Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the
wellness industry (the "Company"), today released its Year End 2012 financial
results for the period ended October 31, 2012.
"Over the last twelve months, our Company has recruited 43,000 new distributors,
a 41% increase over the prior year. This strong recruitment performance has
improved our profitability and strengthens our balance sheet", said Bob Henry,
Immunotec's Chairman and CEO. "Our product line is creating significant
opportunities for distributors and we are as confident as ever in the future of
Immunotec."
Highlights for the year
-- Total Revenue reached $49.2M, an increase of 15% as compared to the
previous year.
-- Network sales reached $44.2M, an increase of 18% as compared to the same
period in the previous year.
-- Selected expenses(1), defined as administrative, marketing and selling,
quality and development expenses amounted to $11.9M and measured
favorably, as a percentage of total revenues by improving to 24% as
compared to 28% of total revenues last year.
-- Adjusted EBITDA(1) improved to $1.9M or 3.8% of total revenues, compared
to $0.6M or 1.4% of total revenues over last year, a major improvement.
-- Net profit of $125 thousand, a significant improvement over last year
(net loss of $1.4M).
(1) Refers to adjusted EBITDA in non-GAAP financial measures section of the
Management Discussion and Analysis.
Modifications to the Corporation's Stock Option Plan
The Board of Directors has also approved a modification to the Company's Stock
Option Plan, whereby it removed the 2-month hold period which applied to shares
issued following the exercise of options under such Plan.
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.
SUPPLEMENTAL INFORMATION
Consolidated Statements of Financial Position
(Stated in Canadian dollars)
October 31, October 31, November 1,
2012 2011 2010
$ $ $
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ASSETS
Current assets
Cash 3,779,089 2,561,969 2,936,456
Trade and other receivables 1,688,279 659,004 782,557
Inventories 2,601,079 3,324,740 2,612,670
Prepaid expenses 374,774 393,119 381,717
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8,443,221 6,938,832 6,713,400
Non-current assets
Property, plant and equipment 5,931,470 5,931,411 6,218,352
Intangible assets 1,621,830 2,000,217 2,446,675
Goodwill 833,559 833,559 833,559
Deferred income tax assets 2,736,460 2,725,367 2,313,920
Non-refundable research and
development tax credits 365,691 337,971 484,349
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11,489,010 11,828,525 12,296,855
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19,932,231 18,767,357 19,010,255
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LIABILITIES
Current liabilities
Bank indebtedness 5,000 - -
Demand loan - - 1,000,000
Payables 1,545,310 935,800 1,593,697
Accrued liabilities 3,151,212 2,464,967 2,182,517
Provisions 491,776 671,201 524,559
Customer deposits 630,240 288,192 274,051
Income taxes 54,859 58,576 2,041
Current portion of long-term debt 117,120 312,320 147,218
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5,995,517 4,731,056 5,724,083
Long-term debt 1,964,336 2,077,787 239,622
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7,959,853 6,808,843 5,963,705
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EQUITY
Share capital 3,462,503 3,465,548 3,465,548
Contributed surplus 13,259,401 13,240,835 13,231,836
Accumulated other comprehensive income 179,531 306,595 -
Deficit (4,929,057) (5,054,464) (3,650,834)
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11,972,378 11,958,514 13,046,550
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19,932,231 18,767,357 19,010,255
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Immunotec Inc.
Consolidated Statements of Changes in Equity
(Stated in Canadian dollars)
Accumulated
other
Contributed comprehensive
Share capital surplus income
------------------------
Number $ $ $
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Balance at November 1,
2010 69,994,300 3,465,548 13,231,836 -
Net loss - - - -
Foreign currency
translation adjustments - - - 306,595
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Total comprehensive loss - - - 306,595
Share-based compensation - - 8,999 -
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Balance at October 31,
2011 69,994,300 3,465,548 13,240,835 306,595
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Net profit - - - -
Foreign currency
translation adjustments - - - (127,064)
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Total comprehensive loss - - - (127,064)
Repurchase of shares (61,745) (3,045) (11,623) -
Share-based compensation - - 30,189 -
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Balance at October 31,
2012 69,932,555 3,462,503 13,259,401 179,531
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Deficit Total
$ $
--------------------------------------------------
Balance at November 1,
2010 (3,650,834) 13,046,550
Net loss (1,403,630) (1,403,630)
Foreign currency
translation adjustments - 306,595
--------------------------------------------------
Total comprehensive loss (1,403,630) (1,097,035)
Share-based compensation - 8,999
--------------------------------------------------
Balance at October 31,
2011 (5,054,464) 11,958,514
--------------------------------------------------
--------------------------------------------------
Net profit 125,407 125,407
Foreign currency
translation adjustments - (127,064)
--------------------------------------------------
Total comprehensive loss 125,407 (1,657)
Repurchase of shares - (14,668)
Share-based compensation - 30,189
--------------------------------------------------
Balance at October 31,
2012 (4,929,057) 11,972,378
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--------------------------------------------------
Immunotec Inc.
