Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the
wellness industry (the "Company"), today released its 2012 first quarter results
for the period ended January 31, 2012.
First Quarter 2012 Highlights:
(All amounts are in CAD dollars.)
-- Revenue growth of 6% over the previous year to reach $11.0 million.
-- Revenues in Mexico were up 107% over previous year to reach $3.4
million.
-- Adjusted EBITDA of $272 thousand or 2% of revenues, an improvement over
negative EBITDA of ($757) thousand as compared to prior year.
-- Net profit for the three-month period ended January 31, 2012 totalled $6
thousand, compared to a loss of ($1.3) million for the same period a
year earlier.
-- The acquisition of our subsidiary company in Mexico was completed
subsequent to the quarter end and we opened a new Immunotec corporate
office in Mexico City to support our growth plans.
"We are showing a positive EBITDA in the first quarter of fiscal 2012, this
represents a net improvement over the previous year", said Bob Henry,
Immunotec's Chairman and CEO. "We are pleased to have opened our new corporate
offices in Mexico City and completed the amended agreement relating to the
acquisition in Mexico".
Condensed financial results for the Quarter ended January 31, 2012 are as follows:
-- Network sales, reached $10.0 million in 2012 compared to $9.1 million
for the same period in 2011, an increase of 10% or $897 thousand. Other
revenues which include revenues of products sold to licensees, freight
and shipping, charge backs and educational material purchased by our
network, were $1.1 million in 2012, a decrease of $230 thousand as
compared to $1.3 million for the same period in 2010.
-- Gross margins before expenses, as a percentage of net sales, improved in
2012 to 30% compared to 26% for 2011. The improvement is primarily
attributed to high Sales Incentives paid in 2011 averaging a payout rate
of 52.6%, compared to the 49.8% in 2012. The 2011payout rate was the
result of strong recruitment of new distributors and rank advancement of
existing distributors in the Mexican territory.
-- Operating expenses were $3.0 million, an improvement over $3.4 million
for the prior year. As a percentage of revenues, this represented 27.2%
in 2012 compared with 33.1% in 2011.
-- Net profit for the three-month period ended January 31, 2012 totalled
$6.0 thousand, compared to a loss of $1.3 million for the same period a
year earlier.
Total comprehensive loss was $109 thousand compared to $1.3 million for the same
period of the prior year reflecting the impact of the foreign currency
translation of foreign subsidiaries. The total basic and fully diluted earnings
per share for the three-month period ended January 31, 2012 was $0.00 compared
with fully a diluted loss per share of $0.02 for the same period in 2011.
This variation for the 2012 period resulted primarily from:
i. Strong revenue growth in Mexico, more than offsetting the decrease in
both Canada and the US revenues for the same period.
ii. Adjusted product pricing and a reduction in sales incentive payouts
during the period resulted in improved overall margins.
iii.Reduced corporate expenses were realized in the first quarter of 2012.
iv. No restructuring costs this year, as opposed to $665 thousand in 2011.
New NCIB Program
Subsequent to the end of the Quarter on April 30 The Company also announced
today that it has received approval from the TSX Venture Exchange (the
"Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for
cancellation, from time to time, as it considers advisable, up to 1,000,000 of
its issued and outstanding Common Shares (being approximately 1.43% of the
70,026,313 Common Shares outstanding at April 18, 2012). Purchases will be made
on the open market through the facilities of the Exchange. National Bank
Financial will conduct the Bid on behalf of Immunotec. The price which Immunotec
will pay for any shares purchased will be the prevailing market price of such
shares on the Exchange at the time of such purchase.
The Bid will commence on May 4, 2012 and will terminate on April 30, 2013, or
such earlier time as the applicable Bid is completed or at the option of
Immunotec. Any shares acquired by Immunotec pursuant to the bid will be
cancelled.
The Board of Directors of Immunotec believe that the current and recent market
prices of Immunotec's shares do not give full effect to their underlying value
and that, accordingly, the purchase of shares will increase the proportionate
share interest of, and be potentially advantageous to, all remaining
shareholders. The normal course purchases will also provide easier access to
liquidity to Immunotec shareholders who would like to dispose of their shares.
