Creo Announces Fiscal 2003 Third-Quarter Financial Results; GAAP Earnings of 5 Cents per Diluted Share, an Increase of 11 Cents Compared to 2002 Third Quarter.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--July 30, 2003 Creo 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 :CREO)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element ), the world leader in digital prepress In typography and printing, the preparation of camera-ready materials up to the actual printing stage, which includes typesetting, page makeup and plate processing. By the turn of the century, the creation of digital content by authors and designers, digital printers, computer-to-plate solutions for the graphic arts graphic arts: see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving. industry, today announced its financial results for the third fiscal quarter ended June June: see month. 30, 2003, reported in U.S. dollars. For the 2003 third quarter, revenue was $143.5 million, up 9 percent from $131.8 million in the same quarter last year and compared to $141.5 million in the prior quarter. For the nine months ended June 30, 2003, revenue was $427.8 million, an increase of 7 percent from $401.4 million for the same period in 2002. Creo recorded GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net earnings of $2.8 million or 5 cents per 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. share compared to a loss of $2.8 million or 6 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 2002 third quarter and a loss of $1.2 million or 2 cents per share in the prior quarter. For the nine-month period ended June 30, 2003, GAAP earnings were $3.1 million or 6 cent per diluted share compared to a loss of $24.9 million or 50 cents per share for the same period in 2002. Adjusted earnings were $3.6 million or 7 cents per diluted share compared to $0.6 million or 1 cent per diluted share in the 2002 third quarter. Adjusted earnings increased 25 percent from $2.9 million or 6 cents per diluted share in the prior quarter. Adjusted earnings were $8.9 million or 18 cents per diluted share for the nine-month period ended June 30, 2003 compared to an adjusted loss of $2.7 million or 6 cents per share for the same period in 2002. Adjusted earnings is a non-GAAP measure that excludes equity loss on investment, 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). and business integration costs, intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. amortization and their tax effects. Further information and a full reconciliation are provided in the Statement of Adjusted Earnings and in a note later in this news release. "Creo delivered sequential One after the other in some consecutive order such as by name or number. and year-over-year improvements in total revenue, gross margins and profitability. Revenues in 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). continue to track well above last year's level, benefiting from
both improved sales execution and the increased strength of the
Euro," said Amos Michelson Mi·chel·son , Albert Abraham 1852-1931.German-born American physicist who with Edward Morley disproved the existence of ether, the hypothetical medium of electromagnetic waves. He won a 1907 Nobel Prize in physics. Noun 1. , chief executive officer of Creo. "Our Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). region also continues to perform well, especially in China. Although revenue in the Americas A·mer·i·cas , the See America. remained flat year-over-year, we saw strong results in both newspapers and packaging, which are targeted growth segments for Creo. Over the next few quarters, Creo will continue to broaden its partnerships and the scope of the solutions we offer to the market. We anticipate a very exciting year ahead, with significant product announcements beginning with the IGAS IGAS I've Got A Secret (game show) IGAS International Graphic Arts Society and Graph graph, figure that shows relationships between quantities. The graph of a function y=f (x) is the set of points with coordinates [x, f (x)] in the xy-plane, when x and y are numbers. Expo tradeshows in late September September: see month. and continuing through the drupa exhibition in May 2004." "We are proud of our progress so far this year," commented Mark Dance, chief financial officer and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Creo. "We have remained focused, executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. well and have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. net operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. despite the rising exchange rates of the Canadian dollar 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 , Israeli shekel and Euro compared to the U.S. dollar. We estimate that changes in exchange rates increased our net operating expenses by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5.0 million compared to the 2002 third quarter and approximately $2.5 million compared to the prior quarter. Our cost reduction activities have substantially offset these foreign exchange effects." 2003 Third-Quarter Financial Highlights -- Gross margin was 45.2 percent this quarter, up 70 basis points from the 2002 third quarter and up 20 basis points from the prior quarter. -- Net operating expenses were $62.9 million, compared to $59.2 million in the 2002 third quarter and $62.4 million in the prior quarter. A reconciliation of net operating expenses to GAAP operating expenses is provided on page 6 of this news release. -- Cash and cash equivalents at June 30, 2003 were $77.2 million, up $14.3 million over the prior year's quarter and $14.9 million over the prior quarter. Subsequent to quarter-end, Creo repaid the balance of short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. or approximately $15.1 million owed by Creo Japan Inc. Weighted shares outstanding (diluted) under GAAP were 50,632,185 for the three months ended June 30, 2003. Outlook "Revenue in the fourth quarter is expected to continue to trend upwards based on the seasonal strength of our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business and new product offerings," commented Mr. Dance. "We will continue to manage prudently pru·dent adj. 1. Wise in handling practical matters; exercising good judgment or common sense. 2. Careful in regard to one's own interests; provident. 3. Careful about one's conduct; circumspect. in order to capture new savings and improve our business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point while not sacrificing our growth." For the fiscal fourth quarter ending September 30, 2003, Creo expects revenue between $144 million and $149 million. The company is forecasting adjusted earnings per diluted share between 4 and 9 cents and GAAP earnings per diluted share between 3 and 8 cents for the fourth fiscal quarter. The following table reconciles the company's adjusted or non-GAAP guidance to GAAP:
Three months ended
Sept 30
2003
--------------------------------------------------------
Adjusted earnings per share $ 0.04 - 0.09
Business integration costs 0.00
Intangible assets amortization (0.01)
Tax related to reconciling items 0.01
--------------------------------------------------------
GAAP earnings per share (diluted) $ 0.03 - 0.08
--------------------------------------------------------
--------------------------------------------------------
The guidance for the 2003 fourth fiscal quarter is based on foreign exchange rates on July July: see month. 16, 2003. Guidance for the 2003 fourth fiscal quarter does not include the impact of the potential sale of the company's shares in Printcafe Software, Inc. If completed the transaction would result in an estimated increase of 1 cents per share in the company's adjusted earnings and an increase of 18 cents per share in the GAAP earnings. Conference Call Creo will present the 2003 third-quarter financial results at 5:00 pm Eastern Time (2:00 pm Pacific Time), today, July 30, 2003. The conference call may be accessed at http://www.creo.com/investors. An audio replay will be available two hours after the call until August 1, 2003 at midnight Eastern Time. For replay dial +1-888-567-0782, access code 101454. A web replay will also be available at http://www.creo.com/investors. Supplemental Information In addition to results 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 generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP), Creo discloses non-GAAP measures of adjusted earnings and adjusted earnings per share as a method to evaluate the company's operating performance. Creo management uses these methods as a measure of enterprise-wide performance. These non-GAAP measures should not be considered a substitute for measurements required by accounting principles generally accepted in 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. or 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 such as net earnings and earnings per share. Management believes that these non-GAAP 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. provide additional information allowing comparability regarding Creo's ongoing operating performance and the items excluded are considered to be non-operational and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. non-recurring. The adjusted results may exclude the effects of acquisition-related charges (e.g. restructuring costs, business integration costs and the amortization of intangible assets), non-recurring charges (e.g. royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. arrangements and write-downs of goodwill and intangible assets), non-operational charges (e.g. equity accounting related to investments), and the related earnings tax effects. These non-GAAP measures are not necessarily comparable to non-GAAP information provided by other issuers. A reconciliation of the adjusted information to Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. GAAP information is provided in the table attached. Although Creo management will continue to use adjusted metrics to measure enterprise-wide performance, Creo has decided to begin reporting only GAAP results. This change will be implemented in the 2004 first fiscal quarter. The company will provide adjusted earnings results for the 2003 fourth fiscal quarter. This release contains forward-looking statements 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. within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the U.S. 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. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include the following: (1) technological changes or changes in the competitive environment may adversely affect the products, market share, revenues or margins of the business; (2) changes in general economic, financial or business conditions may adversely affect the business or the markets in which it operates; and (3) new markets and product introductions do not proceed as planned and may adversely affect future revenues. These risks and uncertainties as well as other important risks and uncertainties are described under the caption "Information Regarding Forward-looking Statements" and elsewhere in our Annual Report for the fiscal year ended September 30, 2002, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information contained in this press release. (c) 2003 Creo Inc. The Creo product names mentioned in this document are trademarks or service marks of Creo Inc. and may be registered in certain jurisdictions. Other company and brand, product and service names are for identification purposes only and may be trademarks or registered trademarks of their respective holders. Data is subject to change without notice. About Creo Creo is a world leader in solutions for the graphic arts industry. Core product lines include image capture systems; inkjet See inkjet printer. proofers; thermal thermal /ther·mal/ (ther´m'l) pertaining to or characterized by heat. ther·mal adj. 1. Of, relating to, using, producing, or caused by heat. 2. imaging devices for films, plates and proofs; professional color and copydot scanning scanning /scan·ning/ (skan´ing) 1. the act of examining by passing over an area or organ with a sensing device. 2. scanning speech. systems; and workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. management software. Creo is also an Original Equipment Manufacture supplier of on-press imaging technology, components for digital presses, and color servers for high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. , print-on-demand digital printers. Creo trades under the symbols CREO on NASDAQ and CRE on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . www.creo.com
Statement of Adjusted Earnings (Loss)
(in thousands of U.S. dollars, except earnings per share amounts)
Three months
Three months ended ended Nine months ended
June 30 June 30 March 31 June 30 June 30
2003 2002 2003 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
---------------------------------------------------------------------
Revenue $ 143,534 $ 131,767 $ 141,463 $ 427,773 $ 401,419
Cost of
sales 78,672 73,169 77,749 236,143 229,365
----------------------------------------------------------
Gross profit 64,862 58,598 63,714 191,630 172,054
Research and
development,
net 20,520 17,899 19,115 58,342 54,697
Sales and
marketing 27,434 23,851 25,963 78,837 72,342
General and
admin-
istration 14,965 17,496 17,352 49,669 51,784
Other income (2,731) (1,433) (2,450) (6,727) (3,347)
----------------------------------------------------------
Adjusted
operating
earnings
(loss) 4,674 785 3,734 11,509 (3,422)
Income tax
expense
(recovery) 1,052 157 831 2,565 (683)
----------------------------------------------------------
Adjusted earnings
(loss) $ 3,622 $ 628 $ 2,903 $ 8,944 $ (2,739)
----------------------------------------------------------
Adjusted earnings
(loss) per share -
basic $ 0.07 $ 0.01 $ 0.06 $ 0.18 $ (0.06)
----------------------------------------------------------
Adjusted earnings
(loss) per share -
diluted $ 0.07 $ 0.01 $ 0.06 $ 0.18 $ (0.06)
----------------------------------------------------------
Segmented Revenue by Economic Region
(in thousands of U.S. dollars)
Three months ended Nine months ended
June 30 March 31 June 30
2003 2003 2003
(unaudited) (unaudited) (unaudited)
--------------------------------------------------------------------
Americas $ 52,624 $ 55,088 $ 163,827
EMEA 58,295 55,986 163,866
Asia-Pacific 19,041 16,332 52,411
OEM and Other 13,574 14,057 47,669
---------------------------------------------
$ 143,534 $ 141,463 $ 427,773
---------------------------------------------
---------------------------------------------
GAAP Earnings (Loss) Reconciliation
(in thousands of U.S. dollars)
Three months
Three months ended ended Nine months ended
June 30 June 30 March 31 June 30 June 30
2003 2002 2003 2003 2002
---------------------------------------------------------------------
Earnings (loss)
under GAAP $ 2,782 $ (2,750) $ (1,178) $ 3,117 $(24,881)
Restructuring
(1) - 4,198 2,122 2,122 7,485
Business integration
costs (2) 156 256 236 605 524
Intangible assets
amortization (3) 707 103 706 1,950 205
Equity loss on
investments (4) 322 470 2,343 3,040 470
Royalty arrangement
(5) - - - - 15,846
Tax related to
reconciling items (345) (1,649) (1,326) (1,890) (2,388)
---------------------------------------------------------------------
Adjusted earnings
(loss) $ 3,622 $ 628 $ 2,903 $ 8,944 $ (2,739)
The adjusted earnings (loss) exclude the effect of:
(1) Restructuring costs are expenses incurred in the consolidation of
our American sales backoffice and Iris inkjet proofing group to
Vancouver and the subsequent consolidation of the remaining
facilities in Bedford, MA.
(2) Business integration costs are costs associated with the global
Enterprise Resource Planning system currently being implemented
in the company.
