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Atlantis Reports First Quarter 2012 Financial Results
By:
Atlantis Systems Corp. via
Marketwired
Posted on May 30, 2012 at 17:45 PM EDT
BRAMPTON, ONTARIO--(Marketwire - May 30, 2012) - Atlantis Systems Corp. - This news release may contain forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release. All amounts are stated in Canadian dollars except where otherwise noted. Atlantis Systems Corp. (NEX:AIQ.H), a globally recognized training integrator in the military and commercial aviation markets, today announced its unaudited financial and operating results for the first quarter ended March 31, 2012. Full results are available on www.sedar.com. The financial statements have not been reviewed by an auditor. The unaudited condensed interim financial statements of Atlantis Systems Corp. have been prepared by and are the responsibility of management acting on behalf of Atlantis Systems Corp. The Company's independent auditors, Deloitte & Touche LLP have not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed consolidated interim financial statements by an entity's auditor. About Atlantis Systems Corp. Atlantis Systems Corp (NEX:AIQ.H) uses its core capabilities in simulation-aided design, engineering and e-learning, combined with various technology tools, to help customers in military and civil aviation ensure the feasibility, capability, and effective utilization of their complex assets. In more than 30 years of operation, Atlantis has developed a solid reputation for its creative workforce and innovative solutions in supporting global OEM customers and defence organizations. To learn more, please visit the Company's web site at www.atlantissi.com. Forward-Looking Statements Atlantis assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or for any other reason. Additional information regarding risks and uncertainties that could affect Atlantis' business is contained in the Business Risk Factors section of Atlantis's Annual MD&A available on SEDAR at www.sedar.com. /T/ ATLANTIS SYSTEMS CORP. Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) For the three months ended March 31, 2012 and 2011 (Expressed in thousands of Canadian dollars except per share amounts) (Unaudited) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
For the three months ended March 31 -------------------------- 2012 2011 ----------------------------------------------------------------------------
Revenue $ 3,014 $ 4,721 Cost of revenue 1,880 3,495 ---------------------------------------------------------------------------- Gross margin 1,134 1,226
Other income (Note 15) 120 -
Expenses General and administrative 1,009 674 Selling and marketing 111 154 Restructuring costs 25 55 ---------------------------------------------------------------------------- 1,145 883 ---------------------------------------------------------------------------- Operating income 109 343 ----------------------------------------------------------------------------
Depreciation and amortization 40 41 Finance costs (Note 5) 378 307 Accretion expense 17 - Foreign currency gain (180) (195) Loss on disposal of capital assets - 6
---------------------------------------------------------------------------- Net and comprehensive income (loss) $ (146) $ 184 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Loss (earnings) per share Basic $ (0.01) $ 0.02 Diluted $ (0.01) $ 0.02 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Weighted average number of shares: Basic 10,233,683 10,233,683 Diluted 10,233,683 10,258,683 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- The accompanying notes are an integral part of these consolidated financial statements.
ATLANTIS SYSTEMS CORP. Condensed Consolidated Interim Statements of Financial Position As at March 31, 2012 and December 31, 2011 (Expressed in thousands of Canadian dollars) (Unaudited) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
March 31 December 31 2012 2011 ---------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents $ 1,629 $ 1,610 Note receivable (Note 7) - 100 Trade and other receivables (Note 6) 2,616 2,624 Unbilled revenue 2,417 2,736 Inventory 12 - Prepaid expenses 262 299 ---------------------------------------------------------------------------- 6,936 7,369 ---------------------------------------------------------------------------- Capital assets, net (Note 8) 481 521 Long-term prepaid expenses 1 1 Other long-term assets 68 67 ---------------------------------------------------------------------------- 550 589 ---------------------------------------------------------------------------- $ 7,486 $ 7,958 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 1,873 $ 2,396 Deferred revenue 1,531 1,420 ---------------------------------------------------------------------------- 3,404 3,816 ---------------------------------------------------------------------------- Term note (Note 9) 6,521 6,648 Convertible note (Note 9) 6,110 5,897 Derivative liability (Note 9) 554 554 ---------------------------------------------------------------------------- 13,185 13,099 ---------------------------------------------------------------------------- 16,589 16,915 ---------------------------------------------------------------------------- SHAREHOLDERS' DEFICIENCY Share capital and warrants (Note 10) 92,837 92,837 Share-based payments reserve 9,338 9,338 Deficit (111,278) (111,132) ---------------------------------------------------------------------------- (9,103) (8,957) ---------------------------------------------------------------------------- $ 7,486 $ 7,958 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Going concern (Note 1); Commitments (Note 12)
The accompanying notes are an integral part of these consolidated financial statements.
Approved on behalf of the Board of Directors:
signed David Williams, Director signed Ken Howard, Director
ATLANTIS SYSTEMS CORP. Condensed Consolidated Interim Statements of Changes in Shareholders' Deficiency For the three months ended March 31, 2012 and 2011 (Expressed in thousands of Canadian dollars, except number of shares) (Unaudited) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Share- Total Number based Accum- share- of Common payments ulated holders' shares stock Warrants reserve deficit deficiency -------------------------------------------------------------
Balance, January 1, 2011 10,233,683 $ 92,810 $ 27 $ 9,338 $(108,467) $ (6,292)
Comprehensive income (loss) - - - - 184 184 ---------------------------------------------------------------------------- Balance, March 31, 2011 10,233,683 92,810 27 9,338 (108,283) (6,108) ----------------------------------------------------------------------------
Comprehensive income (loss) - - - - (2,849) (2,849) Warrants exercised - - - - - - Granted - term debt conversion - - - - - - Share-based payments reserve - - - - - -
Balance, December 31, 2011 10,233,683 92,810 27 9,338 (111,132) $ (8,957) -------------------------------------------------------------
Comprehensive income (loss) - - - - (146) (146)
------------------------------------------------------------- Balance, March 31, 2012 10,233,683 $ 92,810 $ 27 $ 9,338 $(111,278) $ (9,103) ------------------------------------------------------------- -------------------------------------------------------------
The accompanying notes are an integral part of these consolidated financial statements.
ATLANTIS SYSTEMS CORP. Condensed Consolidated Interim Statements of Cash Flows For the three months ended March 31, 2012 and 2011 (Expressed in thousands of Canadian dollars) (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- For the three months ended March 31 ----------------- ----------------- 2012 2011 ----------------- -----------------
Cash flows provided by (used in):
Operating activities: Net income (loss) $ (146) $ 184 Items not affecting cash: Depreciation and amortization 40 41 Loss (gain) on disposal of capital assets - 6 Foreign currency loss (gain) (243) (195) Finance costs 389 307 Accretion on term debt 17 - Long-term prepaid expense - 1 Other long-term assets (1) - Net change in non-cash working capital (Note 13) 162 (1,480) Interest paid (199) (598) ---------------------------------------------------------------------------- Net cash provided (used) in operating activities 19 (1,734) ----------------------------------------------------------------------------
Investing activities: Investment in capital assets - (77) ---------------------------------------------------------------------------- Net cash provided by (used) in investing activities - (77) ----------------------------------------------------------------------------
Financing activities: Bridge loan proceeds, net - (996) Operating line proceeds - 1,952 ---------------------------------------------------------------------------- Net cash provided by financing activities - 956 ---------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 19 (855) Cash and cash equivalents, beginning of period 1,610 1,110 ---------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 1,629 $ 255 ---------------------------------------------------------------------------- /T/ Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.Related Stocks:
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