Sierra Wireless Reports Fourth Quarter and Fiscal Year 2000 Results; Raises Guidance for First Quarter 2001.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 24, 2001 Sierra Wireless Sierra Wireless (NASDAQ: SWIR, TSX: SW) is a wireless communications equipment designer and manufacturer, founded in 1993 and currently headquartered in Richmond, BC, Canada. Sierra's products are sold through indirect channels, such as wireless operators (e.g. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SWIR SWIR Short Wavelength Infrared SWIR Software Inspection Report ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SW.TO) Financial results for the fourth quarter and for the year were significantly better than our expectations. Revenues for the quarter were up 221% while revenues for the year were up 123% over the comparable periods. We also recorded our second consecutive profitable quarter, with earnings increasing to $727 thousand, or $0.04 per share. We are raising our guidance on revenue and earnings for the first quarter of 2001. All amounts are expressed in U.S. dollars and are 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 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 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. . Results for the fourth quarter of 2000, compared to the fourth quarter of 1999: Fourth quarter 2000 revenues increased 221% to a record $22.0 million, compared to $6.9 million. Gross margins were 43.5%, compared to 52.3%. Net earnings were $727 thousand, compared to $1.5 million. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.04, compared to $0.10. Results for the fourth quarter of 2000, sequentially from the third quarter of 2000: Fourth quarter 2000 revenues increased 45% to $22.0 million from $15.2 million. Gross margins were 43.5%, down sequentially from 46.2%. Net earnings were $727 thousand, up sequentially from $61 thousand. Diluted earnings per share were $0.04, up sequentially from $0.00 (nil). Results for the 2000 fiscal year: Revenues increased 123% to $53.5 million in the 2000 year, compared to $24.0 million in the 1999 fiscal year. Gross margins declined to 45.6% from 51.0%. Net loss was $3.1 million, compared to a profit of $3.2 million. Loss per share was $0.20, compared to diluted earnings per share of $0.23. Results relative to company guidance: The company raised guidance for the fourth quarter during its Q3 conference call, held October October: see month. 11th, 2000 and reiterated this higher guidance by news release on November November: see month. 13th, 2000. Our actual results, compared to the guidance, are: Fourth quarter 2000 revenue of $22.0 million exceeded our guidance of $18.0 million. Gross margin of 43.5% was slightly below our guidance of 44.0%. Net earnings of $727 thousand exceeded our guidance of $270 thousand. Diluted earnings per share of $0.04 exceeded our guidance of $0.02. We note that these earnings also exceeded "expectations" of $0.02 as reported by First Call and CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network . "2000 was an exceptional year in many respects for Sierra Wireless. In the fourth quarter and for the 2000 year, we achieved record revenues and growth as a result of strong demand across our major products. AirCards, OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and modules and Mobile Products for customers using wireless data networks, including those operated by AT&T Wireless, Cingular Wireless, Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. and Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. , were the largest contributors to this growth. Throughout the past year, we have been making and continue to make significant investments in sales, marketing and development of emerging wireless technologies. With strong revenue growth, and even after taking into account the cost of these investments, we are pleased to report that we have achieved our second consecutive profitable quarter," said David Sutcliffe David Sutcliffe (born June 8, 1969 in Saskatoon, Saskatchewan, Canada) is a Canadian actor. He is best known for playing Christopher Hayden, the father of Rory Gilmore, on the CW show Gilmore Girls. , President and Chief Executive Officer. For the quarter, revenues were up significantly as a result of growth in existing products as well as new product introductions, particularly CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. products that were developed internally and those acquired from Qualcomm. Gross margins were down as a result of changes in product mix, new product introduction costs and volume pricing arrangements. Relative to our expectations, gross margins were stable. 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. were up as a result of investments in research & development, sales & marketing and in scalable infrastructure. R&D resources were focused primarily on new product development and on product cost reduction. S&M resources were focused primarily on brand development, channel development, channel sell-through and international market development. G&A investments were focused primarily on systems, processes and infrastructure to support current growth trends and to provide scalability. Fourth Quarter Highlights Included: * We announced a broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased alliance with Lucent Technologies to accelerate commercialization of third generation mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. services using Lucent wireless networks and next-generation wireless consumer appliances that incorporate Sierra Wireless products. The Lucent alliance, which includes coordinated development and interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. testing, will help us develop a better understanding of operator needs and will expand the reach of our products to new wireless carriers and markets in a timely manner. * At Wireless IT 2000 in Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , we announced and demonstrated, jointly with Metricom, Microsoft and PacketVideo, a new generation of AirCard(r) - the AirCard 400 for Ricochet A wireless Internet service from Ricochet Networks, Inc., Denver, CO (www.ricochet.net). Originally developed by Los Gatos, CA-based Metricom, Inc., Ricochet was the first high-speed, wireless Internet service for commuters. , the first wireless PC card for the Ricochet 128 network. The AirCard 400 for Ricochet operates as an "Always On" wireless network interface card A wireless network interface controller (WNIC) is a network card which connects to a radio-based computer network, unlike a regular network interface controller (NIC) which connects to a wire-based network such as token ring or ethernet. (NIC (1) (Network Interface Card) See network adapter. See also InterNIC. (2) (New Internet Computer) An earlier Linux-based computer from The New Internet Computer Company (NICC), Palo Alto, CA. ), not just as a dial-up modem, to provide Ricochet subscribers with reliable high-speed access to mail, data, corporate applications and the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . For the first time, it's practical for users to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. video and audio files, and graphic-intensive web sites wirelessly. * We commenced volume shipments to Sprint PCS of the AirCard 510, the world's first true Type II Code Division Multiple Access (CDMA) PC Card wireless modem A modem and antenna that transmits and receives over the air. Wireless modems support several technologies, including 802.11, Bluetooth, CDPD, DataTAC, Mobitex and Ricochet. There are wireless modems for laptops, handhelds and cellphones. . Sprint PCS chose our AirCard 510 as a PC Card connection solution option to provide wireless access to the Internet and corporate network applications. The new device is part of the Sprint PCS Wireless Web for Business - a portfolio of products and services aimed at providing solutions that allow enterprise customers to wirelessly extend their corporate applications to the mobile workforce. The product is available nationwide through Sprint PCS business sales representatives. * We announced the appointment of Gary Overstreet as Vice President, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Distribution, and Jeff Miller
Jefferson B. "Jeff" Miller (born June 27, 1959), American politician, has been a Republican member of the United States House of Representatives since 2001, representing , Vice President Business Development. Both Gary and Jeff are industry veterans of the wireless data and communications markets and will help us to greatly strengthen our growth strategy as Sierra Wireless drives to build new distribution channels and business development partnerships. Mr. Overstreet was previously Area Sales Vice President of Avaya - the former Enterprise Networks Group of Lucent Technologies. Mr. Miller was Worldwide Director of Business Development for Motorola's Personal Area Networks Group where he helped launch the company's Bluetooth wireless initiative. * At Comdex 2000 in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , we announced an exclusive one-year agreement with Compaq Corporation to provide the award winning AirCard 300 to power the iPAQnet(tm) Mobile Internet solution. The iPAQnet Mobile Internet delivers optimized wireless access to the Internet and Internet email for iPAQ Pocket PCs. With iPAQnet Mobile Internet, business users can access critical corporate information from virtually anywhere in the U.S. The AirCard 300 is a complete wide area wireless modem in a true Type II PC Card package that neatly slides into the standard iPAQ Pocket PC Expansion pack. * We announced an agreement with Verizon Wireless, the largest wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. provider in the U.S., for the supply of next generation CDMA PC Cards. The agreement provides for purchases of approximately US$30 million over a twelve-month period, commencing during the second half of 2001. We plan to deliver the AirCard 555, a dual-band (800 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. / 1900 MHz) wireless PC Card, based on CDMA2000TM (commonly known as 1xRTT) - a high speed, next generation wireless technology that will allow mobile users to access the Internet and other enterprise applications at speeds of up to 144 Kbps. * We announced an agreement with SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. Systems, Inc., one of the world's largest contract manufacturers, to build wireless data products for Sierra Wireless. Market demand for AirCard products has increased significantly. By leveraging the expertise of SCI Systems, a worldwide provider of high volume Electronic Manufacturing Services, we expect to improve AirCard production capacity and reduce product cost. Additionally, we plan to incorporate advanced design techniques and to reduce the time it takes to bring new products to market by utilizing the state-of-the-art manufacturing processes employed by SCI Systems. * We announced an agreement with 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 to develop the industry's first third-generation (3G) wireless modems based on the Universal Mobile Telecommunications System Universal Mobile Telecommunications System (UMTS) is one of the third-generation (3G) cell phone technologies. Currently, the most common form uses W-CDMA as the underlying air interface, is standardized by the 3GPP, and is the European answer to the ITU (UMTS (Universal Mobile Telecommunications System) The GSM implementation of the 3G wireless phone system. Part of IMT-2000, UMTS provides service in the 2 GHz band and offers global roaming and personalized features. ) and General Packet Radio Service (GPRS (General Packet Radio Service) The first high-speed digital data service provided by cellular carriers that used the GSM technology. GPRS added a packet-switched channel to GSM, which uses dedicated, circuit-switched channels for voice conversations. ) standards. Under the agreement, Nortel Networks will provide Sierra Wireless with financial and marketing support to develop the products and the companies will work together on their successful global commercialization. The wireless modems, which will support a wide variety of IP appliances, are expected to be commercially available in the first half of 2002. * Shortly after the quarter ended, we won a contract to wirelessly enable the Sony CLIE CLIE Communication, Link, Information & Entertainment (Sony PDA) CLIE Communication Link Information and Entertainment CLIE Create Lifestyle with Innovation and Emotion , a PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). which runs the Palm OS and a variety of personal organizer applications. Working with Sony's wireless service provider GoAmerica, we will deliver the Sierra Wireless AirBoard(tm) for CLIE. We plan to provide support for the CDPD (Cellular Digital Packet Data) A low-speed, digital, wireless data network that is an enhancement to an existing analog cellular network. Based on IBM's CelluPlan II, CDPD provides a packet overlay onto the AMPS network and moves data at 19. and Ricochet networks, with deliveries expected to commence in the second quarter of 2001. Financial Guidance This preliminary guidance raises our previous guidance for Q1-2001 revenue and earnings and raises our previous guidance on Q2-2001 earnings. We have no changes to our previous guidance for Q3-2001 and Q4-2001. Our preliminary quarterly guidance for fiscal 2001 is based on our recent operating results and on our leading indicators Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. such as order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , forecast bookings and sales funnel. As a result of significant contracts with wireless carriers and other customers, we have strong forward visibility on a significant portion of our expected 2001 revenues. We expect revenue to grow substantially. In the first quarter, we expect to commence initial shipments of AirCard 400's for the Ricochet network and AirCard(tm) 510 and AirBoard(tm) solutions for Pocket PC and Palm OS based PDA's. We expect gross margins to remain relatively stable, with moderate fluctuations quarter-to-quarter based on our evolving product mix, product cost reductions and volume pricing. We intend to make substantial investments in research & development, sales & marketing and in scalable infrastructure. R&D resources are focused primarily on new product development and on product cost reduction. S&M resources are focused primarily on brand development, channel development, channel sell-through and international market development. G&A resources are focused primarily on systems, processes and infrastructure to support current growth trends and to provide scalability. With increasing revenue and stable gross margins, we expect to make these investments while maintaining profitability throughout the year.
Our preliminary guidance is as follows ($000):
Q1-2001 Q2-2001
Revenue 23,000 28,431
Gross margin 44% 45%
Operating Expenses 8,800 11,715
Net income 810 850
Diluted EPS 0.05 0.05
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. This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact. Our expectations regarding future revenues depend upon our ability to manufacture and supply products which we do not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. market. In light of the many risks and uncertainties surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. About Sierra Wireless Sierra Wireless, Inc. is a leading provider of wireless data communications products. Sierra Wireless delivers wireless PC Cards for portable computers, wireless adapters A device that adds wireless connectivity to a computer or PDA. It is attached via a USB port, PC Card, memory card or is plugged into the PCI bus inside the computer. There are three types of wireless adapters: Wi-Fi, cellular and Bluetooth. for PDA's, OEM modules for embedded applications An application that permanently resides in an industrial or consumer device. Providing some type of control function and/or user interface, the software is typically stored in a non-volatile memory such as ROM or flash memory. and rugged vehicle-mounted wireless systems. Sierra Wireless is the founding member of the WirelessReady(tm) Alliance, an alliance of industry-leading hardware, software and service companies committed to the delivery of complete and compelling wireless data solutions. For more information on Sierra Wireless, visit its Web site at http://www.sierrawireless.com. Conference Call and Instant Replay We will host a conference call to review our results on January 24th, 2001 at 2:30 pm PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT , 5:30 pm EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To participate in this conference call, please dial the following toll free number approximately five minutes prior to the commencement of the call: 1-800-446-4472 Should you be unable to participate, Instant Replay will be available for 72 hours following the conference call by dialing: 1-888-509-0081 We look forward to having you participate in our call.
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(Expressed in thousands of United States
dollars except per share amounts)
Three months Year ended
ended December 31 December 31
2000 1999 2000 1999
------------------------------------------------------------------
(Unaudited) (Audited)
Revenue $ 22,047 $ 6,868 $ 53,476 $ 23,959
Cost of goods sold 12,466 3,279 29,067 11,737
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Gross margin 9,581 3,589 24,409 12,222
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Expenses
Sales and marketing 3,540 1,623 9,907 5,097
Research and
development 2,495 1,284 11,662 3,932
Administration 2,122 405 5,915 1,434
Amortization 790 275 2,654 892
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8,947 3,587 30,138 11,355
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Earnings (loss)
from operations 634 2 (5,729) 867
Other income 1,279 424 3,974 1,281
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Earnings (loss)
before income taxes 1,913 426 (1,755) 2,148
Income tax expense 1,186 (1,110) 1,363 (1,064)
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Net earnings (loss) 727 1,536 (3,118) 3,212
Deficit, beginning
of period (8,359) (6,050) (4,514) (7,726)
------------------------------------------------------------------
Deficit, end
of period $ (7,632) $ (4,514) $ (7,632) $ (4,514)
------------------------------------------------------------------
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Earnings (loss) per
share for the period
Basic $ 0.05 $ 0.11 $ (0.20) $ 0.25
Diluted $ 0.04 $ 0.10 $ (0.20) $ 0.23
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Weighted average number
of shares (in thousands)
Basic 15,962 14,216 15,318 12,964
Diluted 17,249 15,379 15,318 13,923
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars)
Three months Year ended
ended December 31 December 31
2000 1999 2000 1999
------------------------------------------------------------------
(Unaudited) (Audited)
Net earnings
(loss) $ 727 $ 1,536 $ (3,118) $ 3,212
Other comprehensive
income
Foreign currency
translation - (20) - 572
------------------------------------------------------------------
Comprehensive
income (loss) $ 727 $ 1,516 $ (3,118) $ 3,784
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)
December 31 December 31
2000 1999
------------------------------------------------------------------
(Audited)
Assets
Current assets
Cash and cash equivalents $ 6,891 $ 38,592
Short-term investments 72,144 -
Accounts receivable 22,588 4,942
Inventories 12,560 3,103
Deferred income taxes 506 781
Prepaid expenses 1,239 296
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115,928 47,714
Fixed assets 7,500 2,370
Deferred income taxes 3,733 1,225
Intangible and other assets 8,904 1,084
------------------------------------------------------------------
$ 136,065 $ 52,393
------------------------------------------------------------------
------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and
accrued liabilities $ 20,683 $ 3,782
Deferred revenue 750 191
Current portion of
long-term obligations 736 351
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22,169 4,324
Long-term obligations 83 376
Shareholders' equity
Share capital
Authorized: Unlimited number
of common and preference shares with
shares with no par value
Common shares, issued and
outstanding 16,009,575
(December 31, 1999 - 14,216,395) 122,174 52,936
Deficit (7,632) (4,514)
Accumulated other
comprehensive income
Cumulative translation adjustments (729) (729)
------------------------------------------------------------------
113,813 47,693
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$ 136,065 $ 52,393
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SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of United States dollars)
Three months Year ended
ended December 31 December 31
2000 1999 2000 1999
------------------------------------------------------------------
(Unaudited) (Audited)
Cash flows from
operating activities:
Net earnings (loss)
for the period $ 727 $ 1,536 $ (3,118) $ 3,212
Adjustments to reconcile
net earnings (loss) to net
cash provided by
operating activities
Amortization 1,121 275 3,068 892
Loss on disposal - - - 30
Deferred income taxes 168 (1,100) (2,233) (1,100)
Changes in operating
assets and liabilities
Accounts receivable (12,287) (638) (17,646) (1,727)
Inventories (4,440) (494) (9,457) (537)
Prepaid expenses (621) (104) (943) (187)
Accounts payable and
accrued liabilities 11,230 506 16,901 1,923
Deferred revenue 598 27 559 (6)
------------------------------------------------------------------
Net cash provided by
(used in) operating
activities (3,504) 8 (12,869) 2,500
Cash flows from
investing activities:
Business acquisitions - - - (506)
Purchase of fixed,
intangible and
other assets (5,089) (404) (16,018) (1,885)
Decrease (increase )
in short-term
investments 3,123 22,401 (72,144) 3,624
------------------------------------------------------------------
Net cash used in
investing
activities (1,966) 21,997 (88,162) 1,233
Cash flows from
financing activities:
Issue of common shares 309 8 71,767 29,370
Share issue costs 266 - (2,529) -
Increase (decrease) in
long-term obligations (44) (60) 92 (389)
------------------------------------------------------------------
Net cash provided by
financing activities 531 (52) 69,330 28,981
Effect of foreign
currency exchange
rates on cash and
cash equivalents - 103 - (37)
------------------------------------------------------------------
Net increase (decrease)
in cash and cash
equivalents (4,939) 22,056 (31,701) 32,677
Cash and cash
equivalents,
beginning of
period 11,830 16,536 38,592 5,915
------------------------------------------------------------------
Cash and cash
equivalents, end
of period $ 6,891 $ 38,592 $ 6,891 $ 38,592
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