Continuing Profits Mark First Six Months For IPS Company Reports Profitable Second Quarter.MARKHAM Markham City (pop., 1991: 154,000), southeastern Ontario. It is situated on the Rouge River, northeast of Toronto. Settled in 1794, the town was named for William Markham, archbishop of York. It annexed the nearby township of Markham in 1971. , ONTARIO--(BUSINESS WIRE)--Oct. 26, 1999-- Image Processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished Systems Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IPV IPV poliovirus vaccine inactivated. IPV abbr. inactivated poliovirus vaccine IPV see infectious pustular vulvovaginitis. )(TSE:IPV.) -- under its trade name IPS (1) (Inches Per Second) The measurement of the speed of tape passing by a read/write head or paper passing through a pen plotter. (2) (IPS) (Intrusion Prevention S Automation -- announced today that it has posted a profit in its second quarter, which ended Sept. 30, 1999. IPS now has a track record of profitability over the last four quarters, excluding the one time restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expense in the fourth quarter of the previous year. In his quarterly report to shareholders, IPS President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ken Wawrew, attributed the profit to the continuing emphasis by management on expense reduction and the effectiveness of the Company's diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. strategy. This strategy calls for geographic diversification, resulting in strong sales from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the Americas A·mer·i·cas , theSee America. , and product diversification, resulting in sales of the new CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. glass inspection systems. Profit from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the second quarter, which ended September 30, 1999, was $233,361, compared to a loss of $2.9 million for the same period last year. Revenues from continuing operations for the second quarter were $5.7 million, compared to $1.2 million for the same period last year. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were 1 cent for the quarter, compared to a loss of 14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the second quarter of the previous year. The 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. from continuing operations also improved to 47.4%, from -2.0% in the previous year's second quarter. The Company's second quarter results are in line with expectations. First quarter results were better than expected due to a number of Asian orders that were on hold from the previous fiscal year being filled in the first quarter. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues from continuing operations are $14.1 million, compared to $3.2 million for the same period last year, an increase of over 335%. Year-to-date earnings from continuing operations are $1.1 million, compared to a loss of $4.5 million for the same period last year. Fully diluted earnings per share are 5 cents, compared to a loss of 27 cents in the first two quarters of FY1999. "These results put us well on the way to exceeding the forecast of $24 million in revenue for the year," comments Terry Clark For the American murderer, see . Terry Clark (1944-1983), known as "Mr Asia", was the ruthless head of a New Zealand drug syndicate which imported heroin into New Zealand, Australia and the United Kingdom in the 1970s, and was responsible for a string of deaths. , IPS Vice President, Finance and CFO See Chief Financial Officer. . "Our current order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $8.2 million combined with year-to-date revenue brings the cumulative sales and orders to $22.2 million." IPS Automation is a complete e-Vision (electronic vision) systems provider. The company's 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. display inspection and alignment (ADI) systems are recognized as the best in the world for display manufacturers. IPS also provides advanced glass inspection solutions for the automotive, display and brewing brewing: see beer. industries, developed in close co-operation with key customers. IPS Automation, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 and IQNET certified See certification. company, is listed 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 IPV and has offices and representatives in Brazil, Canada, China, Japan, Korea, The Netherlands, Poland, Taiwan, the United Kingdom and 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. . Blue-chip customers worldwide use IPS Automation's solutions. Copies of our press releases are available on the IPS Web site at www.ipsautomation.com. 221 Whitehall Drive Markham, Ontario Markham (2006 Population 261,573[0]) is located in York Region, directly north of Toronto, and is part of Toronto's CMA. It is larger than many Canadian cities. Despite its qualifications regarding population, it has not had the title of city conferred upon it by the , L3R 9T1, Canada T +1 905 470 8990 F +1 905 470 8991
Imaging Processing Systems Inc.
Consolidated Balance Sheets
As at September 30th 1999 1998
-------------------------------------------------------------------
(unaudited) (note)
Assets
Current Assets
Cash and cash equivalents $ 203,658 $ 2,522,916
Accounts receivable 4,832,507 3,483,942
Other receivables 231,546 813,055
Inventories 2,860,532 3,288,173
Prepaid expenses 137,784 115,121
-------------- -------------
8,266,027 10,223,207
Capital assets 2,424,178 2,730,619
Other assets 1,715,314 1,811,184
Net long-term assets of discontinued
operations -- 6,887,324
-------------- -------------
$12,405,519 $21,652,334
-------------- -------------
-------------- -------------
Liabilities
Current Liabilities
Bank loan $ 923,671 $ 2,263,297
Accounts payable and accrued
liabilities 3,565,652 3,835,190
Customer deposits 1,306,095 453,396
Deferred revenue 143,000 268,478
Other liabilities 413,062 332,327
Net current liabilities of discontinued
operations -- 4,236,525
-------------- -------------
6,351,480 11,389,213
Other liabilities 34,850 144,592
-------------- -------------
6,386,330 11,533,805
-------------- -------------
Shareholders' Equity
Share capital 32,521,256 32,471,081
Deficit (26,502,067) (22,352,552)
-------------- -------------
6,019,189 10,118,529
$12,405,519 $21,652,334
-------------- -------------
-------------- -------------
-------------------------------------------------------------------
Note: The 1998 Financial Statements have been restated to conform
to current year presentation
Imaging Processing Systems Inc.
Consolidated Statements of Operations Three Six
Months Ended Months Ended
September 30, September 30,
1999 1998 1999 1998
-------------------------------------------------------------------
(unaudited) (note) (note)
Revenue $5,676,195 $1,174,134 $14,084,860 $3,232,984
Cost of revenue 2,983,862 1,197,294 6,982,462 2,570,432
----------- ---------- ----------- ----------
Gross profit 2,692,333 (23,160) 7,102,398 662,552
Operating Expenses
Selling 756,333 1,221,911 2,626,769 1,926,061
Marketing 94,574 191,090 226,603 490,616
Engineering, research and
development 1,021,687 822,347 2,066,214 1,522,540
Finance and
administration 525,115 771,390 1,143,401 1,575,152
----------- ---------- ----------- ----------
Total operating
expenses 2,397,709 3,006,738 6,062,987 5,514,369
----------- ---------- ----------- ----------
Operating income (loss) 294,624 (3,029,898) 1,039,411 (4,851,817)
----------- ---------- ----------- ----------
Non operating income
(expenses) (61,263) 107,080 14,368 343,041
----------- ---------- ----------- ----------
Earnings (loss) from
continuing operations
before income taxes 233,361 (2,922,818) 1,053,779 (4,508,776)
Provision for income taxes -- -- -- --
----------- ---------- ----------- ----------
Earnings (loss) from
continuing operations 233,361 (2,922,818) 1,053,779 (4,508,776)
Discontinued operations
Earnings (loss) from
operations -- 88,269 -- (862,626)
----------- ---------- ----------- ----------
Earnings (loss) for
the period $233,361 $(2,834,549)$1,053,779$(5,371,402)
----------- ---------- ----------- ----------
----------- ---------- ----------- ----------
--------------------------------------------------------------------
Earnings (loss) per share
Basic and fully diluted $ 0.01 $ (0.14) $ 0.05 $ (0.27)
--------------------------------------------------------------------
Note: The 1998 Financial Statements have been restated to conform to
current year presentation
Imaging Processing Systems Inc.
Statements of Cash Flows
Six Months Ended September 30th 1999 1998
-------------------------------------------------------------------
(unaudited) (note)
Cash provided by (used in)
Operating activities
Earnings (loss) from
continuing operations $1,053,779 $(4,508,776)
Items not affecting cash -
Amortization 445,873 325,486
----------- -------------
1,499,652 (4,183,290)
Net change in non-cash components
of working capital (868,743) 3,560,711
----------- -------------
630,909 (622,579)
----------- -------------
Investing activities
Purchase of capital assets (77,172) (220,392)
Investment in other assets (23,405) (447,012)
Investment in discontinued operations (1,588,823) (588,002)
----------- -------------
(1,689,400) (1,255,406)
----------- -------------
Financing activities
Issue of share capital net of
issue costs -- 79,086
Government advances 24,313
Other liabilities (9,289) 8,161
----------- -------------
15,024 87,247
----------- -------------
Increase (decrease) in cash during
the period (1,043,467) (1,790,738)
Cash position, beginning of period 323,454 2,050,357
----------- -------------
Cash position, end of period $ (720,013) $ 259,619
----------- -------------
----------- -------------
------------------------------------------------------------------
Represented by:
Cash and cash equivalents $ 203,658 $2,522,916
Bank loan (923,671) (2,263,297)
----------- -------------
$ (720,013) $ 259,619
----------- -------------
----------- -------------
------------------------------------------------------------------
Note: The 1998 Financial Statements have been restated to conform
to current year presentation
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion