Clearnet Communications Inc. announces Nine Month Ended Fiscal 1995 Results (PART 2 OF 2).PICKERING Pick·er·ing , Edward Charles 1846-1919. American astronomer noted for his work on stellar photometry. His brother William Henry Pickering , Ontario--(BUSINESS WIRE)--March 30, 1995--Clearnet Communications Inc. ("Clearnet Clearnet may refer to:
TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME:NET.A, 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 :CLNTF) reports the following financial results. -0-
CONSOLIDATED BALANCE SHEETS
(In thousands of Canadian dollars)
April 30 January 31
1994 1995
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(Audited) (Unaudited)
ASSETS
Current assets:
Cash and
temporary investments $2,497 $107,074
Accounts receivable
(net of allowances) 3,075 5,069
Prepaid expenses 1,560 1,761
Inventories 2,850 3,415
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9,982 117,319
Property, plant and equipment 7,723 11,658
Intangible assets 8,111 11,014
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Total $25,816 $139,991
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $2,338 $3,996
Current portion of
long-term debt and
bank indebtedness 2,525 -
Deferred revenue 198 72
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5,061 4,068
Long-term debt 100 -
Obligations under capital lease 77 231
Deferred revenue 419 750
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5,657 5,049
Minority interest 5,635
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Convertible preferred shares 10,000
-------
Shareholders' equity:
Share capital and
contributed surplus 7,080 134,916
Retained
earnings (deficit) (2,556) 26
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4,524 134,942
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Total $25,816 $139,991
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Shareholders' equity
under Canadian GAAP $4,524 $134,942
Add (deduct):
Acquisition of Motorola
net assets at fair value, net 160,360
of amortization and
deferred income taxes
Cumulative expensing of
deferred commissions (620) (598)
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Shareholders' equity
under United States GAAP $3,904 $294,704
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CLEARNET COMMUNICATIONS INC.
CONSOLIDATED STATEMENTS OF INCOME AND DEFICIT
(In thousands of Canadian dollars,
except share data)
Three Months January 31 Nine months January 31
1994 1995 1994 1995
______ _____ ______ ______
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUE
Network $1,629 $3,316 $4,411 $6,775
Equipment sales,
rental and service 3,034 3,395 8,865 10,794
______ _____ ______ ______
4,663 6,711 13,276 17,569
------ ----- ------ ------
OPERATING COSTS & EXPENSES
Network 470 552 831 1,176
Equipment sales,
rental and service 1,443 1,626 4,512 5,643
______ _____ ______ ______
1,913 2,178 5,343 6,819
------ ----- ------ ------
Gross profit 2,750 4,533 7,933 10,750
Selling, general
and administration 2,185 4,301 6,173 9,530
------ ----- ------ ------
Earnings before interest, taxes,
depreciation, amortization
and other 565 232 1,760 1,220
Depreciation and
amortization 444 525 1,199 1,495
------ ----- ------ ------
Operating income
(loss) 121 (293) 561 (275)
------ ----- ------ ------
Foreign exchange gains - 2,278 2,418
Interest income
(expense) (55) 1,656 (196) 1,510
------ ----- ------ ------
Income before income
taxes 66 3,641 365 3,653
Income tax provision 21 798 27 837
------ ----- ------ ------
Income before minority
interest 45 2,843 338 2,816
Minority interest (31) - (8) (177)
------ ----- ------ ------
NET INCOME $76 $2,843 $346 $2,993
------ ----- ------ ------
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NET INCOME under Canadian GAAP $76 $2,843 $346 $2,993 Additional amortization of licenses and frequencies (1,828) (2,026) Expensing of commissions as incurred (10) 14 (243) 22
Deferred income
taxes recovery 810 898
NET INCOME under
------ ----- ------ ------
United States GAAP $66 $1,839 $103 $1,887
------ ----- ------ ------
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AVERAGE NUMBER OF CLASS A EQUIVALENT SHARES OUTSTANDING DURING THE PERIOD (in thousands) Under Canadian GAAP 3,956 30,729 3,956 13,947 Under United States GAAP 5,030 31,803 5,030 15,022 Earnings per share under Canadian GAAP $0.02 $0.09 $0.09 $0.21 Earnings per share under United States GAAP $0.01 $0.06 $0.02 $0.13 CLEARNET COMMUNICATIONS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of Canadian dollars)
Nine Months ended January 31
1994 1995
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Unaudited Unaudited
OPERATING ACTIVITIES:
Net income $346 $2,993
Items not affecting cash:
(Gain) loss on sale of property,
plant and equipment 3 (73)
Depreciation and amortization 1,199 1,495
Change in minority interest 1,526 (5,635)
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3,074 (1,220)
Decrease (increase) in
other current items (1,305) (1,225)
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1,769 (2,445)
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FINANCING ACTIVITIES:
Proceeds from issuance of common
shares and contributed surplus 129,815
Extinguishment of convertible preferred shares (10,000)
Dividends net of dividend refund (390)
Return of paid-up capital (1,980)
Repayment of debt and capital leases (404) (2,165)
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(404) 115,280
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INVESTING ACTIVITIES
Net additions of property,
plant and equipment (1,851) (4,979)
Acquisition of intangibles (3,054) (3,279)
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(4,905) (8,258)
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Increase (decrease) in cash (3,540) 104,577
Cash and temporary investments,
beginning of period 6,692 2,497
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Cash and temporary investments,
end of period $3,152 $107,074
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(END PART 2 OF 2) CONTACT: Clearnet Communications Inc. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. G. McFarlane McFarlane may refer to: In business:
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