About Immunotec Inc.
Immunotec is a world class business opportunity supported by unique
scientifically proven products that improve wellness. Headquartered with
manufacturing facilities near Montreal, Canada, the Company also has
distribution capacities to support its commercial activities in Canada and
internationally to the United States, Europe, Mexico and The Caribbean.
The Company files its consolidated financial statements, its management and
discussion analysis report, its press releases and such other required documents
on the SEDAR database at www.sedar.com and on the Company's website at
www.immunotec.com. The common shares of the Company are listed on the TSX
Venture Exchange under the ticker symbol IMM.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in
this news release are forward-looking and are subject to numerous risks and
uncertainties, known and unknown. For information identifying known risks and
uncertainties and other important factors that could cause actual results to
differ materially from those anticipated in the forward-looking statements,
please refer to the heading Risks and Uncertainties in Immunotec's most recent
Management's Discussion and Analysis, which can be found at www.sedar.com.
Consequently, actual results may differ materially from the anticipated results
expressed in these forward-looking statements.
Interim Consolidated Statements of Financial Position
(Unaudited)
(Stated in Canadian dollars)
January 31, October 31,
2012 2011
$ $
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----------------------------------------------------------------------------
ASSETS
Current assets
Cash 2,166,292 2,561,969
Trade and other receivables 684,920 659,004
Inventories 3,424,237 3,324,740
Prepaid expenses 571,784 393,119
----------------------------------------------------------------------------
6,847,233 6,938,832
Non-current assets
Property, plant and equipment 5,998,340 5,931,411
Intangible assets 1,887,683 2,000,217
Goodwill 833,559 833,559
Deferred income tax assets 2,674,425 2,725,367
Non-refundable research and development tax
credits 337,971 337,971
----------------------------------------------------------------------------
11,731,978 11,828,525
----------------------------------------------------------------------------
18,579,211 18,767,357
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES
Current liabilities
Bank indebtedness 215,000 -
Demand loan - -
Payables 1,038,797 935,800
Accrued liabilities 2,451,274 2,464,967
Provisions 348,018 671,201
Customer deposits 275,718 288,192
Income taxes 52,092 58,576
Current portion of long- term debt 292,610 312,320
----------------------------------------------------------------------------
4,673,509 4,731,056
Long-term debt 2,045,782 2,077,787
----------------------------------------------------------------------------
6,719,291 6,808,843
----------------------------------------------------------------------------
EQUITY
Share capital 3,465,548 3,465,548
Other equity - Stock options 1,913,180 1,903,039
Contributed surplus 11,337,796 11,337,796
Accumulated other comprehensive income 192,281 306,595
Deficit (5,048,885) (5,054,464)
----------------------------------------------------------------------------
11,859,920 11,958,514
----------------------------------------------------------------------------
18,579,211 18,767,357
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interim Consolidated Statements of Changes in Equity
(Unaudited)
Three-month periods ended January 31,
(Stated in Canadian dollars except for number of shares)
Other
equity
- Stock Contributed
Share capital options surplus
--------------------------
Number $ $ $
----------------------------------------------------------------------------
Balance at November 1,
2010 69,994,300 3,465,548 1,894,040 11,337,796
Net loss for the
period - - - -
Foreign currency
translation
adjustments - - - -
----------------------------------------------------------------------------
Total comprehensive loss
of the period: - - - -
Share-based compensation - - 15,957 -
----------------------------------------------------------------------------
Balance at January 31,
2011 69,994,300 3,465,548 1,909,997 11,337,796
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance at November 1,
2011 69,994,300 3,465,548 1,903,039 11,337,796
Net profit for the
period - - - -
Foreign currency
translation
adjustments - - - -
----------------------------------------------------------------------------
Total comprehensive loss
of the period: - - - -
Share-based compensation - - 10,141 -
----------------------------------------------------------------------------
Balance at January 31,
2012 69,994,300 3,465,548 1,913,180 11,337,796
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Accumulated
other
comprehensive
income Deficit Total
$ $ $
---------------------------------------------------------------------------
Balance at November 1,
2010 - (3,650,834) 13,046,550
Net loss for the
period - (1,337,626) (1,337,626)
Foreign currency
translation
adjustments 33,843 - 33,843
