DataWave Reports Earnings of US$122,935 in the Third Quarter of Fiscal 2004.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)--Feb. 17, 2004 DataWave announces earnings for the third quarter in fiscal 2004 of US$122,935 compared with US$119,693 for the third quarter in fiscal 2003. Net income for the nine months to December December: see month. 31, 2003 is US$400,914, an increase of $51,097 or 13% higher than the same period last year. Mr. Emanuel Besides being a common first name, Emanuel (sometimes spelled Emmanuel or Immanuel) may refer to:
Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. ." "Point of Sale Activation activation /ac·ti·va·tion/ (ak?ti-va´shun) 1. the act or process of rendering active. 2. the transformation of a proenzyme into an active enzyme by the action of a kinase or another enzyme. 3. (POSA POSA Public Order and Security Act POSA Pattern Oriented Software Architecture POSA Passive Optical Sample Assembly POSA Parks and Open Space Advocates (Seattle, WA) PoSA Pomona College Student Art Gallery ) terminals are now installed in more than 270 Rogers stores, bring our installed point of sale activation terminal base in 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 to more than 2,100 machines. Sales through these terminals have captured a significant share of the Canadian prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. cellular market. DataWave records these and other sales
on a net agency basis; we have generated gross sales Gross SalesA measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. on an agency basis of more than US$47,400,000 for the nine month fiscal period to date compared with US$8,395,000 in the same period last year. After deducting payments to suppliers, net agency sales are US$6,119,000 or 45% of total reported revenue of US$13,455,000, compared with 38% of total revenues in the same period last year." "ALESTRA, the company that provides AT&T's broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). and added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
A complete analysis of our quarterly results ending December 31, 2003 is provided on our Form-10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound quarterly report filed on Edgar and will be available on the U.S. Securities and Exchange Commission's web site (www.sec.gov) under DataWave's Central Index Number (CIK CIK Central Index Key (SEC) CIK Commission Internationale de Karting (French) CIK Crypto Ignition Key CIK Contribution in Kind CIK Confederazione Italiana Kendo ) 0001000157. Fiscal 2004 Third Quarter Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge : These financial statements have been prepared by Management 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 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. and are reported in U.S. dollars.
DATAWAVE SYSTEMS INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars and presented in accordance with
US GAAP)
(Unaudited)
December 31 March 31
2003 2003
------------ ------------
Assets
Current
Cash and cash equivalents $ 1,669,263 $ 2,139,063
Accounts receivable and other 4,737,053 2,031,895
Inventories 2,839,342 1,225,391
Prepaid expenses and deposits 861,393 482,549
Deferred income taxes 79,000 79,000
------------ ------------
Total current assets 10,186,051 5,957,898
Restricted cash 54,000 54,000
Machinery and equipment, net 1,668,567 1,488,682
Goodwill 1,854,112 1,750,639
Other intangible assets 437,869 442,510
------------ ------------
Total assets $ 14,200,599 $ 9,693,729
------------ ------------
------------ ------------
Liabilities
Current
Accounts payable and accrued
liabilities $ 10,036,221 $ 6,092,828
Deferred revenue 26,806 146,420
------------ ------------
Total liabilities 10,063,027 6,239,248
------------ ------------
Shareholders' equity
Common shares
Authorized
100,000,000 common shares, no par
value
Issued
43,889,334 shares issued and
outstanding at December 31, 2003
and March 31, 2003 15,006,743 15,006,743
Additional paid-in capital 2,725,492 2,725,492
Accumulated other comprehensive
income 328,022 45,845
Accumulated deficit (13,922,685) (14,323,599)
------------ ------------
Total shareholders' equity 4,137,572 3,454,481
------------ ------------
Total liabilities and shareholders'
equity $ 14,200,599 $ 9,693,729
------------ ------------
------------ ------------
APPROVED BY
Josh Emanuel Alan Trope
Josh Emanuel, Director Alan Trope, Director
DATAWAVE SYSTEMS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in United States dollars and presented in accordance with
US GAAP)
(Unaudited)
Three months Nine months ended
December 31, December 31,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Revenue
Sales $ 2,417,266 $ 3,182,501 $ 7,336,070 $ 8,738,489
Net agency sales 2,155,221 1,615,769 6,119,157 5,415,990
----------- ----------- ----------- -----------
Total revenue 4,572,487 4,798,270 13,455,227 14,154,479
----------- ----------- ----------- -----------
Operating costs
and expenses
Cost of revenues 2,648,521 3,267,109 7,951,314 9,632,570
General and
administrative 801,460 635,205 2,209,524 1,973,714
Selling and
marketing 374,188 378,222 1,198,325 1,109,047
Product
development 374,821 284,373 1,120,857 842,505
Depreciation and
amortization 275,706 116,942 638,150 235,725
----------- ----------- ----------- -----------
Total operating
costs and
expenses 4,474,696 4,681,851 13,118,170 13,793,561
----------- ----------- ----------- -----------
Operating income 97,791 116,419 337,057 360,918
Other income 7,991 4,828 27,228 13,674
Gain (loss) on
foreign exchange 17,153 (1,554) 36,629 (24,775)
----------- ----------- ----------- -----------
Income before
income taxes 122,935 119,693 400,914 349,817
Income taxes - - - -
----------- ----------- ----------- -----------
Net income for
the period $ 122,935 $ 119,693 $ 400,914 $ 349,817
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Net income per
share
Basic and
diluted $ 0.00 $ 0.00 $ 0.01 $ 0.01
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted-average
number of common
shares - basic
and diluted 43,889,334 43,889,334 43,889,334 43,889,334
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
DATAWAVE SYSTEMS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in United States dollars and presented in accordance with
US GAAP)
(Unaudited)
Three months Nine months ended
December 31, December 31,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Operating
activities
Net income for
the period $ 122,935 $ 119,693 $ 400,914 $ 349,817
Adjustments to
reconcile net
income to net cash
provided by (used
in) operating
activities:
Depreciation and
amortization 275,706 116,942 638,150 235,725
Net change in
non-cash
operating assets
and liabilities
Accounts
receivable and
other (807,845) (846,787) (2,705,158) (1,073,023)
Inventories (1,161,265) (219,375) (1,613,951) (366,440)
Prepaid expenses
and deposits (189,660) 112,917 (378,844) 122,208
Accounts payable
and accrued
liabilities 1,608,520 820,229 3,943,393 907,145
Deferred revenue (24,476) (40,077) (119,614) (466,834)
----------- ----------- ----------- -----------
Net cash
provided by
operating
activities (176,085) 63,542 164,890 (291,402)
----------- ----------- ----------- -----------
Investing
activities
Restricted cash - - - (30,000)
Purchase of
machinery and
equipment (229,761) (224,060) (801,962) (377,310)
----------- ----------- ----------- -----------
Net cash (used
in) investing
activities (229,761) (224,060) (801,962) (407,310)
----------- ----------- ----------- -----------
Effect of
exchange rate
changes on cash
and cash
equivalents 75,829 - 167,272 -
----------- ----------- ----------- -----------
Increase
(decrease) in
cash (330,017) (160,518) (469,800) (698,712)
Cash and cash
equivalents,
beginning of
period . 1,999,280 1,373,694 2,139,063 1,911,888
----------- ----------- ----------- -----------
Cash and cash
equivalents, end
of period $ 1,669,263 $ 1,213,176 $ 1,669,263 $ 1,213,176
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Supplemental
disclosure of
cash flow
information:
Cash paid for
(refunded from)
income tax $ - $ - $ - $ -
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
About DataWave (http://www.datawave.com) DataWave has been an innovator and developer of prepaid and stored-value programs and merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. solutions since it was founded in 1994. DataWave pioneered a system that allows for point-of-sale activation of high value, high shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. products, such as cash cards and phone cards. The system works equally well over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , through intelligent freestanding free·stand·ing adj. Standing or operating independently of anything else: a freestanding bell tower; a freestanding maternity clinic. vending machines vending machine, coin-operated, automatic device for selling goods. Many vending machines are capable of making change, and some of the more sophisticated ones accept paper money or credit cards. or with various card activation devices, including cash registers. DataWave Systems Inc. John Gunn John Gunn may refer to:
Legal Notice Regarding 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. : Statements in this news release which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this release include, but are not limited, references to: our terminals have captured a significant share of the Canadian prepaid cellular market and the Alestra agreement does establish DataWave in a new market. It is important to note that the company's actual results and outcomes may differ materially from those contained in the forward-looking statements contained in this release. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties such as: continued market acceptance of our existing products and whether we will achieve broad acceptance of our new products - particularly our Point of Sale Activation (POSA) systems - in the new markets that we have identified; and the overall success of our company in general. Although we believe that the beliefs, plans, expectations and intentions contained in this letter are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Readers should refer to the risk disclosures outlined in our annual report on Form 10-KSB for the year ended March 31, 2003, filed with the United States Securities and Exchange Commission. "DataWave" is a registered trademark of the Company. All other trademarks and trade names referred to are the property of their respective owners. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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