Logibec Groupe Informatique Ltd.: Strong Growth in Revenue and Earnings.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. -- Logibec Groupe Informatique Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :LGI LGI Leeds General Infirmary (UK) LGI Law Governed Interaction LGI Law-Governed Interaction LGI Local Government Institute LGI Deadmans Cay / Long Island, Bahamas - Deadmans Cay (Airport Code) ) announced today the results of its quarter ended December December: see month. 31, 2005. All monetary amounts are expressed in Canadian dollars 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 . HIGHLIGHTS - Revenue up 49% for the first quarter ended December 31, 2005, to stand at $10.3 million compared to $7.0 million for the same period in the previous fiscal year. - Net earnings of $1.6 million, up 62% for the quarter, or $0.18 per share, compared to net earnings of $1.0 million, or $0.15 per share. - Recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue for the quarter up 46% to $7.4 million or 72% of total revenue. - Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 40% of total revenue, compared to 38% of total revenue for the same period in the previous fiscal year. - Net margin increased to 16% of total revenue, compared to 14% of total revenue for the same period in the previous fiscal year. OPERATING RESULTS REVENUE Revenue for the first quarter of fiscal year 2006 stood at $10.3 million, an increase of 49% compared to $7.0 million for the same period in the prior fiscal year. This increase is primarily due to an increase of $2.4 million, or 46%, in recurring revenue. Growth in recurring revenue was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from an increase, net of discounts, of 5.4% in annual right of use and maintenance revenue for our software packages marketed 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 and from the contribution of recurring revenue at our American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of subsidiary, MDI (1) (Multiple Document Interface) A Windows function that allows an application to display and lets the user work with more than one document at the same time. . Non-recurring revenue jumped 55% or $1.0 million compared to the first quarter of the previous fiscal year. This is explained by MDI's newly-generated contribution to perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. software license sales, by a strong increase in professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. revenue related to the implementation of our software packages in Canada and by an increase in sales of hardware and operating software required in the use of our software packages. In addition, professional services worth $0.6 million and related to custom enhancements for a major customer, were performed during the quarter. The direct costs of these services were capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. as the corresponding revenue will be recognized over the next five quarters. A significant positive impact on future recurring revenue will also be felt as a result of the completion of numerous implementations of our software packages, among which is the implementation over the quarter of Med-Echo Plus in some sixty healthcare facilities in Canada. Management is satisfied that revenue in Canada has increased in a business context that is highly competitive in terms of pricing of products and services. In addition, the Company believes it has increased its market share following the large number of calls for tender organized by newly-formed regional Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. agencies. These agencies have assumed a greater role in the planning, organizing For other uses, see Organising model and Union organizer. Organizing is the act of rearranging following one or more s. It can also be seen as the opposite of messing up. One organized opposite could be disordered, since ordered is almost synonymous. and deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. activities related to software solutions for the new healthcare organizations being created in Quebec. OPERATING INCOME Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Operating income before depreciation, amortization, income from temporary investments, financial expenses and taxes for the quarter ended December 31, 2005 stood at $4.1 million, representing an increase of $1.5 million or 58% over the same period last year. 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. Operating expenses for the quarter, composed of service costs and selling, general and administrative expenses, stood at $6.2 million, having increased 43% relative to the expenses recorded during the same period in the previous fiscal year. The increase is mainly a result of the inclusion of MDI's operating expenses which were even with the prior quarter's operating expenses. The effects of the reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. of MDI's activities following the acquisition by Logibec will affect results positively beginning with the next quarter. The main component of operating expenses, that is service costs, stood at $3.8 million, of which $3.2 million is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk 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. activities. Canadian service costs increased 1% for the first quarter of 2006 compared to the same period in the prior fiscal year. The minor change results from two factors that had opposite effects on this item: an increase in hardware purchased for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. and a decrease in salaries related to the professional services for a major customer that were capitalized. Selling, general and administrative expenses were $2.4 million or 23% of revenue for the quarter, compared to $1.2 million or 17% of revenue for the same period last year. Of the $1.2 million increase in this item, $1.0 million is a consequence of adding MDI's selling, general and administrative expenses. Following the acquisition of MDI, we quickly identified and implemented measures to reduce administrative expenses to a more normal level for an operation of its size. Given the management agreements that were signed at the time of the acquisition, the full effect of the cost-reduction measures will be first felt during the quarter ending March 31, 2006. The consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: selling, general and administrative expenses for the quarter also include an expense of $0.1 million related to 134,000 stock options granted in the third quarter of the 2005 fiscal year. AMORTIZATION OF FIXED ASSETS fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , 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. AND OTHER LONG-TERM ASSETS Long-Term Assets 1. Reported on the balance sheet, it's the value of a company's property, equipment and other capital assets, less depreciation. 