COGNICASE Reports Higher Revenues, Ebitda and Cash Net Earnings in Q2.MONTREAL--(BUSINESS WIRE)--May 3, 2001 - 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. revenues increase to 50% of total revenues - Over $65 million in new contracts signed - E-solutions business units continue to grow COGNICASE Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COGI COGI Coalition on Government Information (also known as the Minnesota Coalition on Government Information, or MNCOGI; promotes open access to public records) )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :COG.), a leading e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. services provider specializing in secure and scaleable real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. transactional solutions, today announced its results for the second quarter and first six months ended March 31, 2001. Effective with the publication of these results, the Company has changed its reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. to 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 from US dollars. The Company will continue to present US dollar reporting for comparison purposes with past results and such information will be available on its Web site (cognicase.com). Revenues increased 55% to $104.8 million in the second quarter of fiscal 2001 from $67.8 million in the corresponding period in fiscal 2000. This increase is a result of both internal and external growth. On a sequential One after the other in some consecutive order such as by name or number. basis, revenues increased 13% compared to $93.1 million in the first quarter ended December December: see month. 31, 2000. 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 (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen compared to $1.2 million in the first quarter of the current year. For the first six months, revenues increased 48% to $198 million compared to $134 million in the same period in fiscal 2000. EBITDA remained the same for both periods at $10 million. Cash net earnings were $4.1 million compared to $5.3 million a year ago. "We have achieved strong progress in all of our key financial and operating metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. in the first half of fiscal 2001 and we are well positioned for continued improvement for the rest of the year," stated Ronald Brisebois, President and Chief Executive Officer. "These results validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data our focused approach on transactional solutions and recurring revenue streams. The Watch4me platform is proving to be an important competitive differentiator Dif`fer`en´ti`a`tor n. 1. One who, or that which, differentiates. Noun 1. differentiator - a person who (or that which) differentiates discriminator in the transactional solutions market and we are continuing to develop its capabilities internally and by acquiring value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: components." New contracts valued at over $65 million COGNICASE was awarded a dozen new contracts in the second quarter, with a total value of over $65 million. The majority of the new awards are outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts extending beyond one year, bringing the recurring portion of the Company's current revenue stream to over 50% of consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues. The Company is pursuing its strategy of increasing its transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. business that will further increase its recurring revenue base. Last week, the Company announced the acquisition of United Systems Solutions, a Toronto-based IT consultancy with a leading Customer Relationship Management product. The Company is currently in negotiation with several companies as it continues to seek to increase its presence in certain geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. markets with a focus on solutions that address the Company's principal vertical markets. "In the second half of fiscal 2001, we expect to maintain our revenue growth while continuing to improve profitability. Our confidence is based on the strength of our solutions and the fact that activity in our three largest vertical markets - financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , public sector and utilities - remains strong," added Mr. Brisebois.
Financial Highlights
(In thousands of Canadian dollars except EPS)
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Three months ended March 31, 2001
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Outsourcing
& Consoli-
Integration E-solutions Adj. dated
---------------------------------------------------------------------
W/W E-
Integra- Commerce
tion
---------------------------------------------------------------------
Revenues 68,204 9,906 26,699 - 104,809
Earnings from
Operations (1) 5,019 5 1,654 (43) 6,635
Cash Net
Earnings (Loss) (2) 1,292 168 (38) 1,459 2,881
Cash EPS (3) 0.05 0.01 0.00 0.05 0.11
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Three months ended March 31, 2000
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Outsourcing
& Consoli-
Integration E-solutions Adj. dated
---------------------------------------------------------------------
W/W E-
Integra- Commerce
tion
---------------------------------------------------------------------
Revenues 56,927 1,877 9,032 - 67,836
Earnings from
Operations (1) 7,098 (278) (838) (600) 5,382
Cash Net
Earnings (Loss) (2) 5,377 (254) (1,096) (1,303) 2,724
Cash EPS (3) 0.32 (0.01) (0.07) (0.08) 0.16
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(1) Earnings (loss) from operations before amortization of capital
assets.
(2) Earnings (loss) before amortization of goodwill.
(3) In Canadian dollars, fully diluted.
About COGNICASE COGNICASE (TSE: "COG", Nasdaq: "COGI") is an innovative company specializing in the development and integration of real time transactional solutions. Relying on its results-driven approach, its software and technology and its international Internet engineering A person responsible for developing and maintaining the infrastructure that supports the public Web site, intranet and associated LANs and WANs. May be involved in developing transaction-based applications for e-commerce. See e-commerce engineer. and hosting center, COGNICASE offers secure and scalable solutions that contribute to its customers success in the age of the new economy. The Company is active in several countries, including 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 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. , France, Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. and Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. . Forward-Looking Statement 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 press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (US), which involve risks and uncertainties. As a result of a number of factors, including factors that the Company may not currently foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. , the Company's actual results could differ materially from those set forth in the forward-looking statements. Certain other factors that might cause the Company's actual results to differ materially from the forward-looking statements include the Company's ability to (i) successfully develop additional products and services and new applications for its existing products and services and otherwise respond to rapid changes in technology, (ii) successfully compete in its industry for customers and developers and other personnel with expertise in information technology, (iii) successfully identify and consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. acquisitions on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms and integrate acquired businesses, (iv) successfully manage its growth and ch anging business, (v) be awarded contracts under its IS/IT and Preferred Supplier Agreement with the National Bank of Canada This article is about a commercial bank. For Canada's central bank, see Bank of Canada. National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. , as well as other risks and uncertainties set forth under the heading "Risk and Risk Management" in its 2000 annual report.
COGNICASE Inc.
Consolidated Statements of Earnings
(In thousands of Canadian dollars, except share and per share data)
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---------------------------------------------------------------------
Six Six Three Three
Months Months Months Months
Ended Ended Ended Ended
March 31 March 31 March 31 March 31
2001 2000 2001 2000
---------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $197,953 $134,027 $104,809 $67,836
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Operating expenses
Cost of revenues 138,926 96,961 71,522 48,336
Selling and
administrative
expenses 42,575 20,638 23,380 10,785
Research and
development - net
of tax credits 6,481 6,441 3,272 3,333
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187,982 124,040 98,174 62,454
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Earnings from
operations before
the undernoted 9,971 9,987 6,635 5,382
---------------------------------------------------------------------
Financial expenses 219 134 69 5
Loss (gain)
on foreign exchange (244) 1,225 24 828
Other expenses (income) (186) 20 - 19
Amortization of capital
and other assets 3,952 2,112 2,120 1,139
---------------------------------------------------------------------
3,741 3,491 2,213 1,991
---------------------------------------------------------------------
Earnings before income
taxes and amortization
of goodwill 6,230 6,496 4,422 3,391
Provision for
income taxes 2,170 1,156 1,541 667
---------------------------------------------------------------------
Earnings before
amortization of goodwill 4,060 5,340 2,881 2,724
Amortization of goodwill
(net of future income
taxes of 363;
359 in 2000) 13,945 3,820 7,132 1,925
---------------------------------------------------------------------
Net earnings (loss) $(9,885) $1,520 $(4,251) $799
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per share,
excluding amortization
of goodwill
Basic $0.15 $0.34 $0.11 $0.17
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---------------------------------------------------------------------
Diluted $0.15 $0.33 $0.11 $0.16
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---------------------------------------------------------------------
Net earnings (loss)
per share
Basic $(0.37) $0.10 $(0.16) $0.05
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Diluted $(0.37) $0.09 $(0.16) $0.05
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Weighted average number
of shares outstanding
Basic 26,683,381 15,928,074 27,234,397 15,931,331
---------------------------------------------------------------------
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Diluted 26,814,792 16,347,374 27,274,531 16,546,474
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COGNICASE Inc.
Consolidated Balance Sheets
(In thousands of Canadian dollars)
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31 September 30
2001 2000
---------------------------------------------------------------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $11,066 $17,286
Accounts receivable 92,508 70,932
Work in process 18,423 14,859
Income taxes recoverable 15,398 15,770
Tax credits receivable 13,457 5,148
Prepaid expenses 4,860 3,105
Future income taxes 3,216 1,194
---------------------------------------------------------------------
158,928 128,294
Capital assets 36,838 21,320
Investments, at cost 14,427 12,976
Goodwill 358,969 349,916
Other assets 8,164 7,277
---------------------------------------------------------------------
$577,326 $519,783
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES
Current liabilities
Bank advances $17,303 $1,296
Accounts payable and
accrued liabilities 66,809 56,465
Deferred revenue 13,850 6,090
Current portion of long-term debt 3,289 2,347
---------------------------------------------------------------------
101,251 66,198
Long-term debt 3,308 1,108
Future income taxes 470 198
Non-controlling interests 757 1,176
Capital stock to be issued 5,000 -
---------------------------------------------------------------------
110,786 68,680
---------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock 460,938 442,732
Retained earnings 14,132 24,017
Cumulative translation adjustment (8,530) (15,646)
---------------------------------------------------------------------
466,540 451,103
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$577,326 $519,783
---------------------------------------------------------------------
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COGNICASE Inc.
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
---------------------------------------------------------------------
---------------------------------------------------------------------
Six Six Three Three
months months months months
Ended Ended Ended Ended
March 31 March 31 March 31 March 31
2001 2000 2001 2000
---------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
CASH FLOWS FROM
OPERATING ACTIVITIES
Net earnings (loss) $(9,885) $1,520 $(4,251) $799
Adjustments for:
Loss on disposal of
capital assets 14 20 14 19
Amortization of capital
and other assets 3,952 2,112 2,120 1,139
Amortization
of goodwill 14,307 4,180 7,315 2,135
Future income taxes (1,750) 1,246 (1,837) 106
Non-controlling
interests (200) - (21) -
Decrease (increase)
in assets:
Accounts receivable (13,196) 804 (3,675) (277)
Income tax
recoverable 986 (7,123) 3,397 (4,374)
Tax credits
receivable (7,954) (400) (4,860) (837)
Work in process and
prepaid expenses (4,737) (679) (5,760) (2,263)
Increase (decrease)
in liabilities:
Accounts payable and
accrued liabilities 4,088 (1,680) (2,325) 1,467
Income taxes payable - (473) - 64
Deferred revenue 6,032 554 4,702 79
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Net cash flows from
(used in) operating
activities (8,343) 81 (5,181) (1,943)
---------------------------------------------------------------------
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of
capital assets (16,247) (3,051) (8,543) (1,928)
Proceeds on disposal
of capital assets 50 13 31 4
Business acquisitions
- net of cash and cash
equivalents acquired 62 (1,965) 75 -
Investments (726) (1,252) (506) (1,252)
Other (673) 48 (652) (51)
---------------------------------------------------------------------
Net cash flows used in
investing activities (17,534) (6,207) (9,595) (3,227)
---------------------------------------------------------------------
CASH FLOWS FROM
FINANCING ACTIVITIES
Bank advances 16,005 - 16,023 -
Increase in
long-term debt 2,748 - 2,748 -
Repayment of
long-term debt (1,562) (1,084) (753) (220)
Issuance of
capital stock 1,693 6,935 826 6,670
---------------------------------------------------------------------
Net cash flows from
financing activities 18,884 5,851 18,844 6,450
---------------------------------------------------------------------
Increase (decrease)
in cash and
cash equivalents (6,993) (275) 4,068 1,280
Effect of exchange rate
changes on cash and
cash equivalents 773 (394) 812 342
Cash and cash equivalents
- beginning of period 17,286 12,418 6,186 10,127
---------------------------------------------------------------------
Cash and cash equivalents
- end of period $11,066 $11,749 $11,066 $11,749
---------------------------------------------------------------------
---------------------------------------------------------------------
COGNICASE Inc.
Notes to consolidated financial statements
(Unaudited)
---------------------------------------------------------------------
---------------------------------------------------------------------
Note 1: Outstanding shares data
---------------------------------------------------------------------
As of April 25, 2001, the Company had 27,312,213 common shares and
2,868,545 options outstanding. As of March 31, 2001, the company has
completed two acquisitions under which capital stock, valued to
$5,000,000 will be issued from six to thirty months after the
acquisition dates. As of March 31, 2001, there were 618,153 common
shares to be issued related to these acquisitions.
Note 2: Foreign currency translation
---------------------------------------------------------------------
The financial statements of the company were presented in U.S.
dollars up to December 31, 2000. Effective January 1, 2001, the
Canadian dollar has been adopted as the reporting currency. The
functional currency of the company and each of its subsidiaries
continues to be the local currency. The financial statements for all
periods prior to January 1, 2001 have been presented in Canadian
dollars in accordance with a translation of convenience method using
the representative exchange rate at January 1, 2001 of Cdn$1.00 =
U.S.0,6676. The translated amount for non-monetary items at January 1,
2001 became the historical basis for subsequent periods.
Note 3: Foreign operations
---------------------------------------------------------------------
The companies foreign operations are considered to be
self-sustaining. Accordingly, the accounts of the company's foreign
operations are translated into Canadian dollars using the current rate
method. Under this method, assets and liabilities are translated at
the exchange rate in effect at the end of the reporting period and
revenues and expenses are translated at the average exchange rate for
the reporting period. Gains and losses on translation of these foreign
operations into Canadian dollars are included in the cumulative
translation adjustment in shareholders' equity. Changes in the
cumulative translation adjustment result solely from the application
of this translation method.
Note 4: Change in accounting policy
---------------------------------------------------------------------
During the second quarter of fiscal 2001, the company adopted the
new recommendations of the Canadian Institute of Chartered Accountants
with respect to the calculation of earnings per share. These new
recommendations do not result in any changes to the way in which basic
net earnings per share is calculated. However, the new recommendations
do affect the calculation of diluted net earnings per share.
