EMJ Announces Record 1998 Third Quarter Results.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 4, 1998--EMJ Data Systems Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EMJ EMJ Emergency Medicine Journal .) today announced third quarter results for the period ended April 30, 1998. Earnings per share for the third quarter were $0.22. This is the highest quarterly operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before after tax per share in the company's history. Sales for the nine months ended were $111.7 million compared to $120.9 million the previous year, a decrease of 7.6 percent. Sales in the third quarter were $41.7 million compared to $46.6 million in the comparable period last year. Reduced business volume with the federal government and lower average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. for computers and components contributed to the lower sales volume in the third quarter. The company reduced inventory by $9.8 million and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying by $2.7 million resulting in lower borrowing requirements compared with a year earlier. The lower borrowing resulted in a reduction of interest expense in the third quarter to $156,000 from $240,000 in the comparable quarter last year. Gross margin was down slightly from 10.5 percent of sales to 10.2 percent of sales. Some of the decline in gross margin was offset by a decline in expenses, resulting from rigorous cost control. The company benefited from lower telephone expense, partly as a result of increasing use of web commerce with its customers. Lower bad debts also contributed to a reduction in selling, general and administrative expenses. Sale of shares in HookUp hookup, n in the Trager method of therapy, the practitioner enters into a meditative state along with the patient, which allows him or her to work more intuitively and to feel subtle changes in the patient's movement and tissue texture. Communication Corporation resulted in a capital gain of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $100,000 and reduced EMJ's ownership to 28 percent of HookUp. The company sold 764,000 of its 3,800,000 shares, retaining 3,036,000 shares. These shares are carried at nil value on the company's balance sheet. EMJ Data Systems Ltd. and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Zim Technologies Inc. were amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. on December December: see month. 1, 1997. As a result of this amalgamation amalgamation /amal·ga·ma·tion/ (ah-mal´gah-ma´shun) trituration (3). amalgamation ( , EMJ will be able to utilize Zim's income tax losses of approximately $1.3 million and has recognized an income tax benefit of $557,000 in the third quarter. The company has earned $0.42 per share after tax in the last 12 months. EMJ Data Systems Ltd., headquartered in Guelph, Ontario Guelph (IPA: gwɛlf) (population 114,943[1]) is a city located in the Southwestern region of Ontario, Canada. , 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:
superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" products for Apple, Digital Audio/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. , Media Management, 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. , Point-of-Sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point and Unix. EMJ Data Systems Ltd. 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. , 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 two offices 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 through 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 by sending e-mail to infocan@emj.ca or via the world wide web at http://www.emj.ca. -0-
Third Quarter Interim Report - April 1998
EMJ Data Systems Ltd.
Consolidated balance sheet
As at April 30
---------------------------------------------------------------
($000s unaudited) 1998 1997(X)
---------------------------------------------------------------
ASSETS
Current
Accounts receivable - Trade 21,172 23,918
- Other 1,428 2,114
Income taxes recoverable 384 -
Inventory 13,907 23,698
Prepaid expenses 615 1,079
Net assets from discontinued operations - 148
Loan receivable 2,479 2,623
Current portion of sales-type lease 1,282 -
---------------------------------------------------------------
Total current assets 41,267 53,580
---------------------------------------------------------------
Deferred income taxes 90 161
---------------------------------------------------------------
Fixed assets 3,662 3,703
---------------------------------------------------------------
Investment in sales-type lease 1,321 -
---------------------------------------------------------------
Other assets 155 17
---------------------------------------------------------------
Total assets 46,495 57,461
---------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 16,540 27,658
Accounts payable and accrued charges 8,090 8,478
Income taxes payable - 1,803
---------------------------------------------------------------
Total current liabilities 24,630 37,939
---------------------------------------------------------------
Long term debt 340 325
---------------------------------------------------------------
Shareholders' equity
Share capital 5,274 4,984
Special warrants 344 441
Retained earnings 15,907 13,772
---------------------------------------------------------------
Total shareholders' equity 21,525 19,197
---------------------------------------------------------------
Total liabilities and
shareholders' equity 46,495 57,461
---------------------------------------------------------------
EMJ Data Systems Ltd.
