Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the
wellness industry (the "Company"), today released its 2012 second quarter
results for the period ended April 30, 2012.
Second Quarter 2012 Highlights:
(All amounts are in CAD dollars.)
-- Revenue growth of 7.1% in the quarter over the previous year to reach
$11.4 million and 6.8% year to date.
-- Revenues in Mexico, now the largest segment representing 37% of total
revenues were up 140% over previous year to reach $4.1 million.
-- Adjusted EBITDA of $457 thousand or 4% of revenues in Q2 and $672
thousand or 3% of total revenues, year to date. This represents an
improvement over negative adjusted EBITDA of ($32) thousand as compared
to prior year.
-- The acquisition of our subsidiary company in Mexico was completed during
the quarter end and we opened a new Immunotec corporate office in Mexico
City to support our growth plans.
"We are pleased with the result but we are determined to reenergize the Canadian
and US segments", said Bob Henry, Immunotec's Chairman and CEO.
Condensed financial results for the second Quarter ended April 30, 2012 are as
follows:
-- During the second quarter, Network sales reached $10.3M in 2012 compared
to $8.9M for the same quarter in 2011, an increase of 15.9% or $1.4M.
Other revenues which include revenues of products sold to licensees,
freight and shipping, charge backs and educational material purchased by
our network, amounted to $1.1M in Q2 of 2012, a decrease in $0.7M
compared to $1.8M for the same period in 2011.
-- Margins before expenses, as a percentage of net sales, decrease, in the
second quarter ending April 30, 2012 to 26.2% from 31.2% for the same
quarter in 2011. This decrease is primarily attributed to increase is
certain costs related to a growth in Mexico and the decrease of Export
sales to licenses which represent a higher margin contribution.
-- Selected expenses in the second quarter of 2012 were $2.8M and were the
same as the same period a year earlier. They now represent 24.6% of
sales compared to 26.7% a year earlier.
-- The adjusted EBITDA, a Non GAAP financial measure, was $457 thousand
which represent a decrease of $269 thousand over adjusted EBITDA for the
same period ended April 30, 2011.
-- Net loss for the quarter ended April 30, 2012 totalled $109 thousand,
compared to a net loss of $7 thousand for the same period a year
earlier. For the six-month ended April 30, 2012, net loss was $103
thousand compared to a net loss of $1.3M for the same period in 2011.
-- The total basic and fully diluted earnings per share for the three-month
period ended April 30, 2012 was $0.00 compared with fully a diluted loss
per share of $0.02 for the same period in 2011.
-- During the Quarter on April 30 The Company also announced today the
implementation of 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. At the end of
June 15th, 2012, no shares had been purchase from this plan.
-- Subsequent to the quarter, on June 14th 2012, The Company granted 25,000
stock options to a recently named Director of the Company and 25,000
stock options to an executive of the Company. Both grants of options are
exercisable over 5 years at an exercise price of $0.35.
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)
April 30, October 31,
2012 2011
$ $
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ASSETS
Current assets
Cash 2,626,137 2,561,969
Trade and other receivables 1,091,669 659,004
Inventories 2,932,173 3,324,740
Prepaid expenses 475,227 393,119
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7,125,206 6,938,832
Non-current assets
Property, plant and equipment 6,060,682 5,931,411
Intangible assets 1,803,682 2,000,217
Goodwill 833,559 833,559
Deferred income tax assets 2,749,283 2,725,367
Non-refundable research and
development tax credits 337,971 337,971
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11,785,177 11,828,525
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18,910,383 18,767,357
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LIABILITIES
Current liabilities
Payables 1,125,219 935,800
Accrued liabilities 2,702,543 2,464,967
Provisions 563,515 671,201
Customer deposits 497,620 288,192
Income taxes 65,711 58,576
Current portion of long- term debt 115,032 312,320
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5,069,640 4,731,056
Long-term debt 2,019,753 2,077,787
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7,089,393 6,808,843
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EQUITY
Share capital 3,465,548 3,465,548
Other equity - Stock options 1,924,886 1,903,039
Contributed surplus 11,337,796 11,337,796
Accumulated other comprehensive income 249,742 306,595
Deficit (5,156,982) (5,054,464)
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11,820,990 11,958,514
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18,910,383 18,767,357
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Interim Consolidated Statements of Changes in Equity
(Unaudited)
Six-month periods ended April 30,
(Stated in Canadian dollars except for number of shares)
Other
equity
- Stock Contributed
Share capital options surplus
----------------------------
Number $ $ $
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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 - - - -
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Total comprehensive
loss of the period: - - - -
Share-based
compensation - - (11,448) -
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Balance at April 30,
2011 69,994,300 3,465,548 1,882,592 11,337,796
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----------------------------------------------------------------------------
Balance at November
1, 2011 69,994,300 3,465,548 1,903,039 11,337,796
Net loss for the
period - - - -
Foreign currency
translation
adjustments - - - -
----------------------------------------------------------------------------
Total comprehensive
loss of the period: - - - -
Share-based
compensation - - 21,847 -
