Alta Genetics reports profit increase of 12 percent and revenue increase of 11 percent over the corresponding quarter of 1996.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--May 12, 1997--Alta Genetics genetics, scientific study of the mechanism of heredity. While Gregor Mendel first presented his findings on the statistical laws governing the transmission of certain traits from generation to generation in 1856, it was not until the discovery and detailed study of 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, ) is pleased to announce that 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. have resulted in a profit of $0.3 million for the first quarter of 1997. This is an increase of 12 percent over the first quarter of 1996. Earnings were $0.06 per share 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 compared to $0.05 per share for Q1/96. Dairy semen sales represented 78 percent of revenues this quarter, compared to 69 percent for Q1/96, as the company continues to focus on expanding this segment of its product line. Selling and marketing expenses were higher this quarter than the same period last year, reflecting the company's planned investments in new and expanding 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 administration expenses) of $1.5 million this quarter reflected a 21 percent improvement over the first quarter of 1996. Dividends to preferred shareholders now appear on the Income Statement 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 new 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) rulings. Figures for 1996 were restated accordingly. Alta ALTA Alberta (Canada) ALTA AltaVista (stock symbol) ALTA American Land Title Association ALTA American Literary Translators Association ALTA Atlanta Lawn Tennis Association 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 of technology to maintain the company's worldwide reputation for quality genetics. Alta Genetics has sales in over 50 countries, other than 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 , which currently provide 79 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". -0-
QUARTER ENDED MARCH 31
(unaudited)
(In thousands of Canadian dollars, except per share amount)
1997 1996
(Re-stated)
Revenue $ 11,885 $ 10,683
Cost of Sales 3,350 3,962
---------- ---------
Gross Profit 8,535 6,721
---------- ---------
Expenses
Selling and administration 6,962 5,418
Research 101 100
Depreciation and amortization 387 388
--------- --------
Total Expenses 7,450 5,906
--------- -------
Earnings before interest &
taxes (EBIT) 1,085 815
Interest on Debt 296 225
Preferred share dividends 146 147
-------- ------
Total Interest & Dividends 442 372
-------- ------
Earnings before income taxes 643 443
Taxes 358 175
Non-controlling interest (16) -
-------- -----
Earnings $ 301 $ 268
-------- -------
Shares Outstanding
(Basic) 4,989 4,989
(Fully Diluted) 7,631 7,540
Earnings Per Share
(Basic) $ 0.06 $ 0.05
(Fully Diluted) $ 0.06 $ 0.05
CONSOLIDATED BALANCE SHEET
In thousands of Canadian dollars
(Unaudited)
As at March 31st
1997 1996
Assets
Current Assets 25,234 22,277
Fixed Assets 13,408 12,970
Other, at amortized cost 9,887 8,268
Goodwill, at amortized cost 12,391 12,697
-------- --------
Total Assets $ 60,920 $ 56,212
-------- --------
Liabilities
Current liabilities 10,431 7,429
Long-term debt 16,367 11,873
Preferred Shares 11,965 11,965
Other liabilities 995 999
-------- --------
Total Liabilities 39,758 32,266
Shareholders' Equity 21,162 23,946
-------- --------
Total Liabilities and
Shareholders' equity $ 60,920 $ 56,212
-------- --------
CONSOLIDATED STATEMENT OF CASHFLOW
In thousands of Canadian dollars
(Unaudited)
As at March 31st
-------------------
Operating Activities 1997 1996
--------------------------
Net Income 301 268
Depreciation and Amort. 823 875
Net increase in
non-cash capital (1,724) (3,103)
--------------------------
Cash used by operating
activities $ (600) $ (1,960)
--------------------------
Financing Activities
Issuance of Long term debt - 344
Repayment of Long-term debt (26) -
Drawdown of bank demand loans 556 1,011
-------------------------
Cash provided by financing
activities $ 530 $ 1,355
-------------------------
Investing activities
Acquisition of Prod.
Livestock (263) (357)
Acquisition of Capital assets (267) (458)
Increase in development
Inventory (712) (183)
Increase in deferred income
taxes - 822
Other (157) (4)
-----------------------
Cash used in investing
activities $ (4,399) $ (180)
-----------------------
Cash outflow (1,469) (785)
Cash at beginning of period 2,389 1,670
----------------------
Cash at end of period $ 920 $ 885
----------------------
CONTACT: Alta Genetics Inc. Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. C. Blair Blair , Anthony Charles Lynton Known as "Tony" Born 1953. British lawyer, politician, and Labour Party leader who was elected prime minister in 1997. , 403/239-8882 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. B. Dufault, 403/226-0666 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion