SunBlush Announces 2002 Year End Results.Business Editors TORONTO--(BUSINESS WIRE)--May 20, 2003 The SunBlush Technologies Corporation ("SunBlush") today announced its results for the year ended December December: see month. 31, 2002. Revenue increased to $17.3 million from $8.0 million compared to the year ended December 31, 2001. Revenues for Access Flower Trading, Inc. ("Access") increased by 45% compared to the same period last year. Access accounts for 97.8% of the sales. Technology and licensing revenue decreased by $203,000 to $379,000 in 2002. SunBlush's on-line flower auctioning businesses continued to grow rapidly in 2002, turning the corner to profitability, reporting net income of $546,000 compared to a loss of $191,000 for the same period last year. The loss for the year was $5,492,000 ($0.15 per share), compared to a loss of $707,000 ($0.03 per share) last year. Prior to December 31, 2002, the Company began examining a number of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). options in order to maximize shareholder value. These included pursuing opportunities to sell or close certain operations. Based on offers received for Access, management concluded that goodwill was impaired and recognized an 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. loss of $2,000,000 The increased loss in 2002 resulted from the write down of the goodwill and the write back of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. in the amount of $1,682,000 in 2001. The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for 2002 was a loss of $2,207,000 compared to as loss of $2,206,000 in 2001. Prior to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. the Company closed its FreshSpan Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. operation and entered into a letter of intent to sell its Scalime France operation. These two operations have been treated as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the 2002 and comparative 2001 financial statements. The Company has received resignations from two (2) directors, M McBride and J. Deacon deacon: see orders, holy. DEACON - Direct English Access and CONtrol. English-like query system. Sammet 1969, p.668. . About SunBlush: The SunBlush Technologies Corporation is the leading provider of life extension technology to the high growth Fresh Produce and Flower Industry and uses its technological leadership to pursue licensing opportunities. The Company's patented technologies naturally place produce in a state of hibernation while it is being shipped, extends the shelf life of fresh produce, flowers, and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables. The Company's network of R&D relationships, which include the University of British Columbia Locations Vancouver The Vancouver campus is located at Point Grey, a twenty-minute drive from downtown Vancouver. It is near several beaches and has views of the North Shore mountains. The 7. , French National Agronomic a·gron·o·my n. Application of the various soil and plant sciences to soil management and crop production; scientific agriculture. ag Research Institute (INRA INRA Institut National de la Recherché Agronomique (France; National Institute for Agronomic Research) INRA Institute for Natural Resources in Africa INRA Inland Northwest Research Alliance ), Alimentec, CIRAD CIRAD Centre de Coopération Internationale en Recherche Agronomique pour le Développement (French Agricultural Research Centre for International Development) , Bar Ilan Ilan or I-lan (both: ē`län`), city (1994 pop. 91,133), NE Taiwan. Located in an agricultural area, it is one of the largest rice markets in Taiwan. Fertilizers and wood and paper products are among the city's manufactures. University, and the University of Newcastle University of Newcastle can refer to:
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. floral flo·ral adj. Of, relating to, or suggestive of a flower: a fabric with a floral pattern. flo product auctions and purchasing services. The Company continues to pursue licensing opportunities through the traditional grower/processor channels, and has also identified the rapidly growing, emerging e-commerce marketplace - for flowers, in particular - as a way of maximizing the distribution for its technologies. Trading Symbol Trading symbol See: Ticker symbol : SBT SBT Symplastin bleeding time (CDNX CDNX See Canadian Venture Exchange (CDNX). and Ofex) Manual Listing S & P's Industrial & Int'l, 12g (3)b Exemption: #82-2190 On Behalf of the Board The SunBlush Technologies Corporation R. W. Robinson, Director/ Corporate Secretary The statements in this press release may contain certain 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations.
THE SUNBLUSH TECHNOLOGIES CORPORATION
Consolidated Balance Sheets
(In thousands of United States dollars)
December 31, 2002 and 2001
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2002 2001
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Assets
Current assets:
Cash $ 944 $ 183
Cash held in escrow (note 4(c)) 90 83
Notes and other receivables (note 5(d)) - 406
Accounts receivable 794 1,137
Inventories 97 113
Prepaid expenses 142 139
Assets held for sale (note 4(a)) 929 -
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2,996 2,061
Property, plant and equipment (note 6) 452 498
Patents (note 7) 151 212
Other assets 88 9
Goodwill (notes 5(a) and 8) 2,298 4,298
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$ 5,985 $ 7,078
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Liabilities and Shareholders' Equity
(Deficiency)
Current liabilities:
Bank indebtedness $ 18 $ 72
Accounts payable and accrued liabilities
(note 4) 4,482 3,754
Deferred income 14 -
Current portion of long-term debt (notes 9) 1,611 657
Obligations related to assets held for sale
(note 4(a)) 1,154 -
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7,279 4,483
Long-term debt (note 9) 1,875 1,886
Non-controlling interest (note 5(a)) 280 8
Shareholders' equity (deficiency):
Commitment to issue convertible debentures and
capital stock (notes 10(b) and 11(b)) 838 137
Capital stock (note 11) 63,107 62,163
Deficit (67,394) (61,599)
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(3,449) 701
Commitments and contingencies
(notes 1, 5, 10, 11 and 14)
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$ 5,985 $ 7,078
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THE SUNBLUSH TECHNOLOGIES CORPORATION
Consolidated Statements of Operations
(In thousands of United States dollars)
Years ended December 31, 2002 and 2001
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2002 2001
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Revenue $ 17,309 $ 8,029
Cost of sales 14,633 7,051
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2,676 978
Expenses:
Selling and general administration 4,454 2,643
Research and development 429 541
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4,883 3,184
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Loss before the undernoted (2,207) (2,206)
Depreciation and amortization 297 871
Interest expense on long-term debt 139 114
Other interest expense (income) 6 (57)
Goodwill impairment (note 8) 2,000 -
Write-back of promissory note (note 14(c)) - (1,682)
Equity loss from associated company (note
5(a)) - 23
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Loss before non-controlling interest and
discontinued operations (4,649) (1,475)
Non-controlling interest (272) 248
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Loss from continuing operations (4,921) (1,227)
Discontinued operations (note 4) (571) 520
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Loss for the year $ (5,492) $ (707)
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Basic and diluted loss per share (note 12):
Loss per common share from continuing
operations $ 0.137 $ 0.044
Loss per common share 0.153 0.027
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Consolidated Statements of Deficit
(In thousands of United States dollars)
Years ended December 31, 2002 and 2001
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2002 2001
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Deficit, beginning of year $ 61,599 $ 60,416
Loss for the year 5,492 707
Dividends paid or accrued (notes 10(b) and
11(b)) 159 91
Financing issue costs 151 362
Premium (discount) on settlement of
shareholder loans by subsidiary (7) 23
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Deficit, end of year $ 67,394 $ 61,599
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