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Balance at April 30,
2012 69,994,300 3,465,548 1,924,886 11,337,796
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Accumulated
other
comprehensive
income Deficit Total
$ $ $
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Balance at November
1, 2010 - (3,650,834) 13,046,550
Net loss for the
period - (1,344,477) (1,344,477)
Foreign currency
translation
adjustments 187,407 - 187,407
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Total comprehensive
loss of the period: 187,407 (1,344,477) (1,157,070)
Share-based
compensation - - (11,448)
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Balance at April 30,
2011 187,407 (4,995,311) 11,878,032
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----------------------------------------------------------------------------
Balance at November
1, 2011 306,595 (5,054,464) 11,958,514
Net loss for the
period - (102,518) (102,518)
Foreign currency
translation
adjustments (56,853) - (56,853)
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Total comprehensive
loss of the period: (56,853) (102,518) (159,371)
Share-based
compensation - - 21,847
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Balance at April 30,
2012 249,742 (5,156,982) 11,820,990
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Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three-month and six-month periods ended April 30,
(Stated in Canadian dollars except for number of shares)
For the three-month For the six-month
period period
ended April 30, ended April 30,
2012 2011 2012 2011
$ $ $ $
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Revenues
Network sales 10,277,123 8,869,108 20,238,165 17,933,127
Other revenue 1,142,964 1,790,657 2,225,090 3,102,285
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11,420,087 10,659,765 22,463,255 21,035,412
Variable costs
Cost of goods sold 1,935,261 1,705,956 3,791,383 3,691,774
Sales incentives - Network 5,407,413 4,660,710 10,371,660 9,430,511
Other variable costs 1,088,149 966,101 2,037,160 1,907,905
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Margin before expenses 2,989,264 3,326,998 6,263,052 6,005,222
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Expenses
Administrative 1,378,453 1,492,271 2,999,778 3,231,700
Marketing and selling 1,248,505 1,126,524 2,405,769 2,568,282
Quality and development
costs 183,460 222,639 406,133 476,865
Depreciation and
amortization 223,658 274,913 463,262 538,402
Other expenses 11,706 (22,869) 21,847 657,625
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Operating income (loss) (56,518) 233,520 (33,737) (1,467,652)
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Net finance expenses 124,857 200,610 80,373 269,757
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Profit (loss) before income
taxes (181,375) 32,910 (114,110) (1,737,409)
Income taxes (recovery)
Current 13,298 (19) 15,455 4,684
Future (85,747) 39,780 (27,047) (397,616)
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Net loss (108,926) (6,851) (102,518) (1,344,477)
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Other comprehensive income
(loss), net of income tax
Foreign currency translation
adjustments (57,461) (153,564) (56,853) (187,407)
----------------------------------------------------------------------------
Total comprehensive income
(loss) for the period (51,465) 146,713 (45,665) (1,157,070)
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Total basic and diluted net
profit (loss) per share (0.00) (0.00) (0.00) (0.02)
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Weighted average number of
common shares outstanding
during the period
Basic and diluted 69,994,300 69,994,300 69,994,300 69,994,300
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Interim Consolidated Statements of Cash Flows
(Unaudited)
Six-month periods ended April 30,
(Stated in Canadian dollars)
2012 2011
$ $
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----------------------------------------------------------------------------
Operating activities
Net profit (loss) (102,518) (1,344,477)
Adjustments for:
Depreciation of property, plant and
equipment 185,685 231,047
Amortization of intangible assets 277,577 307,355
Unrealized foreign exchange (46,253) 203,706
Accreted interest - 35,068
Interest expense measured at amortized
cost 39,734 32,775
Future income taxes (27,047) (397,616)
Share- based compensation 21,847 (11,448)
Interest paid (42,129) (32,775)
Interest received 2,395 -
----------------------------------------------------------------------------
Cash received prior to working capital
variation 309,291 (976,365)
Net change in non- cash working capital 422,569 (421,965)
----------------------------------------------------------------------------
Net cash provided by (used in) operating
activities 731,860 (1,398,330)
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Investing activities
Additions to property, plant and
equipment (314,823) (79,660)
Additions to intangible assets (83,057) (130,677)
----------------------------------------------------------------------------
Net cash used in investing activities (397,880) (210,337)
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Financing activities
Reimbursement of long- term debt (55,982) -
Reimbursement of demand loan - (83,333)
Reimbursement of other liability (200,203) -
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Net cash used in financing activities (256,185) (83,333)
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----------------------------------------------------------------------------
Net increase (decrease) in cash during
the period 77,795 (1,692,000)
Cash at the beginning of the period 2,561,969 2,936,456
Effect of foreign exchange rate
fluctuations on cash (13,627) (31,813)
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Cash at the end of the period 2,626,137 1,212,643
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