---------------------------------------------------------------------------
Total comprehensive loss
of the period: 33,843 (1,337,626) (1,303,783)
Share-based compensation - - 15,957
---------------------------------------------------------------------------
Balance at January 31,
2011 33,843 (4,988,460) 11,758,724
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Balance at November 1,
2011 306,595 (5,054,464) 11,958,514
Net profit for the
period - 5,579 5,579
Foreign currency
translation
adjustments (114,314) - (114,314)
---------------------------------------------------------------------------
Total comprehensive loss
of the period: (114,314) 5,579 (108,735)
Share-based compensation - - 10,141
---------------------------------------------------------------------------
Balance at January 31,
2012 192,281 (5,048,885) 11,859,920
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Interim Consolidated Statements of Comprehensive Loss
(Unaudited)
Three-month periods ended January 31,
(Stated in Canadian dollars except for number of shares)
2012 2011
$ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues
Network sales 9,961,042 9,064,019
Other revenue 1,082,126 1,311,628
----------------------------------------------------------------------------
11,043,168 10,375,647
Variable costs
Cost of goods sold 1,856,122 1,985,818
Sales incentives - Network 4,964,247 4,769,801
Other variable costs 949,011 941,804
----------------------------------------------------------------------------
Margin before expenses 3,273,788 2,678,224
----------------------------------------------------------------------------
Expenses
Administrative 1,622,154 1,739,429
Marketing and selling 1,157,264 1,441,758
Quality and development costs 222,673 254,226
Depreciation and amortization 239,604 263,489
Other expenses 10,141 680,494
----------------------------------------------------------------------------
Operating income (loss) 21,952 (1,701,172)
----------------------------------------------------------------------------
Net finance expenses (44,484) 69,147
----------------------------------------------------------------------------
Profit (loss) before income taxes 66,436 (1,770,319)
Income taxes (recovery)
Current 2,157 4,703
Future 58,700 (437,396)
----------------------------------------------------------------------------
Net profit (loss) 5,579 (1,337,626)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Other comprehensive income (loss), net of
income tax
Foreign currency translation adjustments 114,314 (33,843)
----------------------------------------------------------------------------
Total comprehensive loss for the period (108,735) (1,303,783)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total basic and diluted net profit (loss) per
share 0.00 (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average number of common shares
outstanding during the period
Basic and diluted 69,994,300 69,994,300
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interim Consolidated Statements of Cash Flows
(Unaudited)
Three-month periods ended January 31,
(Stated in Canadian dollars)
2012 2011
$ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating activities
Net profit (loss) 5,579 (1,337,626)
Adjustments for:
Depreciation of property, plant and
equipment 101,292 117,510
Amortization of intangible assets 138,312 145,979
Unrealized foreign exchange (153,257) 3,917
Interest expense measured at amortized
cost 20,240 19,797
Future income taxes 58,700 (437,396)
Share-based compensation 10,141 15,957
Interest paid (21,806) (19,797)
Interest received 1,556 -
----------------------------------------------------------------------------
Cash received prior to working capital
variation 160,757 (1,491,659)
Net change in non-cash working capital (518,088) 602,665
----------------------------------------------------------------------------
Net cash used in operating activities (357,331) (888,994)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investing activities
Additions to property, plant and equipment (163,574) (44,325)
Additions to intangible assets (27,515) (71,812)
----------------------------------------------------------------------------
Net cash used in investing activities (191,089) (116,137)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financing activities
Bank indebtedness 215,000 -
Reimbursement of long-term debt (27,865) -
Reimbursement of demand loan - (50,000)
Reimbursement of other liability (25,508) -
----------------------------------------------------------------------------
Net cash provided by (used in) financing
activities 161,627 (50,000)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net decrease in cash during the period (386,793) (1,055,131)
Cash at the beginning of the period 2,561,969 2,936,456
Effect of foreign exchange rate fluctuations
on cash (8,884) 22,513
----------------------------------------------------------------------------
Cash at the end of the period 2,166,292 1,903,838
----------------------------------------------------------------------------
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