Logibec Groupe Informatique Ltd.: Strong Increase in Results Following MDI Acquisition.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 fiscal year ended September September: see month. 30, 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
- Net earnings of $4.5 million, up 51%, or $0.61 per share for the
year ended September 30, 2005, compared to $3.0 million or $0.45
per share for the previous year.
- Net earnings of $1.1 million, up 50%, or $0.13 per share for the
quarter ending September 30, 2005, compared to $0.11 for the same
period last year, despite a 29% increase in the average number of
outstanding shares.
- Revenue for the fiscal year 2005 up 15% to $31.8 million compared
to $27.8 million for the previous year.
- Revenue for the fourth quarter 2005 up 54% to $9.4 million compared
to $6.1 million for the same period in the previous fiscal year.
- Recurring revenue for the fiscal year 2005 up 20% to $23.4 million
compared to $19.6 million for the previous year.
- Recurring revenue for the fourth quarter 2005 up 51% to represent
79% of the quarter's total revenue.
- Acquisition of 100% of the shares of MDI Technologies Inc. ("MDI")
following a takeover bid closed on June 20, 2005 and a merger with
LGI Acquisition, Inc. ("LGIA") on June 30, 2005.
- Issuance of 1.25 million common shares via private placement for
consideration of $12.6 million, net of commissions.
OPERATING RESULTS The results of the fiscal year ended on September 30, 2005, include the results of the 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. subsidiary as of June June: see month. 21, 2005. REVENUE In 2005, the Company's revenue reached a new high to stand at $31.8 million compared to $27.8 million in 2004. This 15% increase in revenue is mainly derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from MDI's activities that generated revenue of $3.0 million, which represents 11% of the increase. The revenue from 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 increased by 4%, which is explained by the strong level of competition observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. for the large number of tenders that result from the regionalisation Regionalisation refers to the tendency to form regions or the process of doing so.
Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. . 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, that is, revenue from annual software rights of use, software maintenance and support, transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. and application hosting, reached $23.4 million, representing 74% of total revenue for the fiscal year compared to $19.6 million in 2004. Recurring revenue for the fourth quarter, excluding MDI revenue, increased by 8% and by 51% including MDI revenue. Management believes that it will be able to maintain a high percentage of recurring revenue in the future considering the volume and average due date of current contracts and the highly recurring nature of recently acquired MDI activities. Non-recurring revenue increased by 2% during the fiscal year due to delays caused by the tender process resulting from the regionalisation of the healthcare sector in Quebec. Several significant mandates mandates, system of trusteeships established by Article 22 of the Covenant of the League of Nations for the administration of former Turkish territories and of former German colonies. for custom development or for the implementation of our solutions were won during the fourth quarter, which leads Management to predict an increase in revenue during the next fiscal 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 increased 8%, representing 61% of revenue for the fiscal year 2005 compared to 65% for the fiscal year 2004. Service costs increased 6%, but represent 43% of revenue whereas they represented 47% of revenue in 2004. The increase of $0.7 million for this charge is entirely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to MDI's service costs. Service costs of Logibec 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 (the "Canadian unit") remained at $12.9 million in 2005, despite a 4% increase in the revenue of the Canadian unit compared to the previous year. An important decrease in payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. processing costs allowed the Company to balance the impact of a lower amount of 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. development costs and to maintain stable service costs for the Canadian unit in 2005. Selling, general and administrative expenses rose 12% mainly due to the inclusion of MDI expenses. The Company has decreased MDI's administrative expenses considerably since its acquisition. These savings will be clearly visible in the second quarter of the next fiscal year. The administrative expenses of the Canadian unit decreased by $0.2 million due to the provision of the same amount posted in 2004 for the retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a salary adjustment of unionized employees. A new collective agreement was signed in December December: see month. 2004 and will remain in effect until June 30, 2008. The expense for stock-based compensation was $0.2 million for the 2005 fiscal year. 