June 30, 1997
Cash provided by (used in):
Operating activities;
Net income $1,574,295 $1,061,437
Items not requiring cash:
Amortization 4,762,422 3,024,325
Increase in deferred taxes (295,516) 489,191
------------- -------------
Cashflow from operations 6,041,201 4,574,953
Increase in non-cash working
capital (1,409,057) (1,995,642)
-------------- -------------
Net operating cashflow 4,632,144 2,579,311
------------- ------------
Investing activities:
Total capital expenditures (5,142,421) (12,630,600)
Acquisitions (3,868,706) (500,000)
------------- -------------
(9,011,127) (13,130,600)
------------- -------------
Financing activities:
Issuance of term debt 3,000,000 -
Net (decrease) in term debt (2,056,580) (2,754,390)
Increase (decrease) in bank
indebtedness 1,943,113 (2,124,396)
Issuance of Common Shares - net 1,429,527 14,837,000
------------ --------------
4,316,060 9,958,214
------------ -------------
Increase (decrease) in cash during
the period (62,923) (593,075)
Cash, beginning of period 763,325 1,992,689
----------- -------------
Cash, end of period $700,402 $1,399,614
------------ -------------
Cashflow from operations
per share - basic $0.64 $0.58
======= ========
Cashflow from operations
per share - fully diluted $0.58 $0.46
======= ========
CONTACT: Versent Corporation
F. Gregory Thompson, 905/678-4490
or
David A. Rosenkrantz, 416/597-1100
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