A.L.I Reports Q4 and Full Year Fiscal 2000 Results.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 15, 2000 A.L.I. -Record Revenue - 47% Annual Growth Rate-
(C$ 000) Revenue Net Income EPS
(loss)
------- ---------- -------
Twelve months to September 30,
2000 $31,473 $(3,939) $(0.37)
Twelve months to September 30,
1999 (restated) $21,414 $(975) $(0.09)
---------------------------------------------------------------
% Change 47 % NM
Q4 - Three months to September 30,
2000 $8,216 $(3,376) $(0.32)
Q4 - Three months to September 30,
1999 (restated) $4,179 $(1,754) $(0.16)
---------------------------------------------------------------
% Change 97% NM
A.L.I. Technologies Inc. ("ALI Ali (älē`) (Ali ibn Abu Talib), 598?–661, 4th caliph (656–61). The debate over his right to the caliphate caused a major split in Islam into Sunni and Shiite branches, and he is regarded by the Shiites as the first Imam, or leader: ") announced financial results for the fourth quarter ("Q4-00") and fiscal year ending September 30, 2000 ("FY-00"). ALI achieved record revenues for both the fourth quarter and for fiscal 2000 and continuing rapid growth of 97% in the fourth quarter and 47% for the full year. ALI's successful market introduction of enterprise scale, image management systems for radiology radiology, branch of medicine specializing in the use of X rays, gamma rays, radioactive isotopes, and other forms of radiation in the diagnosis and treatment of disease. has gained momentum and is now contributing to the Company's rapid revenue growth. ALI has successfully expanded its penetration in this market segment with a total of 10 customers that have selected ALI to provide major multi-site, multi-modality installations. Customers chose ALI based on the Company's technology leadership, ability to customize systems to meet the specific needs, superior installation and service record in the industry, and strong customer relationships. ALI's focus on medical image management technology and investment in product development has enabled ALI to introduce new product enhancements that are setting the benchmark for the industry. At the industry's most important trade show, Radiology Society of 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. , ALI introduced: * Instant RAID - instant access to images on-line using network attached storage technology * High capacity data archiving - on AIT-2 tape and DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. media * ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). model - implementation of PACS (Picture ArChiving System) A storage and management system for high-resolution images. Typically pertaining to the medical field, images such as X-rays, MRIs and CAT scans require a greater amount of storage than other industries. on a fee-per-use business model * 3D viewing tools - advanced 3D tool set functionality on a PACS workstation * Live video streaming See streaming video and video stream. - real-time image review with diagnostic image quality * Integrated speech recognition systems for on-line reporting * Data security and flexible disaster recovery solutions meeting future USA regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. (prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, ). During Q4-00, ALI installed 22 new customer sites and expanded or upgraded 21 existing sites to support 111 new imaging devices (99 ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded and 12 other modalities Modalities The factors and circumstances that cause a patient's symptoms to improve or worsen, including weather, time of day, effects of food, and similar factors. ). As of September 30th, ALI's customer installed base under warranty or service contract was represented by 1,474 imaging devices (a 28% increase over FY-99) at 428 customer sites (up 19% over the prior year), including 53 multi-site enterprise networks. The Company was recognized among North America's fastest growing technology companies with three awards based on its revenue growth: * Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest growing technology companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. (ALI ranked #350) * Deloitte & Touche's annual ranking of the Canadian Technology Fast 50 companies (ALI was #34) * T-Net's list of British Columbia's (BC) Top 100 Technology Companies, which honors BC's largest private and publicly traded technology companies. (ALI - #29) Financial Results As announced on November 22, 2000, the Company adopted new accounting policies in respect of revenue recognition to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" USA Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ") in addition to Canadian GAAP. The former policy recognized sales revenue on the date of shipment whereas the new policy recognizes revenue upon customer acceptance of the installation. The new policies were implemented effective September 30, 2000 and applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state