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. before depreciation and amortization, loss on disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of property, plant and equipment, income on temporary investments, financial expenses and income tax stood at $12.3 million for the fiscal year 2005, up 26% compared to the previous year and yielding a margin of 39% of revenue. The increase in operating income is due primarily to resource optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. in the Canadian unit and the strong cost-effectiveness cost-effectiveness pertaining to cost-effective. cost-effectiveness analysis a comparison of the relative cost-efficiencies of two or more ways of performing a task or achieving an objective. of MDI's activities. DEPRECIATION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT, 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. Depreciation and amortization of property, plant and equipment, intangible assets and other long-term assets for the year ended September 30, 2005 rose to $5.2 million, increasing by less than 1% from the $5.1 million for 2004. Despite the minor change in the amortization charges from 2004 to 2005, certain items in the charges posted changes that merit explanation. First, the depreciation of property, plant and equipment decreased by $0.1 million or 12% due primarily to renewal of the Company's leases in the Cite du Multimedia complex until 2012 and the depreciation of leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. over this additional period. The depreciation of intangible assets and other long-term assets rose $0.2 million or 4% since this charge also includes, since June 21, 2005, the depreciation of the acquired customer relationships and acquired software at MDI, representing an additional expense of $0.6 million for fiscal year 2005. Management evaluated the acquired customer relationships and software at a value of $8.0 million and $5.1 million, respectively. Based on an analysis of the retention history of MDI customers, Management set a ten-year period during which straight-line depreciation A method employed to calculate the decline in the value of income-producing property for the purposes of federal taxation. Under this method, the annual depreciation deduction that is used to offset the annual income generated by the property is determined by dividing the of the customer base applies. Management set a five-year period for the straight-line depreciation of the acquired software. This policy was established based on an analysis of the period during which acquired software generally continues to be marketed following an acquisition transaction. A decrease of $0.5 million in the depreciation of developed technology in 2005 compared to the previous fiscal year explains the remainder of the changes in the depreciation of the intangible assets and other long-term assets. During the fiscal year 2004, Management accelerated the amortization of certain software packages and elements of its technological infrastructure so as to adequately reflect their commercial value. FINANCIAL EXPENSES Financial expenses decreased $0.3 million or 32%, despite the additional costs associated with the credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities that were set up and used to finance the acquisition of MDI shares. The decrease is due primarily to (i) the complete reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of former term loans during the first quarter of the fiscal year, (ii) the reimbursement of the balance of the purchase price owed to the CHUM at the end of May 2005, (iii) the absence of bank term loans for a period of four months, that is between the date of their final reimbursement and the date on which 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 shares was announced and lastly, (iv) the reimbursement, nine days after the borrowing date and with the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the equity private placement in June 2005, of $12 million on the bank loans used to finance the acquisition of MDI shares. INCOME TAXES The Company provisioned income tax expense at a rate of 32% of its earnings before income tax for the fiscal year 2005, that is, $2.1 million, compared to a provision of 24.6% for the previous year. This variation is mainly explained by a decrease of 5% in 2004 resulting from changes in the Company's income tax returns of prior years. NET EARNINGS Net earnings for the fiscal year ended September 30, 2005, increased by 51% to stand at $4.5 million or $0.61 per share ($0.57 on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis), compared to $3.0 million or $0.45 per share ($0.42 on a diluted basis) for the fiscal year 2004. The growth in net earnings is due to the contribution of the operations acquired from MDI as of June 21, 2005, as well as to the optimization of Canadian activities in a context of strong competition. SUMMARY OF QUARTERLY RESULTS A summary of 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: financial data drawn from the unaudited interim 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 for the last quarters in shown below.
Fiscal year ended Sept. 30, 2004
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thousands of dollars Q1 Q2 Q3 Q4
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Revenues 6,649 7,854 7,151 6,119
Operating Expenses
Service costs 3,384 3,687 3,427 2,418
Selling and administrative expenses 972 1,662 1,235 1,220
Stock-based compensation - - - -
---------------------------------------------------------------------
4,356 5,349 4,662 3,638
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Operating Earnings 2,293 2,505 2,489 2,481
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Depreciation and amortization 893 1,134 1,291 1,805
Loss on disposition of property,
plant and equipment 69 - - -
Income on temporary investments (45) (116) (21) (36)
Financial expenses 291 176 143 215
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Earnings before Income Tax 1,085 1,312 1,076 497
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Income tax 381 460 367 (230)
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Net Earnings 704 852 709 727
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Net Earnings per Share
Basic 0.11 0.13 0.11 0.11
Diluted 0.10 0.12 0.10 0.10
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Fiscal year ended Sept. 30, 2005
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thousands of dollars Q1 Q2 Q3 Q4
---------------------------------------------------------------------
Revenues 6,967 8,165 7,293 9,394
Operating Expenses
Service costs 3,154 3,585 3,591 3,305
Selling and administrative expenses 1,199 1,348 877 2,255
Stock-based compensation - - 70 108
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4,353 4,933 4,538 5,668
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Operating Earnings 2,614 3,232 2,755 3,726
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Depreciation and amortization 1,079 1,278 1,070 1,733
Loss on disposition of property,
plant and equipment - - - -
Income on temporary investments (22) (5) (13) (6)
Financial expenses 118 62 156 223
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Earnings before Income Tax 1,439 1,897 1,542 1,776
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Income tax 432 569 443 685
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Net Earnings 1,007 1,328 1,099 1,091
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Net Earnings per Share
Basic 0.15 0.18 0.15 0.13
Diluted 0.14 0.18 0.14 0.12
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The fourth quarter ends on September 30 and coincides with the summer season. Revenue from professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. are typically lower during this quarter because implementation and training activities at customer sites are less frequent given that the majority of the users of the Company's software are on vacation VACATION. That period of time between the end of one term and beginning of another. During vacation, rules and orders are made in such cases as are urgent, by a judge at his chambers. . Recurring revenue on the other hand do not have a seasonal factor. For the fiscal year 2005, the distinguishing factor of the fourth quarter is the inclusion of MDI's results as of June 21, 2005, following the acquisition. LIQUIDITY AND SOURCES OF FINANCING OPERATING ACTIVITIES For the year ended September 30, 2005, cash flow from operating activities stood at $11.5 million compared to $12.5 million for 2004. The increase of $1.0 million is mainly attributable to changes in non-cash working capital items, namely a decrease in accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. as a result of the payments of US$2.60 per MDI share made to the former MDI shareholders who requested payment of their shares following the merger of MDI with LGIA. INVESTING ACTIVITIES The Company's main investing activity in 2005 was the MDI acquisition. The MDI shares were acquired in three steps between March 8 and September 30, 2005. Before launching a takeover bid for all of MDI's shares, the Company purchased 1,137,200 MDI shares on the stock exchange for a total amount of $2.5 million, representing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10% of MDI's outstanding shares. Through the takeover bid, the Company acquired 10,188,394 additional MDI shares for an amount of $32.8 million, representing 84% of MDI's outstanding shares. With a greater than 90% participation in MDI, the Company effected a short-form merger of its wholly-owned subsidiary LGIA and MDI on June 30, 2005. LGIA was the surviving company surviving company The company that emerges in control following a business combination. The surviving company is generally one of the firms entering the combination but may be a new company formed by the combination. following the merger and was renamed MDI Technologies, Inc. Under the terms of the merger, the investors holding the remaining 6% of the outstanding MDI shares lost their rights as shareholders in exchange for the right to receive US$2.60 per share. Between the merger date and September 30, 2005, MDI, the newly-merged company, disbursed $2.1 million to former shareholders. Acquisition costs of $0.6 million increased the acquisition price by the same amount. Finally, MDI's cash on hand as of June 20, which was $2.7 million, reduced the acquisition price, bringing the net amount invested as of September 30, 2005, for the acquisition of MDI to $35.3 million. In addition to this major investment, the Company invested $0.4 million in intangible assets during the fiscal year 2005, representing an amount substantially below the $3.4 million invested in 2004, for setting up new office space and purchasing equipment required to launch the Company's payroll processing center. Management believes that, barring any major new projects, investments in intangible assets in the coming fiscal years will be more similar to those of 2005 instead of 2004. Furthermore, Logibec invested $2.2 million in intangible assets, $1.7 million of which was in the form of capitalized technology development costs. The Company maintains its policy for the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of technology development costs in order to ensure that only the software packages with the greatest potential for generating future revenues are capitalized. The investment in intangible assets and other long-term assets also includes an amount of $0.4 million for capitalized expenses incurred in setting up the credit facilities. These expenses are amortized over four years. FINANCING ACTIVITIES The fiscal year 2005 was marked by several financing activities that allowed the Company to carry out its growth strategy. First in 2005, the Company completed the reimbursement of all its loans associated with the acquisition of Centre Hospitalier de l'Universite de Montreal's IT operations. During the first quarter of the fiscal year, the Company reimbursed the remaining $2.8 million of the term loans used to finance the first part of the CHUM transaction. Then in May 2005, the Company made the last payment to the CHUM for the balance of purchase price of the acquired assets, representing an amount of $1.8 million. With a debt-free balance sheet and strong borrowing capacity, the Company undertook the acquisition of MDI within the framework of its growth strategy. As a first step, the Company set up credit facilities. The Company's cash on hand and a $29.5 million loan through the credit facilities enabled the Company to make the previously described $35.3 million investment. Following the successful completion of the takeover bid, the Company closed a private placement for common shares on June 29, 2005. Through this placement, $1.3 million common shares were issued at $10.50 each for a consideration of $12.6 million, net of issuance costs. The net proceeds were applied to the bank debt. The Company made additional payments on its bank debt in the amount of $4.5 million. During the fiscal year 2005, 680,000 warrants were exercised at a price of $3.50 each for a cash consideration of $2.4 million and 240,000 stock options were exercised at a weighted average price of $2.40 each for a cash consideration of $0.6 million. As of September 30, 2005, the Company's indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. amounted to $12.3 million, entirely in the form of term loans. On this date, the Company had cash and cash equivalents of $3.2 million. Of the $18.2 million in credit facilities that the Company had as at September 30, 2005, $12.7 million was used, including $0.4 million in letters of guarantee. Logibec respects all the covenants required by the credit facilities. Management believes that it is able to continue to grow the Company while respecting all its obligations in relation to its debt. The Company's current level of indebtedness, the anticipated funds from the exercise of warrants and stock options up until December 31, 2005, combined with its ability to generate cash flow from its operating activities in Canada as well as 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. through MDI, provide Logibec with the flexibility required to continue its growth. ANNUAL INFORMATION The table below presents selected annual information regarding operating results and cash flow for the past three fiscal years ended September 30, as well as the financial position as of such dates. Thousands of dollars except per share amounts 2003 2004 2005 --------------------------------------------------------------------- OPERATING RESULTS --------------------------------------------------------------------- Revenues 21,805 27,773 31,819 EBITDA (see calculation below) 6,897 9,680 12,198 Net earnings 1,941 2,992 4,525 EBITDA per share 1.18 1.45 1.64 Earnings per share 0.33 0.45 0.61 --------------------------------------------------------------------- --------------------------------------------------------------------- Reconciliation of EBITDA and net earnings Net earnings 1,941 2,992 4,525 Interest on indebtedness 895 758 430 Other interest (revenue) (121) (240) (46) Income tax 1,025 978 2,129 Depreciation of property, plant and equipment 542 1,083 948 Amortization of intangible assets and other long-term assets 2,615 4,040 4,212 Loss on disposition of property, plant and equipment - 69 - --------------------------------------------------------------------- EBITDA 6,897 9,680 12,198 --------------------------------------------------------------------- --------------------------------------------------------------------- Return on average shareholders' equity 15% 18% 16% Internally generated funds 6,065 9,451 11,600 - per common share 1.03 1.42 1.53 Investment in technology, net of tax credits 2,421 2,270 1,717 --------------------------------------------------------------------- FINANCIAL POSITION --------------------------------------------------------------------- Cash and cash equivalents 7,122 6,566 3,192 Total assets 39,268 38,152 71,016 Total indebtedness 12,602 4,628 12,345 Indebtedness, net of cash and cash equivalents 5,480 (1,938) 9,153 Shareholders' Equity 13,568 17,609 35,444 - per common share (as of Sept. 30)) 2.13 2.64 4.02 Working capital (2,141) (1,917) (6,876) Working capital ratio 0.87 0.86 0.62 Total debt / EBITDA 1.82 0.48 1.01 Debt-equity ratio (total debt / shareholders' equity) 0.93:1 0.26:1 0.35:1 Common shares outstanding (weighted average, basic) 5,863,434 6,655,272 7,435,006 Common shares outstanding (as of Sept. 30) 6,374,124 6,674,124 8,806,324 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 1,200 healthcare facilities in the U.S. use our products and services delivered by an experienced team of employees that numbered over 240 as of September 30, 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
for the years ended September 30
2005 2004
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---------------------------------------------------------------------
$ $
Revenue 31,818,517 27,772,911
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Operating expenses
Service costs 13,635,451 12,915,643
Selling and administrative expenses 5,678,540 5,089,078
Stock-based compensation 177,888 -
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19,491,879 18,004,721
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Earnings before the following items 12,326,638 9,768,190
Depreciation of property, plant and
equipment 947,743 1,082,921
Amortization of intangible assets and other
long-term assets 4,212,076 4,039,901
Gain on disposal of temporary investment - 68,890
Income on temporary investment (46,273) (218,340)
Financial expenses 558,777 825,222
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Earnings before income taxes 6,654,315 3,969,596
Income taxes 2,129,000 978,000
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Net earnings 4,525,315 2,991,596
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Net earnings per share
Basic 0.61 0.45
Diluted 0.57 0.42
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Weighted average number of common shares
outstanding
Basic 7,435,006 6,655,272
Diluted 7,890,518 7,066,469
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LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
for the years ended September 30
2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
$ $
Retained earnings, beginning of period 5,148,891 2,157,295
Net earnings 4,525,315 2,991,596
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9,674,206 5,148,891
Premium on redemption of common shares (228,690) -
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Retained earnings, end of period 9,445,516 5,148,891
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LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED BALANCE SHEETS
as of September 30
2005 2004
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---------------------------------------------------------------------
$ $
Assets
Current assets
Cash and cash equivalents 3,191,839 6,565,935
Accounts receivable 4,692,909 4,003,270
Income tax credits receivable 1,602,641 1,130,530
Income tax receivable 1,147,663 164,987
Future tax 106,968 -
Prepaid expenses and other current assets 385,051 362,027
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11,127,071 12,226,749
Property, plant and equipment 4,637,194 4,547,489
Goodwill 30,494,988 6,958,145
Intangible assets and other long-term
assets 24,757,115 14,419,652
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71,016,368 38,152,035
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 4,700,357 5,220,402
Income taxes 257,965 -
Future income taxes 135,000 60,000
Current portion of long-term debt 4,572,065 1,786,766
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Current liablities, excluding deferred
revenue 9,665,387 7,067,168
Deferred revenue 8,337,960 7,076,728
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18,003,347 14,143,896
Long-term debt 7,773,180 2,841,162
Future income taxes 9,795,561 3,557,626
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35,572,088 20,542,684
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Commitments
Shareholders' equity
Share capital 27,755,214 11,305,023
Warrants 189,837 1,155,437
Contributed surplus 177,888 -
Retained earnings 9,445,516 5,148,891
Currency translation adjustment (2,124,175) -
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35,444,280 17,609,351
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71,016,368 38,152,035
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LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the years ended September 30
2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
$ $
Operating activities
Net earnings 4,525,315 2,991,596
Adjustments for:
Amortization of property, plant and
equipment 947,743 1,082,921
Amortization of intangible assets and
other long-term assets 4,212,076 4,039,901
Stock-based compensation 177,888 -
Loss on disposal of assets - 68,890
Future income taxes 1,737,434 1,267,313
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11,600,456 9,450,621
Changes in non-cash working capital items (98,428) 3,051,752
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11,502,028 12,502,373
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Investing activities
Business acquisition, net of cash and
cash-equivalents acquired (35,321,993) (75,000)
Decrease in advance to a related party 336,676 67,783
Acquisition of property, plant and
equipment (391,088) (3,387,928)
Proceeds from disposal of property, plant
and equipment - 61,110
Increase in intangible assets and other
long-term assets net of investment tax
credits (2,205,938) (2,800,091)
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(37,582,343) (6,134,126)
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Financing activities
Increase in long-term debt 29,488,261 -
Repayment of long-term debt (21,770,946) (7,974,506)
Redemption of shares (299,115) -
Issuance of share capital 15,323,935 1,050,000
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22,742,135 (6,924,506)
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Effect of exchange rate changes on cash
denominated in foreign currency (35,916) -
Decrease in cash and cash equivalents (3,338,180) (556,259)
Cash and cash equivalents, beginning of
year 6,565,935 7,122,194
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Cash and cash equivalents, end of year 3,191,839 6,565,935
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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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