Mindready Reports Third Quarter 2004 Results: First Full Quarter Under New Management Team.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. -- Mindready Solutions Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :MNY MNY Microsoft Money (file extension) MNY Manhattan New York ) - Sales grow 9% sequentially - From $1.0M Q2 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. to break-even Mindready Solutions Inc. (TSX:MNY), a leading supplier of innovative solutions for test and embedded systems Embedded systems Computer systems that cannot be programmed by the user because they are preprogrammed for a specific task and are buried within the equipment they serve. , today reported its financial results for the third quarter and first nine months ended September September: see month. 30, 2004. "Since assuming leadership of Mindready in June June: see month. 2004, we have completed a strategic review and re-aligned the company's resources around a business plan that focuses on three industry sectors: aerospace/defense, automotive and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. . We have created important synergies between the functional groups and our three geographic locations by unifying our service offering, and we have strengthened sales and marketing with individuals possessing strong industry know-how know-how n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical ," said Claude Claude , Albert 1899-1983. Belgian-born American biologist who was among the first to use the electron microscope for biological research. He shared a 1974 Nobel Prize for developing methods of separating and analyzing cell components. Delage The Delage Automobile company was established in January, 1905, at 62 chaptal street in Levallois, a northwesterly suburb of Paris, France. It was founded by Louis Delâge (1874-1947), an ambitious young engineer who had been working for the Peugeot car company. , President and Chief Executive Officer. "Our continued diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. into the automotive and aerospace/defense verticals, the gradual recovery in the telecommunications industry and a more driven sales and marketing team, are all factors leading to a 9% sequential increase in sales for the third quarter compared to the second quarter of 2004. These same factorsposition us well for growth in 2005," added Mr. Delage. "Top line growth will be complemented by a leaner cost structure. We have implemented more than $2.5 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cost savings since our strategic review, while increasing our sales and without affecting our strong delivery capabilities. Some of those savings are already reflected in our income statement for this past quarter but the full benefits of our actions will be apparent in 2005," noted Marc Lamy, Chief Financial Officer. Mindready has achieved steady sequential improvement during the first nine months of 2004, with sales increasing from $4.5 million in the first quarter to $5.3 million in the second quarter and $5.8 million in the third quarter. The improvement in 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 has been equally positive. Operating loss was $1.0 million in the first quarter, $1.1 million in the second quarter and break-even in the third quarter, the first full quarter under the new management team. Sales for the third quarter of 2004 were $5.8 million compared to $5.0 million for the same period of 2003. This growth was due to increased sales to clients serving the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , including lower-margin products and services that were in the pipeline. Operating earningsreached break-even compared to operating earnings of $0.3 million for the same period last year. Net loss for the third quarter was $0.01 million compared to net earnings of $0.03 million for the same period in 2003. The company's financial position is stable with virtually no debt, current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $8.7 million and current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of $6.5 million. "Going forward, our focus is on building our sales pipeline with a combined offering specific to each of our targeted verticals. With our recognized expertise, existing roster of blue chip clients and strengthened sales and marketing team, we are looking forward to sales growth in 2005," concluded Mr. Delage. 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. The statements regarding the Company's future operating results, performance and business prospects contained in this press release, and any other statements not constituting historical information, are forward-looking statements. These forward-looking statements reflect the Company's current opinions and assumptions with respect to future business decisions and results, and are based on the information currently available to the Company. Accordingly, these statements are subject to risks, uncertainties and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. which could cause the Company's future operating results, performance or business prospects to differ from those expressed in, or implied by, these statements. About Mindready Mindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative solutions for test and embedded systems serving the aerospace/defense, automotive and telecommunications markets. Mindready's clients include companies such as Alcatel Alcatel Société Alsacienne de Constructions Atomiques, de Télécomunications et d'Electronique , Boeing (language) BOEING - An early system on the IBM 1130. [Listed in CACM 2(5):16, May 1959]. , Bose, FlightSafety International FlightSafety International is the a provider of professional aviation training, simulation equipment and software. It is a wholly owned subsidiary of Berkshire Hathaway NYSE: BRKA NYSE: BRKB Divisions Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and , Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony , Panasonic
Consolidated Financial Statements of
(Unaudited)
MINDREADY SOLUTIONS INC.
For the three and nine-month periods ended September 30,
2004 and 2003
Mindready Solutions Inc.
Consolidated Balance Sheets
(in thousands of dollars)
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September 30, 2004 December 31, 2003
(unaudited) (audited)
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ASSETS
Current assets:
Cash and cash equivalents $440 $2,253
Temporary investments - 11,903
Accounts receivable 4,437 4,860
Tax credits receivable 716 414
Work in process 1,347 1,196
Inventories 1,594 1,049
Prepaid expenses 147 165
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8,681 21,840
Capital assets 1,062 1,356
Deferred development costs (Note 3) - 453
Goodwill 2,174 2,159
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$11,917 $25,808
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LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable $1,617 $710
Accrued liabilities 4,430 5,245
Due to companies under common control - 394
Income taxes payable 15 14
Future income taxes 46 46
Deferred revenue 345 80
Current portion of long-term debt 32 129
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6,485 6,618
Shareholders' equity:
Share capital (Note 4) 4,957 63,389
Contributed surplus 23 25
Deficit (Note 4) (10) (44,698)
Cumulative translation adjustment 462 474
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5,432 19,190
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$11,917 $25,808
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See accompanying notes to the interim consolidated financial
statements (unaudited).
Mindready Solutions Inc.
Consolidated Statements of Operations and Deficit (unaudited)
(in thousands of dollars, except per share amounts)
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3 months ended 9 months ended
Sept. 30 Sept. 30 Sept. 30 Sept. 30
2004 2003 2004 2003
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Sales $5,756 $5,014 $15,574 $15,765
Cost of sales 4,245 3,089 11,492 10,219
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1,511 1,925 4,082 5,546
Expenses:
Selling and
administrative 1,351 1,706 5,111 5,090
Research and
development 169 24 1,062 851
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1,520 1,730 6,173 5,941
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Earnings (loss) before: (9) 195 (2,091) (395)
Amortization of capital
assets 183 227 549 720
Interest income, net
amount (8) (90) (149) (331)
(Gain) loss on exchange
rates 112 (3) 58 225
Write-off of deferred
development costs and
other non-recurring
charges (Note 3) - - 1,136 -
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287 134 1,594 614
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Earnings (loss) before
income taxes (296) 61 (3,685) (1,009)
Current income taxes (286) 29 63 60
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Net earnings (loss) (10) 32 (3,748) (1,069)
Deficit, beginning of
period (48,436) (44,932) (44,698) (43,831)
Reduction of share
capital (Note 4) 48,436 - 48,436 -
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Deficit, end of period $(10) $(44,900) $(10) $(44,900)
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Weighted average number
of common shares
outstanding 12,000,789 11,999,409 11,999,872 11,999,409
Basic and diluted net
earnings (loss)
per share $(0.00) $ 0.00 $(0.31) $(0.09)
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See accompanying notes to the interim consolidated financial
statements (unaudited).
Mindready Solutions Inc.
Consolidated Statements of Cash Flows (unaudited)
(in thousands of dollars)
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3 months ended 9 months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
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Cash flows from
operating activities:
Net earnings
(loss) $(10) $32 $(3,748) $(1,069)
Adjustments for:
Depreciation and
amortization of
capital assets 183 227 549 720
Future income taxes - 45 - 45
Write-off of deferred
development costs - - 792 -
Gain on disposal of
capital assets - (6) - (12)
Imputed interest
on long-term debt - 2 - 5
Stock-based
compensation 7 - 2 -
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180 300 (2,405) (311)
Net change in operating
assets and liabilities:
Accounts receivable (135) 143 387 (317)
Income taxes and tax
credits receivable (344) - (285) 645
Work in process (419) 277 (193) 283
Inventories (241) (467) (568) (466)
Prepaid expenses 224 26 15 139
Accounts payable and
accrued liabilities (799) (641) (272) (224)
Due to companies under
common control - 83 - 223
Deferred revenue 58 (260) 272 (537)
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(1,476) (539) (3,049) (565)
Cash flows from financing
activities:
Reduction of stated
capital (10,002) - (10,002) -
Issue of common shares 3 - 3 -
Repayment of long-term
debt (32) (36) (95) (123)
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(10,031) (36) (10,094) (123)
Cash flows from
investing activities:
Net (increase)
decrease in temporary
investments - - 11,903 8,950
Additions to capital
assets (52) (73) (254) (100)
Deferred development
costs - (228) (319) (228)
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(52) (301) 11,330 8,622
Effect of exchange rate
changes on cash and
cash equivalents (38) (3) - (135)
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Net change in cash and
cash equivalents (11,597) (879) (1,813) 7,799
Cash and cash
equivalents,
beginning of period 12,037 16,071 2,253 7,393
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Cash and cash
equivalents, end of
period $440 $15,192 $440 $15,192
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See accompanying notes to the interim consolidated financial
statements (unaudited).
