Alta Genetics Inc. Reports Third Quarter Profits of $0.5 Million on Revenues of $12.4 Million.CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 14, 1997--Alta Genetics Inc.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AGI (Artificial General Intelligence) A machine intelligence that resembles that of a human being. Considered impossible by many, most artificial intelligence (AI) research, projects and products deal with specific applications such as industrial robots, playing chess, .) Alta Genetics Inc. is pleased to announce higher revenues from dairy semen semen or seminal fluid Whitish viscous fluid emitted from the male reproductive tract that contains sperm and liquids (seminal plasma) that help keep them viable. sales and improved gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . This resulted in net earnings of $482,000 for Q3 compared to $129,000 for Q3/96,which is an increase of 274 percent. Earnings on a 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. basis were $0.08 per share for Q3/97 compared to $0.03 per share of Q3/96. Dairy semen sales represented 75 percent of revenues this quarter compared to 70 percent for Q3/96 as the company continues to focus on expanding this core activity in all markets. Dairy semen sales were strong this year in the USA, Brazil and Europe in particular. Sales of embryos and live cattle continue below expectations. Selling and marketing expenses this quarter were at levels similar to the first two quarters this year. The increase this quarter over the same period last year is primarily due to the company's ongoing investments during 1996 and 1997 to expand marketing networks. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. (gross profit less selling and adminstration expenses) for the first nine months of this year improved by $3.5 million over the comparative period in 1996. Increased tax provisions this year over last year relate primarily to USA corporate income taxes. -0-
CONSOLIDATED STATEMENT OF EARNINGS
In thousands of Canadian dollars except per share data
(Unaudited)
For three months For nine months
ended Sept. 30th ended Sept. 30th
1997 1996 1997 1996
(Re-Stated) (Re-Stated)
Revenue $12,357 $12,656 $37,734 $33,903
Cost of Sales 3,813 5,575 12,051 15,681
------- ------- ------- -------
Gross Profit 8,544 7,081 25,683 18,222
------- ------- ------- -------
Expenses
Selling and
administration 6,971 5,944 20,946 16,969
Research 97 110 315 372
Depreciation &
Amort. 433 388 1,268 1,162
------- ------- ------ ------
Total Expenses 7,501 6,442 22,529 18,503
------- ------- ------ ------
Earnings before
interest &
taxes (EBIT) 1,043 639 3,154 (281)
Interest on Debt 364 279 1,004 798
Preferred share
dividends 149 147 443 441
------ ------ ------ ------
Total Interest &
Dividends 513 426 1,447 1,239
------ ------ ------ -------
Earnings before
income taxes 530 213 1,707 (1,520)
Taxes 158 84 841 211
Non-controlling
interest (110) - (142) -
------ ------ ------ ------
Earnings/(Loss) $ 482 $ 129 $1,008 $(1,731)
------- ------ ------ -------
------- ------ ------ -------
Shares Outstanding
(Basic) 4,989 4,989 4,989 4,989
(Fully Diluted) 7,631 7,591 7,631 7,574
Earnings Per Share
(Basic) $ 0.10 $ 0.03 $ 0.20 $ (0.35)
(Fully Diluted) $ 0.08 $ 0.03 $ 0.19 $ (0.35)
-0- Alta Genetics is engaged in the production, research and marketing of products and services based on cattle genetics. The company specializes in bull semen, cow embryos, live cattle, and reproductive technologies Reproductive technology is a term for all current and anticipated uses of technology in human and animal reproduction, including assisted reproductive technology, contraception and others. . Research is focused on the application fo technology to maintain the company's worldwide reputation for quality genetics. Alta Genetics has sales in over 50 countries, other than Canada, which currently provide 82 percent of the company's revenues. Common shares of Alta Genetics Inc. trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "AGI". CONSOLIDATED BALANCE SHEET consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. In thousands of 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 (Unaudited) As at Sep 30th 1997 1996 Assets 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. 27,677 24,298 Fixed Assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → 23,516 20,828 Other,at amortized cost 12,810 12,845 -------- -------- Total Assets $ 64,003 $ 57,971 -------- -------- -------- -------- Liabilities 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. 10,727 10,122 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. 16,142 12,917 Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. 11,965 11,965 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 1,000 1,036 --------- -------- Total Liabilities 39,834 36,040 Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 24,169 21,931 --------- -------- Total Liabilities and Shareholders $ 64,003 $ 57,971 --------- -------- --------- -------- CONSOLIDATED STATEMENT OF CASHFLOW In thousands of Canadian dollars (Unaudited) For three months For nine months ended Sep 30th ended Sep 30th 1997 1996 1997 1996 Operating Activities Earnings 482 129 1,008 (1,731) Depreciation and Amort. 882 871 2,598 2,623 Net (increase) in non- cash working capital (398) (1,194) (3,649) (4,562) ------- ------ ------- ------- Cash provided (used) by operating activities $ 966 $ (194) $ (43) $(3,670) ------- -------- ------- -------- Financing Activities Issuance/Repayment of Long term debt $ (303) $ 1,334 $ (252) $ 1,660 Issuance of Shares (net) 2,300 - 2,300 - Drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: of bank demand loans (469) 357 424 3,490 -------- ------- ------- ------- Cash provided by financing activities $ 1,528 $ 1,691 $ 2,472 $ 5,150 -------- ------- ------- ------- -------- ------- ------- ------- Investing activities Acquisition of Prod. Livestock (633) 53 (1,097) (523) Acquisition of Capital assets (545) (502) (1,167) (1,217) (Increase) dec. in development inventory (1,092) (94) (1,190) (671) Increase (dec.) in deferred income taxes - 4 5 859 Other (57) (49) (361) (93) ------- ------- ------- ------- Cash used in investing activities $(2,327) $ (588) $(3,810) $(1,645) -------- ------- ------- ------- -------- ------- ------- ------- Cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. (outflow) 167 909 (1,381) (165) Cash at beginning of period 841 596 2,389 1,670 ------- ------- ------- ------- Cash at end of period $ 1,008 $ 1,505 $ 1,008 $ 1,505 ------- ------- ------- ------- ------- ------- ------- ------- CONTACT: Alta Genetics Inc. Douglas G. Blair, 403/239-8882 403/241-4524 (FAX) or Alta Genetics Inc. Donald B. Dufault, 403/226-4238 403/226-4259 (FAX) |
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