Record Revenue and Earnings for Logibec.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 fourth quarter and fiscal year ended September September: see month. 30, 2004. 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 - Revenues for the fourth quarter 2004 up 11% to $6.1 million compared to $5.5 million for the same period in 2003. - Net earnings of $0.7 million, up 38% for the quarter resulting in $0.11 per share. - Cumulative revenues up 27% to $27.8 million for the twelve months ended September 30, 2004. - Cumulative net earnings up 54% to $3.0 million or $0.45 per share. - Operating margin up 3% to 35% and net margin up 2% to 11% for the year ended September 30, 2004. OPERATING RESULTS REVENUES Revenues for the fourth quarter of fiscal year 2004 stood at $6.1 million, an increase of 11% compared to $5.5 million for the same period in the prior fiscal year. The increase of $0.6 million in revenues is primarily due to an increase of 19% in annual software rights of use following the implementation of our software products throughout the year. Revenues for the twelve months ended September 30, 2004 stood at $27.8 million, representing an increase of 27% or $6.0 million over the same period in 2003. This increase is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a 23% increase, or $3.7 million, in 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 and an increase of 39%, or $2.3 million, in revenues from professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and the sale of equipment and operating software. 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, financial expenses, income on temporary investments, financial expenses and taxes for the quarter ended September 30, 2004 was $2.5 million, representing an increase of $0.6 million compared to the prior year and resulting in a margin of 41% of revenues. This increase in margin in the fourth quarter is due to a seasonal decrease in revenues from professional services and the sale of equipment and operating software; these products generate a lower operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: than the margin on the annual software rights of use. For the twelve-month period ended September 30, 2004, operating income before depreciation, amortization, loss on disposal of assets, income on temporary investments, financial expenses and taxes was $9.8 million, up $2.7 million or 39% compared to the prior year. The operating margin increased from 32% to 35% for the fiscal year ended September 30, 2004. 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 were $3.6 million, representing an increase of 2% compared to the operating expenses recorded for the same period in 2003. Service costs of $2.4 million representing a decrease of 16% for the period caused by human resource-related efficiency gains following the integration of our employees in our head office at the Cite du Multimedia and by a decrease of direct costs for our payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. processing service. Selling, general and administrative expenses stood at $1.2 million for the quarter, or 20% of revenues, and were lower than the selling, general and administrative expenses in each of the two prior quarters given the lower salary charges during the summer period. However, selling, general and administrative expenses for the quarter increased by $0.5 million compared to the same quarter in the prior year due to, among other things, rent for additional office space at the Cite du Multimedia, a provision for performance bonuses and a provision for the salary adjustments that may result from collective agreement bargaining currently underway for our unionized employees. Operating expenses for the twelve months ended September 30, 2004 were $18.0 million, increasing $3.2 million or 22% compared to same period in the prior year. This increase can be attributed to the inclusion of the business activities that were acquired from the CHUM in the first quarter of 2004, but were only partially included in the results of the first quarter of 2003, considering that the acquisition of the CHUM assets were accounted for beginning December December: see month. 20, 2002. 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 quarter ended September 30, 2004 rose to $1.8 million, increasing 109% from the $0.9 million for the same period in 2003. This significant increase is attributable on the one hand to an increase of $0.6 million in the amortization 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. The Company regularly evaluates the revenue potential of its capitalized, internally developed software. The evaluation provides assurance that capitalized amounts can be realized in revenues over a period not exceeding four years. When the period over which the investment is returned in revenues exceeds four years, or when the technology platform becomes obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. , a partial or complete 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 the amounts capitalized for the software in question is recorded. During the fourth quarter of fiscal year 2004, the Company accelerated the amortization of two of its software products as well as for certain elements of its technological infrastructure. In the case of one of the two software products, the Company has already developed, capitalized and begun to sell a replacement software product. As for the infrastructure elements, the Company maintains on its balance sheet only the costs associated with the development of its most recent infrastructure elements used by the most recent version of its software products currently deployed or being developed. On the other hand, the total increase of $0.9 million is due to a $0.3 million increase in depreciation of property, plant and equipment. This is primarily the result of investing activities at the beginning of the fiscal year in new computer equipment and 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. in order to integrate the activities acquired from the CHUM and to launch our payroll processing center. These assets are depreciated Depreciated may refer to:
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Company's accounting policies. For the twelve months ended September 30, 2004, depreciation and amortization of property, plant and equipment, intangible assets and other long-term assets was $5.1 million, representing an increase of 62%. FINANCIAL EXPENSES For the quarter ended September 30, 2004, financial expenses stood at $0.2 million, a decrease of 34% compared to the $0.3 million recorded for the same period in the prior year. Financial expenses are essentially composed of interest charges on long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . INCOME TAX For the quarter ended September 30, 2004, the Company recorded a reduction of its income tax provision following the revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. of prior years' tax returns. The total income tax savings are $0.2 million. NET INCOME Net earnings for the fourth quarter ended September 30, 2004 increased 38% to $0.7 million, or $0.11 per share ($0.10 per share on a fully 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 $0.5 million for the same period in the prior year, or $0.08 per share ($0.08 per share on a fully diluted basis). Net earnings for the twelve months ended September 30, 2004 increased 54% to $3.0 million, or $0.45 per share ($0.42 per share on a fully diluted basis), compared to $1.9 million, or $0.33 per share ($0.33 per share on a fully diluted basis), for the same twelve months in 2003. CASH POSITION OPERATING ACTIVITIES For the quarter ended September 30, 2004, cash flows from operating activities before changes in non-cash working capital items grew 87% to $3.0 million, compared to $1.6 million for the same period in 2003. The increase is primarily due to increased operating income before depreciation, amortization, financial expenses, income on temporary investments and taxes. Changes in non-cash working capital items reduced cash flows by $0.8 million over the quarter ended September 30, 2004. The impact of such changes during the same quarter in 2003 was an increase of $0.3 million. The difference is explained by more rapid collection of 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 , a greater reduction of accounts payable and 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. and an increase in service contracts paid in advance. As a result, cash flows from operating activities increased to stand at $2.2 million during the quarter ended September 30, 2004, compared to $1.9 million for the same quarter in 2003. Cash flows from operating activities for the twelve months ended September 30, 2004 were up 39% having gone from $9.0 million in 2003 to $12.5 million in the current fiscal year. FINANCING ACTIVITIES The Company reduced its debt by $2.2 million during the quarter. In addition to the regularly-scheduled repayments of $0.5 million for its long-term debt for the fourth quarter, the Company reimbursed another $1.7 million on the balance of purchase price for the assets acquired from the CHUM. According to the purchase agreement, the payment was due October October: see month. 1, 2004, being the beginning of fiscal year 2005. Long-term debt reimbursed during the 2004 fiscal year was $8.0 million. INVESTING ACTIVITIES During the quarter ended September 30, 2004, the Company's investing activities were mainly related to 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 software development costs in the amount of $0.5 million. This amount represents a decrease of $0.4 million compared to the software development costs capitalized during the same quarter in 2003. The decrease is due to a greater number of software development employees being assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to billable development projects and to a tightening of capitalization criteria criteria (krītēr´ē  ),n. . ABOUT LOGIBEC LOGIBEC is the uncontested leader in 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. and 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 health organizations use our products and services delivered by an experienced team of employees that numbered 200 as of March 31, 2004. The Company has its head office in Montreal as well as offices in Quebec City and 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 . 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 AND RETAINED EARNINGS
(unaudited)
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Three months ended Twelve months ended
September 30 September 30
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2004 2003 2004 2003
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$ $ $ $
Revenue 6,118,443 5,505,386 27,772,911 21,804,917
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Operating expenses
Service costs 2,417,671 2,869,919 12,915,643 11,248,791
Selling and
administrative
expenses 1,220,036 711,568 5,089,078 3,532,215
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3,637,707 3,581,487 18,004,721 14,781,006
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Earnings before
the following
items 2,480,736 1,923,899 9,768,190 7,023,911
Depreciation of
property, plant
and equipment 336,400 156,517 1,082,921 542,041
Amortization of
intangible assets
and other long-
term assets 1,468,641 707,130 4,039,901 2,614,818
Loss on disposal
of assets - - 68,890 -
Income on temporary
investments (36,019) (51,510) (218,340) (97,950)
Financial expenses 214,791 323,183 825,222 998,677
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Earnings before
income taxes 496,923 788,579 3,969,596 2,966,325
Income taxes (230,130) 262,785 978,000 1,025,000
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Net earnings 727,053 525,794 2,991,596 1,941,325
Retained earnings,
beginning of period 4,421,838 1,631,501 2,157,295 215,970
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Retained earnings,
end of period 5,148,891 2,157,295 5,148,891 2,157,295
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Net earnings per
share
Basic 0.11 0.08 0.45 0.33
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Diluted 0.10 0.08 0.42 0.33
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Weighted average
number of common
shares outstanding
Basic 6,674,124 6,374,124 6,655,272 5,863,434
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Diluted 7,078,516 6,465,420 7,066,469 5,929,186
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The notes to the financial statements are an integral part of the
consolidated financial statements.
LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED BALANCE SHEETS
(as of September 30)
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2004 2003
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$ $
(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents 6,565,935 7,122,194
Accounts receivable 3,661,594 5,752,223
Income tax credits receivable 1,130,530 672,022
Income tax receivable 164,987 -
Current portion of advance (Note 2) 341,676 250,000
Prepaid expenses and other
current assets 362,027 259,373
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12,226,749 14,055,812
Advance (Note 2) - 159,459
Property, plant and equipment 4,547,489 2,372,482
Goodwill 6,958,145 7,021,024
Intangible assets and other
long-term assets 14,419,652 15,659,462
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38,152,035 39,268,239
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Liabilities
Current liabilities
Accounts payable and accrued
liabilities 5,220,402 5,620,135
Income taxes - 58,000
Future income taxes 60,000 205,000
Current portion of long-term debt 1,786,766 5,244,511
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Current liablities, excluding
deferred revenue 7,067,168 11,127,646
Deferred revenue 7,076,728 5,069,602
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14,143,896 16,197,248
Long-term debt 2,841,162 7,357,923
Future income taxes 3,557,626 2,145,313
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20,542,684 25,700,484
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Shareholders' equity
Share capital (Note 3) 11,305,023 9,829,023
Warrants (Note 3) 1,155,437 1,581,437
Retained earnings 5,148,891 2,157,295
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17,609,351 13,567,755
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38,152,035 39,268,239
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The notes to the financial statements are an integral part of the
consolidated financial statements.
LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
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Three months ended Twelve months ended
September 30 September 30
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2004 2003 2004 2003
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$ $ $ $
Operating activities
Net earnings 727,053 525,794 2,991,596 1,941,325
Adjustments for:
Amortization of
property, plant
and equipment 336,400 156,517 1,082,921 542,041
Amortization of
intangible assets
and other long-term
assets 1,468,641 707,130 4,039,901 2,614,818
Loss on disposal
of assets - 68,890
Future income
taxes 455,900 204,785 1,267,313 967,000
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2,987,994 1,594,226 9,450,621 6,065,184
Changes in
non-cash working
capital items (773,804) 341,963 3,051,752 2,945,540
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2,214,190 1,936,189 12,502,373 9,010,724
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Investing activities
Business acquisition - (93,928) (75,000) (9,400,264)
Decrease (increase)
in advance 30,627 (1,109) 67,783 130,457
Disposal of property,
plant and equipment - - 61,110 -
Acquisition of
property, plant
and equipment (115,868) (130,245) (3,387,928) (615,083)
Acquisition of
intangible assets
and other
long-term assets,
net of investment
tax credit (502,163) (905,238) (2,800,091) (2,764,865)
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(587,404) (1,130,520) (6,134,126) (12,649,755)
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Financing activities
Increase in
long-term debt - - - 6,000,000
Repayment of
long-term debt (2,155,854) (456,611) (7,974,506) (1,503,823)
Issuance of share
capital - - 1,050,000 5,177,471
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(2,155,854) (456,611) (6,924,506) 9,673,648
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Increase in cash
and cash
equivalents (529,068) 349,058 (556,259) 6,034,617
Cash and cash
equivalents,
beginning of year 7,095,003 6,773,136 7,122,194 1,087,577
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Cash and cash
equivalents, end
of year 6,565,935 7,122,194 6,565,935 7,122,194
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Additional
information
Interest paid 386,147 129,191 1,263,423 450,534
Income taxes paid
(recovered) (170,209) 42,948 (122,696) 103,378
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The notes to the financial statements are an integral part of the
consolidated financial statements.
The TSX Venture accepts no responsibility for the truth or accuracy of this press release. LOGIBEC GROUPE INFORMATIQUE LTD. (TSX:LGI) |
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