AirIQ Reports Record Breaking Results for the Year Ended December 31, 2004.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 -- AirIQ Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :IQ) Subscribers Exceed 152,000, Q4 Revenues Increase 326%, Q4 Gross Profit Grows 296% AirIQ Inc. (TSX:IQ), a leader in the Telematics industry, reports strong growth in key financial success measurements, including a surging active subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. count of over 152,000; increase in revenues of 326.2% and, growth in gross profit of 296.2% for the fourth quarter ended December December: see month. 31, 2004, year over year. Quarterly gross profit as a percentage of revenue grew to 43.8% in the fourth quarter of 2004 while AirIQ reduced its operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a percentage of revenue to 64.6% from 130.7% in the previous year's fourth quarter. "Wireless connectivity to machines is one of the few remaining wireless markets yet to be tapped," says Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Simmonds Simmonds is a surname, and may refer to
"The end of 2004 marked a period of successful integration of the Aircept and Boatracs businesses acquired during the year," explains Mark Kohler Kohler, village (1990 pop. 1,817), Sheboygan co., E Wis., on the Sheboygan River; inc. 1912. The Kohler plumbing-fixtures plant there, which still produces its famous stainless-steel products, has been the scene of some of the longest and most bitter labor disputes , Chief Financial Officer of AirIQ. "In 2005 we would expect to build upon this strong foundation with further improvements to our key financial measurements and through possible acquisition opportunities." AirIQ customers use a suite of services to communicate with many types of vehicles and vessels, providing them with improved visibility, security, efficiency, safety and utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be . Noteworthy Highlights During 2004, the Company met its three primary objectives; steady progress in the commercial fleet business, the launch of its consumer solution and expedited growth through two strategic business acquisitions. As a recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue business, the key measures of the Company's progress relate to various trajectories or trends. Since the Company's strategy is to aggressively acquire new subscribers and service revenues from a relatively fixed and scalable infrastructure, the recognition of the trajectories in AirIQ's business model is the key to understanding its opportunity for the future. Measures of Progress On December 31st, 2004, the Company had: - Over 152,000 active subscribers, an increase of 388% from December 31st, 2003, of which approximately 35,000 were the result of organic subscriber growth in the last two quarters; - Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. year over year revenue growth (based upon Q4) of 326.2%; - Annualized year over year margin growth (based upon Q4) of 296.2%; and - A reduced expense to revenue ratio (based upon Q4) from 130.7% to 64.6%. Integrated Organization One of the strong benefits of the acquisitions completed in 2004 is the addition of two groups of very capable individuals. The Company has taken the following steps to integrate operations and organize itself for strategic advantage: - A single 24/7 call centre now supports all three businesses; - High competency COMPETENCY, evidence. The legal fitness or ability of a witness to be heard on the trial of a cause. This term is also applied to written or other evidence which may be legally given on such trial, as, depositions, letters, account-books, and the like. 2. areas have been identified and duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. eliminated; - The Company is migrating to a single inventory, staging and shipping operation; - All technology projects have been integrated into a single plan for the future; and - One accounting system is now in use by all three operations. Overview The accompanying condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of loss and deficit are presented for the years and quarters ended December 31, 2004 and December 31, 2003, comparatively, and include the operating results of AirIQ Inc. and its subsidiaries. The Company's audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge as at and for the year ended December 31, 2004, including notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , the accompanying Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial , and the Company's 2004 Annual Report, will be filed with the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities on or before Wednesday Wednesday: see week. , March 30th, 2005; and will be available on the Company's website (www.airiq.com) and on the System for Electronic Document Analysis and Retrieval The System for Electronic Document Analysis and Retrieval (SEDAR) is a mandatory document filing and retrieval system for Canadian public companies. Similar to EDGAR, SEDAR is operated by the Canadian Securities Administrators, a coordinating body comprising the 13 Canadian ("SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review ") website (www.sedar.com). Unless otherwise noted herein, all references to dollar amounts are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . Summary of Operating Results Revenues Revenues for the year ended December 31, 2004 increased 166.4% to $21,779,260 from $8,175,468 for the comparative year ended December 31, 2003. Revenues for the three months ended December 31, 2004 increased by 326.2% to $9,040,690 from $2,121,103 for the three months ended December 31, 2003, and increased by $1,277,656, or 16.5%, compared with the previous three months ended September September: see month. 