Mindready Solutions Inc.
Notes to the Interim Consolidated Financial Statements (unaudited)
(in thousands of dollars, except per share amounts)
1. Basis of presentation The 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 included in this report are unaudited and reflect normal and 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. adjustments which are, in the opinion of Mindready Solutions Inc. ("Mindready" or the "Company"), considered necessary for a fair presentation. These interim consolidated financial statements have been prepared in conformity with 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. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . However, they do not include all disclosures required under generally accepted accounting principles and accordingly should be read in connection with the consolidated financial statements and the notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. included in the Company's latest Annual Report. The consolidated financial statements have been prepared using the same accounting policies as described in the latest Annual Report with exception of the new standards described below. 2. Changes in accounting policies The Company has made certain changes in accounting policies to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" new accounting standards from the Canadian Institute of Chartered Accountant char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. ("CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) ") (a) Long-lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. assets: In December December: see month. 2002, the Section 3063 of the CICA Handbook
This article is about reference works. For the subnotebook computer, see .
tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. or Disposal of Long-lived Assets was issued. Section 3063 amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an existing guidance on long-lived asset impairment measurement and establishes standards for the recognition measurement and disclosure of the impairment of long-lived assets held for use by the Company. It requires that an impairment loss be recognized when the carrying amount of a long-lived asset to be held and used exceeds the sum of the undiscounted cash flows expected from its use and eventual disposal: an impairment should be measured as the amount by which the carrying amount of a long-lived asset exceeds its faire value. The new standards in Section 3063 are applicable for financial periods beginning on or after April 1, 2003. The Company implemented the new standards as at January January: see month. 1, 2004 and these new standards did not have any material impact on the Company's consolidated financial statements for the nine-month period ended September 30, 2004. (b) Generally accepted Accounting Principles ("Canadian GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "): In July July: see month. 2003, the CICA issued section 1100 of the CICA Handbook entitled "Generally Accepted Accounting Principles ("Canadian GAAP"). This section established standards for financial reporting in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian GAAP, and provides guidance on sources to consult when selecting accounting policies and determining appropriate disclosures, when a matter is not dealt with explicitly in the primary sources of Canadian GAAP. The standards in Section 1100 are applicable to financial periods starting on or after October October: see month. 31, 2003. The Company has implemented the standards of Section 1100 on January 1st 2004 and they should not have a material impact on the Company's consolidated financial statements for the nine-month period ended September 30, 2004. Mindready Solutions Inc. (C) Revenue recognition: In December 2003, the Emerging Issues Committee of the CICA released Abstracts EIC-141, "Revenue Recognition" ("EIC-141"), and EIC-142, "Revenue Arrangements with Multiple Deliverables" ("EIC-142"). EIC-141 provides interpretive in·ter·pre·tive also in·ter·pre·ta·tive adj. Relating to or marked by interpretation; explanatory. in·ter  pre·tive·ly adv. guidance on the application of CICA Handbook Section 3400,
Revenues and EIC-142 addresses certain aspects of the accounting by a
vendor for arrangements under which it will perform multiple
revenue-generating activities. These standards did not have a material
impact on the Company's consolidated interim financial statements
for the nine-month period ended September 30, 2004.3. Write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of deferred development costs and other non-recurring charges Following the change of control of Mindready, a strategic revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of its business plan has been undertaken, with regards to its target vertical markets, its portfolio of products, systems and services offered by the Company and with regards to the timing for the commercial availability of certain parts of Mindready's global offering. As a result of such process, in the second quarter, certain development costs previously 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. were written-off and other provisions were recorded as follows:
Three Months Nine Months
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Periods ended September 30 2004 2003 2004 2003
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Write-off of deferred development
costs $- $- $792 $-
Professional fees - - 216 -
Severance costs and other - - 128 -
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$- $- $1,136 $-
