EMJ Announces Nine Months 2002 Financial Results.Business Editors GUELPH Guelph (gwĕlf), city (1991 pop. 87,976), S Ont., Canada, on the Speed River. It is an industrial and agricultural center located in one of Canada's most densely populated regions. , Ontario--(BUSINESS WIRE)--June 5, 2002 EMJ EMJ Emergency Medicine Journal announces 91st Consecutive Profitable Quarter; Declares $0.08 Dividend EMJ Data Systems Ltd. ("EMJ") today reported its financial results for the nine months ended April 30, 2002. Net income for the nine months ended April 30, 2002 was $3.1 million or $0.40 per share compared to $4.3 million or $0.56 per share for the same period the previous year. Net income for the third quarter was $924,000 or $0.12 per share compared to $1.7 million or $0.22 per share the same quarter the previous year. The Company's twelve-month trailing earnings Trailing earnings Past earnings. Often used in the context of the price earnings ratio. This ratio is usually distinguished as price to trailing earnings (today's price divided by the most recent 12 months of earnings) versus price to prospective earnings (today's price divided by per share are $0.41. Sales for the nine months ended April 30, 2002 were $136.8 million, a decrease of $17.0 million or 11.0% from $153.8 million the previous year. Sales for the third quarter were $44.4 million, a decrease of $6.0 million or 11.9% from $50.4 million the previous year as a result of a tough tech market. Although, the gross margin decreased by 1% in the quarter compared to last year, strategic inventory purchases from distressed companies in the first quarter had a positive impact on EMJ's gross margin resulting in an insignificant decline year to date. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. EMJ's 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. and President, Jim Estill, "EMJ continues to earn a profit in a period of low spending by corporations on tech products. Our sales are holding up better than many competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , and we are keeping our organization and people together. When the inevitable upturn arrives, EMJ will be in a very strong position to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. it." Inventory increased from $18.5 million at July July: see month. 31, 2001 to $23.1 million at April 30, 2002 due to anticipated sales in the fourth quarter. EMJ is announcing the payment of a dividend in the amount of $0.08 per share (regular dividend is $0.16 per share annually) on the 7.9 million outstanding common shares on July 15, 2002 to the shareholders of record at the close of business June June: see month. 28, 2002. This marks EMJ's 91st 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. . About EMJ: Headquartered in Guelph, Ontario Guelph (IPA: gwɛlf) (population 114,943[1]) is a city located in the Southwestern region of Ontario, Canada. , EMJ Data Systems Ltd. is a publicly owned Publicly owned can refer to:
superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" products for Apple, Bar Coding/Auto-ID/Point-of-Sale, Digital Video, Internetworking internetworking - The interconnection of two or more networks, usually local area networks so that data can pass between hosts on the different networks as though they were one network. This requires some kind of router or gateway. , RAID (Redundant Array of Independent Disks) A disk subsystem that is used to increase performance or provide fault tolerance or both. RAID uses two or more ordinary hard disks and a RAID disk controller. In the past, RAID has also been implemented via software only. , Unix and Wireless applications. EMJ has branch offices in 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. , 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. , Ottawa Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. , 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. . Interested parties can reach EMJ via the World Wide Web at www.emj.ca. Trade Symbol TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EMJ For information, contact: Jim Estill, Chief Executive Officer (519) 837-2444, ext. 213 EMJ Data Systems Ltd. P.O. Box 1012 Guelph, ON NlH 6N1 Web: www.emj.ca E-mail: sales@emj.ca
EMJ Data Systems Ltd.
Consolidated Balance Sheets
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30-Apr 31-Jul 30-Apr
($000s) 2002 2001 2001
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(unaudited) (audited) (unaudited)
ASSETS
Current
Accounts receivable - Trade 23,159 20,602 27,151
- Other 334 494 555
Inventory 23,092 18,511 18,054
Prepaid expenses 905 336 565
Income taxes recoverable - 37 -
Future tax asset 1,516 2,055 2,440
Investment in sales-type leases
current portion 458 422 338
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Total current assets 49,464 42,457 49,103
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Future tax asset 2,816 3,740 3,372
Investment in sales-type leases-
net of current portion 482 384 429
Capital assets 5,017 3,841 3,670
Investments 240 103 103
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Total assets 58,019 50,525 56,677
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 17,641 14,947 16,789
Accounts payable and accrued
charges 16,522 13,389 11,789
Income taxes payable 75 - 109
Deferred tax benefit 1,040 1,432 1,922
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Total current liabilities 35,278 29,768 30,609
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Long-term debt 415 400 395
Deferred tax benefit 2,041 2,665 2,204
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Shareholders' equity
Share capital 7,874 7,795 7,373
Share purchase warrants (See note) - 344 344
Contributed surplus (See note) 344 - -
Retained earnings 12,067 9,553 15,752
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Total shareholders' equity 20,285 17,692 23,469
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Total liabilities and
shareholders' equity 58,019 50,525 56,677
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EMJ Data Systems Ltd.