30, 2004. The revenue increase reflects the Company's ability to grow both organically and through the successful integration of the business acquisitions completed during the year. Gross Profit Gross profit for the year ended December 31, 2004 was $8,736,671, an increase of 140.4% compared to gross profit of $3,634,421 for the year ended December 31, 2003. The year over year quarterly gross profit improvement was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher revenues. The Company expects gross profit as a percentage of revenues to trend upwards as the Company continues to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. purchasing activities, improve technologies, add new services, reduce wireless costs and take advantage of lower equipment costs. Gross profit of $3,960,472, for the three months ended December 31, 2004, was $2,960,916 and $1,239,288 more than the $999,556 and $2,721,184 earned for the three months ended December 31, 2003, and the three months ended September 30, 2004, respectively. As a percentage of revenues, gross profit for the three months ended December 31, 2004, was 43.8% compared to 35.1% for the three months ended September 30, 2004. Operating Expenses Operating expenses totaled $15,838,362 and $9,614,432 for the years ended December 31, 2004 and December 31, 2003, respectively. The year over year increase in operating expenses is primarily due to the addition of the Aircept and Boatracs businesses, the Company's entry into the consumer market with a number of initiatives including its own brand (MobileIQ) and offering the Company's services under private label programs, and the Company's acquisition related activities as evidenced by the acquisition of Aircept and Boatracs. Net Interest Net interest expense for the year ended December 31, 2004 was $1,362,209, compared to $1,037,446 for the year ended December 31, 2003. Interest expense on the Company's term loan advanced in May, 2003 accounted for the majority of the change. Interest expense on the Company's term loan is comprised of interest on the loan balance at 12% per annum Per annum Yearly. plus the amortized estimated value of the common share purchase warrants issued with the term loan. Amortization Amortization for the year ended December 31, 2004 was $2,015,053, compared with $1,728,063 for the year ended December 31, 2003. Depreciation of capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) and amortization of deferred development costs decreased due to the lower cost of assets. This decrease was offset by the amortization of the identifiable intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , namely, purchased technology, customer contracts and tradenames, valued and recorded upon the acquisition of the Aircept and Boatracs businesses by the Company. Other Charges The Company has written-down a prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. asset for future product
deliverables based upon a change to its product development strategies
in the fourth quarter. The Company anticipates that it will complete
its technology planning strategies in the first quarter of 2005 and
expects additional charges of approximately $200,000. These charges
have not been accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. as at December 31, 2004 and will be expensed and paid for in 2005. Provision for Income Taxes The Company has recorded current and future income tax expenses in the fourth quarter resulting from earnings in its US subsidiaries and withholding taxes The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. on interest earned from intercompany debt. Future income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Net Loss The net loss for the year ended December 31, 2004 was $11,305,093, or $0.13 per share, compared with a net loss of $8,745,520, or $0.15 per share, for the year ended December 31, 2003. The increase in net loss is attributable primarily to an increase in operating expenses required to facilitate the Company's initiatives in the consumer market, and, with respect to the increase in net losses in the third and fourth quarters, the non-cash amortization of identifiable intangible assets in the Aircept and Boatracs businesses acquired by the Company and the non-cash provision for income taxes related to temporary differences resulting from the acquisitions completed in 2004. The Company anticipates that it will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. losses in the future, but at a lesser magnitude as it continues to develop and expand its revenue base, and realize continued benefits from the businesses of Aircept and Boatracs and the Company's entry into the consumer market. The Company also anticipates that operating expenses can be further reduced upon fully integrating the acquired businesses with the Company. Liquidity and Capital Resources As at December 31, 2004, the Company had cash and cash equivalents of $4,902,089 and working capital of $5,288,130. Working capital is calculated as current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. less current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. , excluding deferred revenue and obligations for service contracts that are non-cash items. During the fourth quarter the Company completed a private placement financing for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $11,231,732 (net of $768,268 transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). ) in exchange for 28,571,428 Subscription Receipts as previously disclosed on October October: see month. 14, 2004. Deferred Service Contract Costs In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , and as required in section 3070 - Deferred Charges of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook
This article is about reference works. For the subnotebook computer, see .
Consolidated Financial Statements
Consolidated Balance Sheets
As at December 31 2004 2003
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Assets
Current assets
Cash and cash equivalents $ 4,902,089 $ 15,421,700
Accounts receivable 5,072,938 2,013,945
Inventory 3,808,331 2,056,594
Future tax asset 100,000 -
Prepaid expenses 494,301 467,184
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Total current assets 14,377,659 19,959,423
Capital assets, net 5,749,246 6,554,710
Deferred development costs, net - 300,518
Intangibles, net 9,468,691 275,012
Goodwill 9,646,817 -
Deferred financing costs, net 102,778 141,970
Deferred service contract costs, net 9,911,855 3,417,131
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$ 49,257,046 $ 30,648,764
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued
liabilities $ 6,854,983 $ 2,982,309
Income taxes payable 165,000 -
Term loan 1,932,980 880,516
Deferred revenue 9,255,940 261,196
Obligations for service contracts 1,086,801 1,584,351
Obligations under capital lease 136,566 130,241
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Total current liabilities 19,432,270 5,838,613
Term loan 3,027,978 4,687,238
Obligations under capital lease 69,098 8,994
National Research Council loan 201,081 293,110
Deferred revenue 1,696,016 714,996
Obligations for service contracts 1,451,792 2,756,365
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Total liabilities 25,878,235 14,299,316
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Shareholders' equity
Share capital 78,121,413 60,548,261
Other paid-in capital 3,610,254 3,302,913
Contributed surplus 567,080 113,117
Deficit (58,919,936) (47,614,843)
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Total shareholders' equity 23,378,811 16,349,448
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$ 49,257,046 $ 30,648,764
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Consolidated Statements of Loss and Deficit
Three months ended Year ended
December 31 December 31
2004 2003 2004 2003
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Revenues $ 9,040,690 $ 2,121,103 $ 21,779,260 $ 8,175,468
Direct cost
of sales 5,080,218 1,121,547 13,042,589 4,541,047
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Gross profit 3,960,472 999,556 8,736,671 3,634,421
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Expenses
Sales and
marketing 1,804,309 860,937 4,821,834 2,744,958
Engineering
and
research 1,315,761 903,086 3,728,939 2,323,250
General and
admin-
istration 2,542,501 1,382,725 6,894,737 4,277,687
Scientific
research
and
experimental
development
tax refund - (369,662) - (369,662)
Stock-based
compensation 127,403 113,117 453,963 113,117
Loss (gain)
on foreign
exchange 51,939 107,550 (61,111) 525,082
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5,841,913 2,997,753 15,838,362 9,614,432
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Loss before
the
following (1,881,441) (1,998,197) (7,101,691) (5,980,011)
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Other
expenses
Net
interest
expense 293,895 338,420 1,362,209 1,037,446
Other
charges 296,140 - 296,140 -
Amortization 760,602 405,322 2,015,053 1,728,063
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1,350,637 743,742 3,673,402 2,765,509
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Loss before
income
taxes (3,232,078) (2,741,939) (10,775,093) (8,745,520)
Provision
for income
taxes
Current
income
tax 165,000 - 165,000 -
Future
income
tax 365,000 - 365,000 -
---------------------------------------------------------------------
530,000 - 530,000 -
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Net loss
for the
year (3,762,078) (2,741,939) (11,305,093) (8,745,520)
Deficit,
beginning
of year (55,157,858) (44,872,904) (47,614,843) (38,869,323)
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Deficit,
end of
year $ (58,919,936) $ (47,614,843) $ (58,919,936) $ (47,614,843)
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Loss per
share -
basic and
diluted $ (0.03) $ (0.05) $ (0.13) $ (0.15)
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Weighted
average
number of
common
shares
used in
computing
loss per
share,
basic and
diluted 111,324,675 58,773,432 84,691,011 57,134,587
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Consolidated Statements of Cash Flows
Three months ended Year ended
December 31 December 31
2004 2003 2004 2003
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Cash provided
by (used in)
Operating
activities
Net loss
for the
year $ (3,762,078) $ (2,741,939) $ (11,305,093) $ (8,745,520)
Add items
not
involving
cash
Future tax
recovery 365,000 - 365,000 -
Stock-based
compen-
sation 127,403 113,117 453,963 113,117
Interest
accreted on
term loan 65,935 152,305 273,720 152,305
Amortization
of capital
assets 507,539 660,151 2,018,209 2,548,025
Amortization
of deferred
service
contract
costs 3,151,652 336,833 7,304,969 1,211,166
Amortization
of
intangibles 556,157 8,652 956,321 28,389
Amortization
of deferred
development
costs - 200,108 300,518 848,968
Amortization
of deferred
financing
costs 9,798 9,798 39,192 22,878
Changes in
non-cash
working
capital
related to
operations
Accounts