(3) Intangible assets amortization is a non-cash charge that relates
primarily to the intellectual property acquired from ScenicSoft
Inc. in the 2003 first quarter.
(4) Equity loss on investments is a non-cash charge that results from
the accounting of our investment in Printcafe Software, Inc.
under the equity method.
(5) The royalty arrangement is an agreement signed in the 2002 second
quarter for the fixed repayment over five years of royalties to
the Office of the Chief Scientist in the Government of Industry
and Trade relating to grants received for research and
development.
Reconciliation of Net Operating Expenses to GAAP Operating Expenses
(in thousands of U.S. dollars)
Three months
Three months ended ended Nine months ended
June 30 June 30 March 31 June 30 June 30
2003 2002 2003 2003 2002
---------------------------------------------------------------------
Net operating
expenses $ 62,919 $ 59,246 62,430 $186,848 $178,823
Other income (2,731) (1,433) (2,450) (6,727) (3,347)
Restructuring - 4,198 2,122 2,122 7,485
Business integration
costs 156 256 236 605 524
Intangible assets
amortization 707 103 706 1,950 205
Royalty arrangement - - - - 15,846
---------------------------------------------------------------------
Total operating
expenses $ 61,051 $ 62,370 $ 63,044 $184,798 $199,536
Creo Inc.
Consolidated Statements of Operations and Deficit
(in thousands of U.S. dollars except per share amounts)
Three months ended Nine months ended
June 30 June 30
2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited)
---------------------------------------------------------------------
Revenue
Product $ 87,694 $ 82,596 $ 266,292 $ 249,432
Service 43,694 38,389 125,990 118,687
Consumables 12,146 10,782 35,491 33,300
-----------------------------------------------------
143,534 131,767 427,773 401,419
Cost of sales 78,672 73,169 236,143 229,365
-----------------------------------------------------
Gross Profit 64,862 58,598 191,630 172,054
-----------------------------------------------------
Research and
development, net 20,520 17,899 58,342 54,697
Sales and
marketing 27,434 23,851 78,837 72,342
General and
administration 14,965 17,496 49,669 51,784
Other income (2,731) (1,433) (6,727) (3,347)
Restructuring - 4,198 2,122 7,485
Business integration
costs 156 256 605 524
Intangible assets
amortization 707 103 1,950 205
Royalty arrangement - - - 15,846
-----------------------------------------------------
61,051 62,370 184,798 199,536
-----------------------------------------------------
Earnings (loss)
before income
taxes 3,811 (3,772) 6,832 (27,482)
Income tax expense
(recovery) 707 (1,492) 675 (3,071)
Equity loss 322 470 3,040 470
-----------------------------------------------------
Net earnings
(loss) $ 2,782 $ (2,750) $ 3,117 $ (24,881)
-----------------------------------------------------
-----------------------------------------------------
Earnings (loss) per common share
Basic, Canadian
GAAP $ 0.06 $ (0.06) $ 0.06 $ (0.50)
-----------------------------------------------------
Diluted, Canadian
GAAP $ 0.05 $ (0.06) $ 0.06 $ (0.50)
-----------------------------------------------------
Deficit, beginning
of period $ (418,398) $ (416,562) $ (418,733) $ (394,431)
Net earnings
(loss) 2,782 (2,750) 3,117 (24,881)
-----------------------------------------------------
Deficit, end
of period $ (415,616) $ (419,312) $ (415,616) $ (419,312)
-----------------------------------------------------
-----------------------------------------------------
Creo Inc.