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4. Share capital (a) Share capital issued and outstanding: On July 30, 2004, at a special meeting of shareholders, three special resolutions were considered and approved: i) A reduction of the share capital maintained in respect of the subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. of the Company by an amount equal to the accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. deficit as appearing on the Company's balance sheet as at June 30, 2004, or $ 48,436,000. ii) A reduction in the share capital maintained in respect of the subordinate voting shares of the Company by an amount of $ 10,002,000 for the purpose of effecting a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. special distribution to the shareholders of approximately $ 0,83337 per share. The distribution was paid on August 18, 2004 to all shareholders of record on August 10, 2004. iii) Authorizing the amendment to the articles of the Company to a) cancel the multiple voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 shares of the Company and delete To remove an item of data from a file or to remove a file from the disk. See file wipe, trash and undelete. 1. (operating system) delete - (Or "erase") To make a file inaccessible. any and all provisions of the Articles of the Company related to such class of shares; b) change the designation of the "Subordinate Voting Shares" of the Company to "Common Shares" and c) cancel Series A, Series B and Series C first preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. and delete any and all provisions of the Articles of the Company related to such shares. The table below reflects the changes in common shares issued and outstanding:
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Common Shares
Number Amount
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Balance as of June 30, 2004 11,999,409 $63,389
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Reduction of share capital - (58,438)
Issue of common shares
resulting from exercise of options 2,002 6
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Balance as of September 30, 2004 12,001,411 $4,957
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(b) Mindready Solutions Inc.'s stock option plan: Under the Company's Stock Option Plan, no option has been granted to employees during the quarter ended September 30, 2004. For the nine-month period ended September 30, 2004 12,650 options have been granted to employees at an exercise price of $ 2.0165 per option. The Company applies the fair value method of accounting for stock options granted, modified or settled on or after January 1st 2003. The weighted average fair values of options granted during the three and nine-month periods ended September 30, 2004 is nil and $ 1.443 per option respectively. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model option pricing model A mathematical formula for determining the price at which an option should trade. The model expresses the value of an option as a function of the value of the underlying asset, length of time until maturity, exercise price, yields on with the following weighted average assumptions: risk-free Adj. 1. risk-free - thought to be devoid of risk riskless, unhazardous safe - free from danger or the risk of harm; "a safe trip"; "you will be safe here"; "a safe place"; "a safe bet" interest of 4% (4.50% in 2003), dividend yield of 0% (0% in 2003), expected volatility of 90% (90% in 2003) and expected life of 5 years (5 years in 2003). The corporation applies the settlement method for stock options granted, modified or settled before January 1st, 2003. Had compensation cost of the stock option plan been determined based on the fair value at grant date, the Company's loss would have been adjusted to the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma amounts indicated below:
Three Months Nine Months
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Periods ended September 30 2004 2003 2004 2003
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Net earnings (loss) $(10) $32 $(3,748) $(1,069)
Pro forma compensation expense (5) (9) (3) (16)
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Pro forma net earnings (loss) (15) 23 (3,751) (1,085)
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Pro forma net earnings (loss) per
share, basic and diluted $(0.00) $ 0.00 $(0.31) $(0.09)
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Pro forma results exclude options granted prior to January 1st, 2002.
5. Segmented information
The Company carries on its activities primarily in only one isolable
segment. Given the Company's repositioning, it considers that it's
embedded systems, test and automation divisions are closely related
and address essentially the same markets.
For the periods ended September 30, 2004 and 2003, financial
information relating to Mindready's operations by geographic area
was as follows:
Three Months Nine Months
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Periods ended September 30 2004 2003 2004 2003
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Operating revenue:
Canada $1,640 $1,994 $5,336 $5,993
United States 2,680 1,968 7,141 6,516
Europe 1,273 1,029 2,774 3,175
Others 163 23 323 81
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$5,756 $5,014 $15,574 $15,765
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September 30, December 31,
2004 2003
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Assets:
Canada $8,892 $21,649
Europe 1,242 3,605
United States 1,783 554
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$11,917 $25,808
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Mindready Solutions Inc. (TSX:MNY) |
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