2. A stock, bond or other asset that you plan on holding in your portfolio for a lengthy period of time. Amortization of fixed assets, intangible assets and other long-term assets for the quarter ended December 31, 2005 rose to $1.6 million, representing an increase of 46% compared to the same period in the previous fiscal year. Amortization of fixed assets increased to $0.1 million for the quarter, entirely due to the amortization of MDI's fixed assets. Amortization of intangible assets also increased, up $0.4 million to stand at $1.3 million. The increase is also due to MDI, namely to the amortization of the acquired software and technology. FINANCIAL EXPENSES Financial expenses were $0.2 million for the quarter, representing an increase of 63% compared to financial expenses for the same period last year. Financial expenses for the first quarter are mainly composed of interest charges related to the credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities obtained to finance the takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares for MDI and the subsequent merger. NET EARNINGS Net earnings for the first quarter ended December 31, 2005 increased by 62% to $1.6 million or $0.18 per share ($0.18 per fully-diluted share). This compares to $1.0 million or $0.15 per share ($0.14 per fully-diluted share), for the same period in the prior year. The significant increase in net earnings results from the addition of MDI's activities as well as the profitable growth of the Company's Canadian activities, despite the highly competitive context. LIQUIDITY AND SOURCES OF FINANCING OPERATING ACTIVITIES For the first quarter ended December 31, 2005, operating activities generated cash flows of $0.4 million, whereas these activities, for the same period in the prior fiscal year, used cash flows of $2.3 million. The significant increase is mainly explained by the change in non-cash working capital items, as well as the increase in internally-generated funds following MDI's contribution to operating activities. INVESTING ACTIVITIES The Company used $0.6 million in cash for investing activities during the quarter ended December 31, 2005. Of this amount, $0.5 million corresponds to capitalized software development costs. The difference, $0.1 million, was used for capital expenditures for the Canadian and American operations. FINANCING ACTIVITIES During the first quarter, the Company reimbursed $1.6 million under its revolving reducing term loans. This amount includes a payment of $0.5 million in addition to the regularly-scheduled monthly payments which totalled $1.1 million. In addition, the Company issued 286,000 common shares during the first quarter for cash consideration of $1.0 million. First, in November November: see month. and December 2005, 150,000 stock options were exercised by officers and key employees and the Company issued 150,000 common shares for cash consideration of $0.5 million. Then, over the course of the month of December, 136,000 warrants were exercised by two officers and a director. The Company therefore issued 136,000 common shares for cash consideration of $0.5 million. Finally, on December 16, 2005, the Company announced a normal course issuer bid. Under the bid, which began December 20, 2005 and is valid for a period of one year, the Company may purchase for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. a maximum of 447,565 common shares. This represents approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% of the issued and outstanding common shares at the time the bid was launched. During the first quarter of the 2005 fiscal year, 12,100 common shares were repurchased under the bid, for cash consideration of $0.1 million and at an average price per share of $12.24. ABOUT LOGIBEC LOGIBEC is among the ten largest Canadian companies This is a list of companies from Canada.
Directory: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Current Companies specializing in the development, marketing, implementation and support of information systems for the health and social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales sector. Over 400 healthcare facilities in Canada and over 650 clients representing 1,500 facilities throughout the U.S. use our products and services delivered by an experienced team of some 240 employees as at December 31, 2005. The Company has its head office in Montreal as well as offices in Quebec City, Edmonton Edmonton (ĕd`məntən), city (1991 pop. 616,741), provincial capital, central Alta., Canada, on the North Saskatchewan River. The center of the largest metropolitan area in Alberta, Edmonton, known as the "Gateway to the North," is located and St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. .This news 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. reflecting Logibec Groupe Informatique Ltd. objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe", "anticipate", "estimate" and "expect" as well as the use of the future or conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. tense tense [O.Fr., from Lat.,=time], in the grammar of many languages, a category of time distinctions expressed by any conjugated form of a verb. In Latin inflection the tense of a verb is indicated by a suffix that also indicates the verb's voice, mood, person, and . By their very nature, such statements involve risks and uncertainty. Actual results may differ significantly from the Company's forecasts or expectations.
LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
Three months ended
December 31
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2005 2004
$ $
---------------------------------------------------------------------
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Revenue 10,349,529 6,967,232
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Operating expenses
Service costs 3,827,934 3,153,687
Selling and administrative expenses 2,290,452 1,199,121
Stock-based compensation 88,944 -
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6,207,330 4,352,808
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Earnings before the following items 4,142,199 2,614,424
Amortization of fixed assets 271,101 209,764
Amortization of intangible assets and other
long-term assets 1,301,345 868,985
Income on temporary investments (15,473) (21,975)
Financial expenses 191,925 118,028
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Earnings before income taxes 2,393,301 1,439,622
Income taxes 758,000 432,000
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Net earnings 1,635,301 1,007,622
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Net earnings per share
Basic 0.18 0.15
Diluted 0.18 0.14
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Weighted average number of
common shares outstanding
Basic 8,888,775 6,729,559
Diluted 9,042,975 7,078,875
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LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(unaudited)
Three months ended
December 31,
---------------------------------------------------------------------
2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
$ $
Retained earnings, beginning of period 9,445,516 5,148,891
Net earnings 1,635,301 1,007,622
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11,080,817 6,156,513
Premium on redemption of common shares (110,372) -
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Retained earnings, end of period 10,970,445 6,156,513
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LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED BALANCE SHEETS
December September
31, 2005 30, 2005
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$ $
(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents 2,223,937 3,191,839
Accounts receivable 5,192,064 4,692,909
Income tax credits receivable 1,533,417 1,602,641
Income tax receivable 1,156,845 1,147,663
Future income taxes 106,996 106,968
Prepaid expenses and other current assets 457,637 385,051
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10,670,896 11,127,071
Fixed assets 4,470,110 4,637,194
Goodwill 30,529,561 30,494,988
Intangible assets and other long-term
assets 23,951,807 24,757,115
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69,622,374 71,016,368
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 4,567,474 4,700,357
Income taxes 1,141,699 257,965
Future income taxes 135,000 135,000
Current portion of long-term debt 4,572,065 4,572,065
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Current liablities, excluding deferred
revenue 10,416,238 9,665,387
Deferred revenue 5,244,384 8,337,960
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15,660,622 18,003,347
Long-term debt 6,130,160 7,773,180
Future income taxes 9,796,760 9,795,561
---------------------------------------------------------------------
31,587,542 35,572,088
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Commitments (Note 17)
Shareholders' equity
Share capital 28,907,917 27,755,214
Warrants - 189,837
Contributed surplus 266,832 177,888
Currency translation adjustment (2,110,362) (2,124,175)
Retained earnings 10,970,445 9,445,516
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38,034,832 35,444,280
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69,622,374 71,016,368
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LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three months ended
December 31,
---------------------------------------------------------------------
2005 2004
$ $
---------------------------------------------------------------------
---------------------------------------------------------------------
Operating activities
Net earnings 1,635,301 1,007,622
Adjustments for:
Amortization of fixed assets 271,101 209,764
Amortization of intangible assets and
other long-term assets 1,301,345 868,985
Stock-base compensation 88,944 -
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3,296,691 2,086,371
Changes in non-cash operating working
capital items (2,853,253) (4,363,833)
---------------------------------------------------------------------
443,438 (2,277,462)
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Investing activities
Decrease in advance to a related company - 200,175
Acquisition of fixed assets (103,897) (144,823)
Increase in intangible assets and other
long-term assets net of investment tax
credits (482,170) (596,108)
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(586,067) (540,756)
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Financing activities
Repayment of long-term debt (1,643,020) (2,751,158)
Redemption of shares (148,508) -
Issuance of shares 1,001,000 1,532,500
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(790,528) (1,218,658)
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Effect of exchange rate changes on cash
denominated in foreign currency (34,745) -
Decrease in cash and cash equivalents (967,902) (4,036,876)
Cash and cash equivalents, beginning of year 3,191,839 6,565,935
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Cash and cash equivalents, end of year 2,223,937 2,529,059
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The TSX Venture accepts no responsibility for the truth or accurac y of this press release. Logibec Groupe Informatique Ltd. (TSX:LGI) |
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