Consolidated Balance Sheets
(in thousands of U.S. dollars)
June 30 March 31 September 30
2003 2003 2002
(unaudited) (unaudited) (audited)
---------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 77,179 $ 62,326 $ 70,671
Accounts receivable 122,724 121,459 117,989
Other receivables 24,839 53,619 30,974
Inventories 98,949 95,031 91,799
Income taxes receivable 13,318 12,823 5,073
Future income taxes 14,082 13,945 16,919
-----------------------------------------
351,091 359,203 333,425
Investments 12,212 11,699 11,625
Capital assets, net 109,737 111,306 109,939
Intangible assets, net 11,962 12,669 1,791
Other assets 4,434 4,210 22,341
Future income taxes 23,778 22,105 16,084
-----------------------------------------
$ 513,214 $ 521,192 $ 495,205
-----------------------------------------
-----------------------------------------
Liabilities
Current liabilities
Short-term debt $ 15,069 $ 16,923 $ 16,440
Accounts payable 50,287 55,673 54,505
Accrued and other
liabilities 65,037 66,094 66,726
Future income taxes 3,050 3,294 1,200
Deferred revenue and
credits 56,026 64,266 53,441
-----------------------------------------
189,469 206,250 192,312
Long-term liabilities 18,437 16,771 14,136
Future income taxes 6,473 5,146 4,812
-----------------------------------------
214,379 228,167 211,260
-----------------------------------------
Shareholders' Equity
Share capital 696,500 696,420 696,193
Contributed surplus 5,983 5,925 2,060
Cumulative translation
adjustment 11,968 9,078 4,425
Deficit (415,616) (418,398) (418,733)
-----------------------------------------
Total shareholders'
equity 298,835 293,025 283,945
-----------------------------------------
$ 513,214 $ 521,192 $ 495,205
-----------------------------------------
-----------------------------------------
Creo Inc.
Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
Three months ended Nine months ended
June 30 June 30
2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited)
---------------------------------------------------------------------
Cash provided by (used in) operations:
Net earnings
(loss) $ 2,782 $ (2,750) $ 3,117 $ (24,881)
Items not affecting cash:
Amortization 6,438 5,202 18,378 15,987
Royalty
arrangement - - - 15,846
Restructuring - 3,901 2,122 3,901
Equity loss 322 470 3,040 470
Future income
taxes (727) (7,256) (3,566) (12,082)
Other (1,141) 1,164 (1,956) (364)
-----------------------------------------------------
7,674 731 21,135 (1,123)
-----------------------------------------------------
Changes in non-cash working capital:
Accounts
receivable 1,159 5,514 3,191 25,554
Other
receivables 12,075 731 9,152 (1,715)
Inventories (3,689) (593) (5,526) 9,353
Accounts payable (5,753) 272 (5,474) (6,810)
Accrued and other
liabilities (2,242) 4,763 (6,788) 2,066
Income taxes (495) 2,431 (8,495) (1,494)
Deferred revenue
and credits (9,497) 7,400 (1,298) 1,148
-----------------------------------------------------
(8,442) 20,518 (15,238) 28,102
-----------------------------------------------------
(768) 21,249 5,897 26,979
Cash provided by (used in) investing:
Purchase of intangible
assets - - - (2,100)
Investments (136) 11,650 (2,128) (11,977)
Repayment of
promissory note 18,760 - 18,760 -
Acquisition, net
of cash acquired - - (4,700) -
Purchase of capital
assets (2,676) (4,960) (12,597) (14,897)
Proceeds from sale
of capital assets 194 47 700 387
Other (224) (373) (290) 906
-----------------------------------------------------
15,918 6,364 (255) (27,681)
-----------------------------------------------------
Cash provided (used in) by financing:
Proceeds from shares
issued 80 489 307 4,219
Decrease in
short-term debt (1,680) - (1,680) -
Increase in
long-term
liabilities 650 275 509 275
-----------------------------------------------------
(950) 764 (864) 4,494
-----------------------------------------------------
Foreign exchange gain
(loss) on cash and cash
equivalents held in
foreign currency 653 1,236 1,730 (1,130)
-----------------------------------------------------
Increase in cash and
cash equivalents 14,853 29,613 6,508 2,662
Cash and cash
equivalents, beginning
of period 62,326 33,290 70,671 60,241
-----------------------------------------------------
Cash and cash
equivalents, end
of period $ 77,179 $ 62,903 $ 77,179 $ 62,903
-----------------------------------------------------
-----------------------------------------------------
Supplementary information:
Taxes paid $ (542) $ (1,752) $ 869 $ 1,321
Interest paid $ 64 $ 38 $ 161 $ 164
Non-cash transactions:
Royalty
arrangement $ - $ - $ - $ 21,500
Convertible note
issued for
acquisition $ - $ - $ 3,808 $ -
Exercise of options
issued on
acquisition $ - $ - $ - $ -
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