Consolidated Statement of Income and Retained Earnings
Three Months Ended Nine Months Ended
April 30, 1998 April 30, 1998
---------------------------------------------------------------
($000s unaudited) 1998 1997(X) 1998 1997(X)
---------------------------------------------------------------
Sales 41,660 46,569 111,734 120,868
Cost of goods sold 37,401 41,689 101,106 107,166
---------------------------------------------------------------
Gross margin 4,259 4,880 10,628 13,702
---------------------------------------------------------------
Expenses
Selling, general and
administrative 2,192 2,311 6,870 7,224
Interest, net 156 240 457 701
---------------------------------------------------------------
2,348 2,551 7,327 7,925
---------------------------------------------------------------
Income from operations 1,911 2,329 3,301 5,777
---------------------------------------------------------------
Other income (expense)
Gain on sale of
shares 119 - 119 -
Equity loss - (3,453) - (8,230)
---------------------------------------------------------------
119 (3,453) 119 (8,230)
---------------------------------------------------------------
Income (loss) before provision
for income taxes 2,030 (1,124) 3,420 (2,453)
Provision for
income taxes (460) (1,023) (1,040) (2,243)
---------------------------------------------------------------
Net income (loss) from
continuing operations 1,570 (2,147) 2,380 (4,696)
Loss from discontinued
operations - (166) - (392)
---------------------------------------------------------------
Net income (loss) for
period 1,570 (2,313) 2,380 (5,088)
Retained earnings,
beginning of period 14,337 16,085 13,954 19,283
Dividends ( -) ( -) (427) (423)
---------------------------------------------------------------
Retained earnings,
end of period 15,907 13,772 15,907 13,772
---------------------------------------------------------------
Operating earnings per share before equity loss
and loss from
discontinued
operations $0.22 $0.18 $0.33 $0.50
Earnings (loss) per
share $0.22 ($0.33) $0.33 ($0.72)
---------------------------------------------------------------
Weighted average number of shares
outstanding 7,132,980 7,063,179 7,116,679 7,050,621
---------------------------------------------------------------
EMJ Data Systems Ltd.
Consolidated Statement of cash flows
Nine Months Ended April 30
---------------------------------------------------------------
($000s unaudited) 1998 1997(X)
---------------------------------------------------------------
OPERATING ACTIVITIES
Net income (loss) for the period from
continuing operations 2,380 (4,696)
Add charges to operations not requiring a
current cash payment
Depreciation 212 205
Equity loss - 8,230
---------------------------------------------------------------
2,592 3,739
Net change in non-cash working
capital components (12) (11,909)
---------------------------------------------------------------
Cash provided by (applied to)
continuing operations 2,580 (8,170)
Cash (applied to) provided by
discontinued operations (357) 49
---------------------------------------------------------------
Cash provided by (applied to)
operating activities 2,223 (8,121)
---------------------------------------------------------------
INVESTMENT ACTIVITIES
Fixed asset additions, net of disposals (207) (603)
Acquisitions - (441)
Investment in sales-type lease (2,603) -
Loan receivable (2,479) -
(Increase) decrease in other assets (144) 246
---------------------------------------------------------------
Cash (applied to) investment activities (5,433) (798)
---------------------------------------------------------------
FINANCING ACTIVITIES
Issuance of common shares 257 142
Issuance of special warrants - 441
Dividends paid (427) (423)
Deferred income tax benefits 53 54
---------------------------------------------------------------
Cash (applied to) provided by
financing activities (117) 214
---------------------------------------------------------------
Net (decrease)
in cash resources during period (3,327) (8,705)
Bank indebtedness at beginning of
period (13,213) (18,953)
---------------------------------------------------------------
Bank indebtedness at end of period (16,540) (27,658)
---------------------------------------------------------------
(X)1997 numbers have been reclassified.
CONTACT: EMJ Data Systems Ltd. Jim Estill, 519/ 837-2444, Ext. 213 Internet: jestill@emj.ca |
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