Diluted net earnings per share is now calculated based on the
weighted average number of common shares outstanding during the
period, plus the effects of dilutive potential common shares, such as
options and warrants, outstanding during the period. This method
requires that diluted net earnings per share be calculated using the
treasury stock method, as if all dilutive potential common shares had
been exercised at the later of the beginning of the reporting period
or date of issuance, and that the funds obtained thereby were used to
purchase common shares of the company at the average trading price of
the common shares during the period.
This change, which has been applied retroactively, did not result
in any change in diluted net earnings per share for the three months
ended March 31, 2000. However, the diluted earnings per share for the
six months ended March 31, 2000 decreased by $0.01 form $0,10 to
$0,09.
Note 5: Commitments
---------------------------------------------------------------------
On March 9, 2001, the company rented an additional space under an
operating lease contract beginning June 1, 2001 and ending on December
31, 2010. The minimum lease obligation is $7,165,000.
Note 6: Segmented information
---------------------------------------------------------------------
(In thousands of Canadian dollars, except per share data)
---------------------------------------------------------------------
Six months ended March 31, 2001
(Unaudited)
---------------------------------------------------------------------
Outsourcing & e-Solutions Consoli-
Integration W/W Integration e-commerce dation Consoli-
* ** *** Entries dated
---------------------------------------------------------------------
Revenues
from external
customers 129,180 20,693 48,080 - 197,953
---------------------------------------------------------------------
Earnings
(loss) from
Operations(1) 9,113 (741) 2,424 (825) 9,971
---------------------------------------------------------------------
Earnings
(loss)
before amort.
of goodwill 3,592 (667) 162 973 4,060
---------------------------------------------------------------------
Cash EPS
diluted(2) 0.13 (0.03) 0.01 0.04 0.15
---------------------------------------------------------------------
---------------------------------------------------------------------
Six months ended March 31, 2000
(Unaudited)
---------------------------------------------------------------------
Outsourcing & e-Solutions Consoli-
Integration W/W Integration e-commerce dation Consoli-
* ** *** Entries dated
---------------------------------------------------------------------
Revenues
from external
customers 113,298 4,197 16,532 - 134,027
---------------------------------------------------------------------
Earnings
(loss) from
Operations(1) 13,999 (612) (2,417) (983) 9,987
---------------------------------------------------------------------
Earnings
(loss)
before amort.
of goodwill 10,535 (550) (2,871) (1,774) 5,340
---------------------------------------------------------------------
Cash EPS
diluted(2) 0.65 (0.03) (0.18) (0.11) 0.33
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended March 31, 2001
(Unaudited)
---------------------------------------------------------------------
Outsourcing & e-Solutions Consoli-
Integration W/W Integration e-commerce dation Consoli-
* ** *** Entries dated
---------------------------------------------------------------------
Revenues
from external
customers 68,204 9,906 26,699 - 104,809
---------------------------------------------------------------------
Earnings
(loss) from
Operations(1) 5,019 5 1,654 (43) 6,635
---------------------------------------------------------------------
Earnings
(loss)
before amort.
of goodwill 1,292 168 (38) 1,459 2,881
---------------------------------------------------------------------
Cash EPS
diluted(2) 0.05 0.01 (0.00) 0.04 0.10
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended March 31, 2000
(Unaudited)
---------------------------------------------------------------------
Outsourcing & e-Solutions Consoli-
Integration W/W Integration e-commerce dation Consoli-
* ** *** Entries dated
---------------------------------------------------------------------
Revenues
from external
customers 56,927 1,877 9,032 - 67,836
---------------------------------------------------------------------
Earnings
(loss) from
Operations(1) 7,098 (278) (838) (600) 5,382
---------------------------------------------------------------------
Earnings
(loss)
before amort.
of goodwill 5,377 (254) (1,096) (1,303) 2,724
---------------------------------------------------------------------
Cash EPS
diluted(2) 0.32 (0.01) (0.07) (0.08) 0.16
---------------------------------------------------------------------
(1) Earnings (loss) from operations before amortization of capital
assets.
(2) Net earnings per share, excluding amortization of goodwill
- Outsourcing & Integration includes project management and consulting
services in the areas of business process improvement,
re-engineering, systems integration, as well as IT outsourcing and
training.
-- W/W Integration is an e-Business unit which focuses on providing
Web and Wireless solutions and services as well as creating and
promoting new Internet companies. It includes interactive
integration, portal hosting and security and portal performance
management.
--- E-commerce is an e-Business unit which comprises COGNICASE's
e-commerce business and solutions related to the Internet and
artificial intelligence. It includes electronic transaction
processing solutions and services, personalized software, Internet
catalog software and e-services Internet applications.
Note 7: Comparative figures
---------------------------------------------------------------------
Certain comparative figures have been reclassified in order to
comply with the new basis of presentation.
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