EMJ Announces 2004 Year End Results.GUELPH, Ontario Guelph (IPA: gwɛlf) (population 114,943[1]) is a city located in the Southwestern region of Ontario, Canada. -- EMJ EMJ Emergency Medicine Journal Data Systems Ltd. today reported its financial results for the fiscal year ended July July: see month. 31, 2004. Sales for the year increased to $330.2 million from $190.0, an increase of $140.2 million or 73.8%. Sales in the fourth quarter increased to $89.7 million from $45.9 million for the comparable period the previous year, an increase of $43.9 million or 95.7%. On October October: see month. 1, 2003, the Company acquired 100% of the outstanding shares of Daisytek (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 ) Inc. ("Daisytek") and the results of the acquired business for the 10 months since October are included in the Company's financial statements. Daisytek contributed approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $34.8 million in sales in the fourth quarter and $120.5 million since its purchase. Net income for the year was $3.1 million or $0.38 per common share compared to $2.3 million or $0.30 per common share the previous year, an increase of $793,000. Net income for the fourth quarter was $122,000 or $0.01 per common share compared to $652,000 or $0.09 per common share the previous year. This marks EMJ's 100th consecutive quarter of operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . On July 14, 2004, the Company entered into a support agreement whereby Synnex Canada Acquisition Limited, a wholly-owned subsidiary of Synnex Canada Limited made an offer to purchase for cash all of the issued and outstanding common shares of the Company for a purchase price of $6.60 per share. On September September: see month. 15, 2004 the Company and Synnex confirmed that a majority of the Company's shareholders had accepted the offer and Synnex had removed all conditions in its offer. According to Jim According to Jim is an American situation comedy television series originally broadcast by ABC. The show premiered with little publicity in October 2001, following the surprise hit comedy My Wife and Kids. Estill, President & 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. of EMJ Data Systems Ltd., "We are pleased with EMJ's financial results in 2004 and are excited about the business opportunities and synergies that we will see with the purchase of EMJ by SYNNEX in the coming year." About EMJ Data Systems Ltd.: EMJ Data Systems Ltd., headquartered in Guelph, Ontario, is a 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. , publicly owned Publicly owned can refer to:
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. , Calgary Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Winnipeg Winnipeg, city, Canada Winnipeg (wĭn`ĭpĕg), city (1991 pop. 616,790), provincial capital, SE Man., Canada, at the confluence of the Red and Assiniboine rivers. , 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. , Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. and Halifax Halifax, city, Canada Halifax, city (1991 pop. 114,455), provincial capital, S central N.S., Canada, on the Atlantic Ocean. It is the largest city in the Maritime Provinces and is one of Canada's principal ice-free Atlantic ports. , as well as one office 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. . EMJ's common shares are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension ) under the symbol EMJ. For more information about EMJ visit www.emj.ca.
EMJ Data Systems Ltd.
Consolidated Balance Sheets
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30-Jul 30-Jul
($000s audited) 2004 2003
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ASSETS
Current
Accounts receivable - Trade 42,511 19,888
- Other 845 75
Inventory 30,925 16,774
Prepaid expenses 410 954
Notes receivable - current portion 471 722
Investment in sales-type leases - current
portion 774 374
Income taxes recoverable - 70
Future tax asset 1,539 1,211
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Total current assets 77,475 40,068
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Notes receivable - net of current portion - 462
Mortgage receivable - net of current
portion 266 291
Investment in sales-type
leases - net of current portion 521 297
Deferred financing costs - net of current
portion 824 -
Future tax asset - net of current portion 292 1,577
Capital assets 5,478 4,797
Investments 95 139
Goodwill 1,580 -
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Total assets 86,531 47,631
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 10,917 12,392
Accounts payable and accrued charges 20,288 9,444
Amount payable for acquisition 2,362 -
Dividends payable - 632
Income taxes payable 2,228 -
Deferred tax benefit 1,451 784
Current portion of other long-term debt 426 -
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Total current liabilities 37,672 23,252
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Convertible debentures 11,892 -
Convertible preference shares 8,353 -
Note payable - 1,000
Other long-term debt 2,877 441
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Total long-term debt 23,122 1,441
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Deferred tax benefits - 1,255
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Total liabilities 60,794 25,948
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Commitments and contingency
Shareholders' equity
Share capital 9,696 8,011
Equity component of convertible debt 332 -
Equity component of convertible preference
shares 139 -
Share purchase warrants 20 -
Contributed surplus 395 344
Retained earnings 15,155 13,328
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Total shareholders' equity 25,737 21,683
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Total liabilities and shareholders' equity 86,531 47,631
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EMJ Data Systems Ltd.
Consolidated Statements of Income and Retained Earnings
Three Months Ended Year Ended
July 31 July 31
(unaudited) (audited)
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($000s except per share figures) 2004 2003 2004 2003
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SALES 89,723 45,856 330,237 190,045
Cost of goods sold 83,244 42,049 306,384 175,683
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Gross margin 6,479 3,807 23,853 14,362
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EXPENSES
Selling, general and
administrative 5,830 3,031 17,817 11,655
Foreign exchange gain (256) (89) (370) (572)
Interest, net 634 110 2,264 542
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6,208 3,052 19,711 11,625
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Income from operations 271 755 4,142 2,737
Investment income - 22 84 29
Write-down of investment - - - (48)
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Income before provision for
income taxes 271 777 4,226 2,718
Provision for income taxes 149 125 1,084 369
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Net income for period 122 652 3,142 2,349
Retained earnings, beginning
of period 15,697 13,308 13,328 12,243
Dividends (664) (632) (1,315) (1,264)
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Retained earnings, end of
period 15,155 13,328 15,155 13,328
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Earnings per share $0.01 $ 0.09 $0.38 $ 0.30
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Diluted earnings per share $0.01 $ 0.09 $0.38 $ 0.30
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Weighted average number of
shares outstanding 8,296,602 7,902,851 8,188,959 7,901,601
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EMJ Data Systems Ltd.
Consolidated Statements of Cash Flows
Three Months Ended Year Ended
July 31 July 31
(unaudited) (audited)
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($000s) 2004 2003 2004 2003
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OPERATING ACTIVITIES
Net income 122 652 3,142 2,349
Adjustments for non-cash items:
Amortization of capital assets 91 166 452 369
Amortization of deferred
financing costs 73 - 315 -
Allocation of recorded tax
loss benefits 140 111 369 362
Unrealized gain on foreign
exchange (138) - (69) -
Non-cash interest expense 48 6 158 21
Non-cash compensation cost 8 - 51 -
Gain on sale of capital assets - - - (110)
Write-down of investments - - - 48
Loss (gain) on sale of
investments, net - 1 (80) (6)
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344 936 4,338 3,033
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Change in non-cash working
capital components
(Increase) decrease in trade
and other receivables (612) 1,425 (4,809) 2,174
Decrease (increase) in notes
receivable 184 169 713 (166)
Decrease (increase) in inventory 1,072 2,306 (3,554) 4,722
Decrease (increase) in prepaid
expenses 541 (397) 821 62
Decrease (increase) in income
taxes recoverable 1,851 (58) 2,742 (70)
(Decrease) increase in accounts
payable and accrued charges (105) (3,846) 3,895 (6,031)
Increase (decrease) in income
taxes payable 2,228 120 2,228 (12)
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5,159 (281) 2,036 679
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Cash provided by operating
activities 5,503 655 6,374 3,712
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INVESTING ACTIVITIES
Acquisition (130) - (16,420) -
(Investment in) proceeds from
sales-type leases (159) 33 (624) 195
Proceeds from mortgage receivable 3 2 25 5
Capital asset additions, net (366) (371) (528) (430)
Purchase of investments (88) - (88) (4)
Proceeds on sale of investments - (1) 212 6
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Cash applied to investing
activities (740) (337) (17,423) (228)
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FINANCING ACTIVITIES
Repayment of bank indebtedness (4,261) (1,318) (7,150) (3,881)
Proceeds from note payable - 1,000 - 1,000
Proceeds from convertible
debentures - - 11,148 -
Proceeds from convertible
preference shares - - 8,452 -
Deferred financing costs 98 - (1,139) -
Issuance of common shares 64 - 1,685 29
Dividends paid (664) - (1,947) (632)
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Cash (applied to) provided by
financing activities (4,763) (318) 11,049 (3,484)
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Cash provided during period - - - -
Cash, beginning of period - - - -
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Cash, end of period - - - -
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Complete set of financial statements with notes will be filed on
Sedar.
EMJ DATA SYSTEMS LTD. (TSX:EMJ) |
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