receivable (599,628) 177,051 (460,602) 709,628
Inventory 936,060 515,037 (706,378) (619,807)
Prepaid
expenses 508,217 (27,215) 74,871 (367,069)
Accounts
payable and
accrued
liabilities (841,160) 435,281 1,481,947 1,037,787
Income
taxes
payable 165,000 - 165,000 -
Deferred
revenue 1,052,662 976,192 2,868,171 976,192
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2,242,557 815,371 3,829,808 (2,083,941)
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Investing
activities
Purchase of
net assets
including
transaction
costs (7,309,301) - (14,061,801) -
Cash acquired 647,431 - 647,431 -
Additions to
capital
assets (300,619) (103,936) (149,673) (954,496)
Deferred
development
costs - 619,915 - 394,915
Patents
acquired - 6,889 - (159,851)
Deferred
service
contract
costs (3,902,969) (479,269) (9,028,385) (1,934,822)
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(10,865,458) 43,599 (22,592,428) (2,654,254)
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Financing
activities
Repayment of
obligations
under
capital
lease (50,889) (68,522) (226,816) (511,148)
Repayment of
National
Research
Council
loan (22,724) (23,487) (92,029) (86,624)
Proceeds
(repayment)
of term loan (447,058) 696,676 (880,516) 6,200,000
Proceeds from
obligations
for service
contracts - (351,036) - 1,914,010
Repayment of
obligations
for service
contracts (413,594) (387,967) (1,802,123) (1,615,014)
Deferred
financing
costs - (8,064) - (164,848)
Share
issuance
costs (768,268) (553,632) (768,268) (553,632)
Issuance of
common
shares and
equity
instruments 12,005,011 5,229,470 12,012,761 6,014,021
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10,302,478 4,533,438 8,243,009 11,196,765
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Net increase
(decrease)
in cash and
cash
equivalents 1,679,577 5,392,408 (10,519,611) 6,458,570
Cash and cash
equivalents,
beginning of
year 3,222,512 10,029,292 15,421,700 8,963,130
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Cash and cash
equivalents,
end of year $ 4,902,089 $ 15,421,700 $ 4,902,089 $ 15,421,700
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Supplementary
disclosure
Cash paid
for Interest $ 187,316 $ (77,283) $ 788,437 $ 152,160
Non-cash
transactions
Capital
assets
purchased
under
capital
leases 11,588 - 293,245 -
Common
shares
issued on
acquisition - - 6,636,000 -
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AirIQ will hold its Annual and Special Meeting of Shareholders on Tuesday Tuesday: see week. , April 26th, 2005, at 10:00 a.m. (Eastern Standard Time) at The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. Conference Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , M5X 1J2. About AirIQ AirIQ trades on The Toronto Stock Exchange under the symbol IQ. A leader in the Telematics marketplace, AirIQ is headquartered in Pickering Pick·er·ing , Edward Charles 1846-1919. American astronomer noted for his work on stellar photometry. His brother William Henry Pickering , near Toronto, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . The Company operates as a wireless Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the applications service provider specializing in Telematics. Telematics is the name given to information and control messages sent wirelessly to and from vehicles and vessels. AirIQ's services are offered to five primary markets: Commercial Fleets; Consumer; Vehicle Finance; Indirect Distribution; and, Marine Fleets. AirIQ gives vehicle and vessel owners the abilities to manage and protect their mobile assets. AirIQ's services include: vehicle locating, boundary notification, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. inventory, maintenance reminders, security alerts, vehicle disabling dis·a·ble tr.v. dis·a·bled, dis·a·bling, dis·a·bles 1. To deprive of capability or effectiveness, especially to impair the physical abilities of. 2. Law To render legally disqualified. , unauthorized movement alerts and many more features. For additional information on AirIQ, its products and services, and the recent acquisitions of the business of Aircept.com, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and Boatracs, LLC, please visit the Company's website at www.airiq.com or call 1(888) 606-6444. Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information based on management's best estimates and the current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . These forward-looking statements are related to, but not limited to, AirIQ's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. Such forward-looking statements are as of the date which such statement is made and are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual results or events to differ materially from future results expressed, anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, changes in market and competition, technological and competitive developments and potential downturns in economic conditions generally. Therefore, actual outcomes and results may differ materially from those expressed in such forward-looking statements. AirIQ disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. AirIQ Inc. (TSX:IQ) |
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