prior year financial statements. Revenues for the Q4-00 were $8.2 million, up 97% compared to $4.2 million in the same period last year. Revenues for FY-00 were $31.5 million for the FY-00, up 47% compared to $21.4 million in the prior year. A net loss of $3.4 million was incurred in Q4-00 versus $1.8 million in the prior year. A net loss of $3.9 million ($0.37 per share) was incurred for FY-00 versus $1.0 million ($0.09 per share) in the prior year. The losses recorded in Q4-00 and FY-00 included total other charges of $1.7 million for asset reserves and policy changes and $1.3 million in costs for the write-off of intellectual property. Net of these charges, the net loss in FY-00 was $0.9 million ($0.09 per share). The Company's priority on growth and building momentum in the large-scale enterprise image management market is reflected in operating expenditures of $17.3 million in FY-00 (up 38% versus the prior year), representing 55% of revenues (59% in FY-99). Sales and marketing costs represented 22% of revenue in FY-00 (26% in FY-99), research and development costs were 19% of revenue in FY-00 (18% in FY-99) and other corporate and administration costs were 9% in FY-00 (10% in FY-99). The Company's financial position remains strong with cash and money market assets of $8.9 million, which are more than sufficient for the requirements of the business. In Summary During fiscal 2000, the Company gave priority to the transition of ALI's business to address the migration of customer requirements toward large-scale systems that address more than one imaging modality modality /mo·dal·i·ty/ (mo-dal´i-te) 1. a method of application of, or the employment of, any therapeutic agent, especially a physical agent. 2. ; and to business growth in order to maintain a competitive business scale. Undertaking this strategy required significant expenditures (at the cost of near term profitability) to develop new products and then deliver them to market in North America and in Europe. Our confidence in this business plan continues to be validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. by acceleration in competitive order victories, growth and maturity of the sales prospect "front-log" and the Company's extremely strong product showing at this year's major trade show. ALI will hold its quarterly analysts' teleconference on Monday, December 18, 2000 at 8:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there or 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . Audio playback Playback could mean:
abbr. post meridiem Usage Note: By definition, 12 a.m. on December 18, 2000 and will be available until 7:00 p.m. PST or 10:00 p.m. EST on Monday, January 1, 2001.
A.L.I. TECHNOLOGIES INC.
(Consolidated - expressed in thousands of dollars)
Sep. 30/ 00 Sep. 30 / 99 Yr/Yr
----------- ------------ ------
Condensed Balance Sheets
(CDN$):
Cash and cash equivalents - 1,162 -100%
Cash held in escrow - 591 NM
Short-term investments 8,900 16,359 -46%
Accounts receivable 7,212 2,070 248%
Inventories 4,971 7,403 -33%
Prepaid expenses 606 544 11%
Future income taxes 106 815 NM
------ ------ -----
Current assets 21,795 28,944 -25%
Capital and other assets 8,076 8,214 -2%
------ -------- -----
29,871 $ 37,158 -20%
====== ======== =====
Current liabilities 6,454 7,191 -10%
Long-term liabilities 146 228 -36%
Shareholders' equity 23,271 29,739 -22%
------ -------- -----
29,871 $ 37,158 -20%
====== ======== =====
Condensed Statement of Operations
Three Months Ended Twelve Months Ended
Sep. Sep. Yr/Yr Sep. Sep. Yr/Yr
30/00 20/99 30/00 30/99
----- ----- ----- ------ ------ -----
Sales 8,216 4,179 97% 31,473 21,414 47%
Gross profit 3,677 1,472 150% 15,015 10,674 41%
Amortization 447 347 29% 1,644 1,113 48%
Sales and
marketing 1,750 1,627 8% 6,790 5,624 21%
General and
administrative 826 523 58% 2,917 2,058 42%
Research and
development
(net) 2,270 1,212 87% 5,972 3,803 57%
----- ----- ---- ------ ------ ----
Operating
expenses 5,293 3,709 43% 17,323 12,598 38%
Interest income 87 191 -54% 526 975 -46%
Foreign exchange
gain (loss) 20 152 NM (24) (214) NM
Write-down of
intellectual
property (1,300) - NM (1,300) - NM
Loss on disposal
of capital assets - (94) NM (41) (94) NM
Other items - 346 NM - - -
------ ----- ---- ------- ----- ----
Loss before
amortization of
goodwill &
income tax (2,809) (1,642) NM (3,147) (1,257) NM
Income tax expense
(recovery) 459 11 NM 356 (394) NM
------ ------ --- ------- ------ ---
Loss before
amortization of
goodwill (3,268) $(1,653) NM $(3,503) $(863) NM
Amortization of
goodwill (108) (101) NM (436) (112) NM
------ -------- ---- --------- ------- ----
Net loss (3,376) $(1,754) NM $(3,939) $(975) NM
======= ======== ==== ========= ======= ====
Loss per share
before
amortization of
goodwill $(0.31) $(0.15) NM $(0.33) $(0.08) NM
Loss per share $(0.32) $(0.16) NM $(0.37) $(0.09) NM
======== ======== ===== ================ ====
NM = Not Meaningful
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