Consolidated Statements of Income and Retained Earnings
Three Months Ended Nine Months Ended
April 30 April 30
($000s except per share
figure, unaudited) 2002 2001 2002 2001
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SALES 44,412 50,398 136,788 153,778
Cost of goods sold 40,961 45,988 125,106 140,534
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Gross margin 3,451 4,410 11,682 13,244
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EXPENSES
Selling, general and
administrative 2,171 2,311 7,428 7,291
Interest, net 194 176 570 853
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2,365 2,487 7,998 8,144
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Income from operations 1,086 1,923 3,684 5,100
Gain on sale of investments - - 2 24
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Income before provision for
income taxes 1,086 1,923 3,686 5,124
Provision for income taxes 162 260 544 825
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Net income for period 924 1,663 3,142 4,299
Retained earnings, beginning
of period 11,143 14,089 9,553 12,071
Dividends - - (628) (618)
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Retained earnings, end of
period 12,067 15,752 12,067 15,752
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Earnings per share $0.12 $0.22 $0.40 $0.56
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Fully diluted earnings
per share $0.11 $0.21 $0.39 $0.54
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Weighted average number of
shares outstanding 7,867,251 7,729,719 7,857,925 7,709,197
EMJ Data Systems Ltd.
Consolidated Statements of Cash Flows
Three Months Ended Nine Months Ended
April 30 April 30
($000s unaudited) 2002 2001 2002 2001
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OPERATING ACTIVITIES
Net income for period 924 1,663 3,142 4,299
Adjustments for non-cash items:
Amortization 91 69 233 205
Decrease in benefits from
tax losses, net 97 228 447 560
Writedown of investments - - 30 -
(Gain) on sale of
investments, net - - (2) (24)
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1,112 1,960 3,850 5,040
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Change in non-cash working
capital components
Decrease (increase) in trade
and other receivables 6,375 (7,105) (2,372) (6,869)
(Increase) decrease in
inventory (3,949) (3,068) (4,581) 6,712
(Increase) decrease in
prepaid expenses (654) 170 (569) (190)
Decrease in income
taxes recoverable - - 37 -
(Decrease) increase in
accounts payable and
accrued charges (481) 4,191 3,133 5,968
Increase (decrease) in
income taxes payable 11 58 75 (322)
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1,302 (5,754) (4,277) 5,299
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Cash provided by (applied to)
operating activities 2,414 (3,794) (427) 10,339
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INVESTING ACTIVITIES
Proceeds from (investment in)
sales-type leases - 512 (134) 551
Capital asset additions, net (58) (487) (1,409) (543)
Purchase of investments (62) (34) (218) (70)
Proceeds on sale of investments - - 28 24
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Cash (applied to) investing
activities (120) (9) (1,733) (38)
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FINANCING ACTIVITIES
(Decrease) increase in
bank loan (2,350) 3,790 2,694 (9,899)
Other 5 5 15 14
Dividends paid - - (628) (618)
Issuance of common shares 51 8 79 202
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Cash (applied to) provided
by financing activities (2,294) 3,803 2,160 (10,301)
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Cash provided during period - - - -
Cash, beginning of period - - - -
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Cash, end of period - - - -
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting Policies
These interim consolidated financial statements have been prepared
in accordance with the same accounting policies and methods of
computation as the annual financial statements as at July 31,
2001, except for the adoption of the new accounting standard
referred to below.
Earnings per share
Earnings per share are based on the weighted average number of
shares outstanding during the period. Effective August 1, 2001,
the Company adopted the revised CICA Handbook section 3500,
Earnings Per Share. As a result of adopting this section, the
treasury stock method is used to calculate diluted earnings per
share. Under the treasury stock method, it is assumed that
potential proceeds from the exercise of stock options and warrants
would be used to purchase the Company's common shares at the
average market price during the period, thereby reducing the
number of shares otherwise used to calculate diluted earnings per
share. The prior period diluted earnings per share disclosure have
been calculated using the treasury stock method.
Diluted earnings per share computation
As at April 30 2002 2001
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Weighted average common shares 7,857,925 7,709,197
Incremental shares from assumed
conversion of employee stock options 285,053 269,472
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Adjusted weighted average shares 8,142,978 7,978,669
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2. Share Capital
(a) Authorized and Issued Share Capital as at April 30, 2002:
The Company's authorized share capital consists of an unlimited
number of common, first preference and second preference shares.
The rights and restrictions attached to the preference shares are
determined by the Board of Directors prior to issue.
7,870,951 common shares have been issued for a total of $7,873,834
(b) Options, Warrants and Convertible Securities Outstanding as at
April 30, 2002:
(i) The Company has outstanding stock options for 599,932
shares, of which 325,264 are vested as at April 30, 2002
(ii) No warrants had been exercised and all warrants expired
on August 12, 2001. The amount has been reclassified as
contributed surplus.
3. Comparative Figures
Certain comparative figures have been restated to conform with the
presentation for the current period.
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