Consolidated Statements of Income (Loss)
(Stated in Canadian dollars)
2012 2011
$ $
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Revenues
Network sales 44,237,280 37,396,889
Other revenue 4,968,795 5,523,390
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49,206,075 42,920,279
Cost of sales
Cost of goods sold 8,857,853 7,595,870
Sales incentives - Network 22,615,538 19,060,065
Other variable costs 4,260,186 3,810,679
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Margin before expenses 13,472,498 12,453,665
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Expenses
Administrative 5,964,183 6,403,079
Marketing and selling 4,973,514 4,551,532
Quality and development costs 891,006 905,113
Depreciation and amortization 946,059 1,081,496
Other expenses 486,634 765,618
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Operating income (loss) 211,102 (1,253,173)
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Net finance expenses 84,992 456,139
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Profit (loss) before income taxes 126,110 (1,709,312)
Income taxes (recovery)
Current 8,462 93,605
Deferred (7,759) (449,287)
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Profit (loss) from continuing operations 125,407 (1,353,630)
Loss from discontinued operations - (50,000)
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Net profit (loss) 125,407 (1,403,630)
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Basic and diluted net profit (loss) per share
Continuing operations 0.00 (0.02)
Discontinued operations - (0.00)
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Total basic and diluted net profit (loss) per
share 0.00 (0.02)
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Weighted average number of common shares
outstanding during the period
Basic and diluted 69,985,287 69,994,300
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Immunotec Inc.
Consolidated Statements of Comprehensive Loss
(Stated in Canadian dollars)
2012 2011
$ $
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Net profit (loss) 125,407 (1,403,630)
Other comprehensive income (loss), net of income
tax
Foreign currency translation adjustments (127,064) 306,595
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Total comprehensive loss (1,657) (1,097,035)
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Immunotec Inc.
Consolidated Statements of Cash Flows
(Stated in Canadian dollars)
2012 2011
$ $
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Operating activities
Profit (loss) from continuing operations 125,407 (1,403,630)
Loss from discontinued operations - (50,000)
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Net profit (loss) 125,407 (1,353,630)
Adjustments for:
Depreciation 386,797 455,668
Amortization 559,263 625,828
Gain on settlement of contingent consideration
liability - (64,344)
Gain on change in fair value of contingent
consideration liability - (56,950)
Loss on write- down of intangible assets 4,131 -
Gain on disposal of a subsidiary (3,669) -
Foreign exchange loss (gain) on items
denominated in foreign currencies (156,185) 512,325
Accreted interest on contingent consideration
liability - 51,720
Net interest expense on financial liabilities
measured at amortized cost 79,860 60,521
Deferred income taxes (7,759) (449,287)
Share-based compensation 30,189 8,999
Interest paid (84,101) (60,521)
Interest received 4,241 -
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Cash prior to working capital variation 938,174 (269,671)
Net change in non-cash working capital 1,188,265 (878,924)
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Net cash provided by (used in) operating
activities 2,126,439 (1,148,595)
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Investing activities
Business acquisition (200,203) (109,777)
Additions to property, plant and equipment (384,050) (171,086)
Additions to intangible assets (187,233) (181,022)
Non-refundable research and investment tax
credits (27,720) 146,378
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Net cash used in investing activities (799,206) (315,507)
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Financing activities
Long-term debt - 2,200,000
Bank indebtedness 5,000 -
Reimbursement of long-term debt (109,311) (9,233)
Reimbursement of demand loan - (1,000,000)
Repurchase of shares (14,668) -
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Net cash used in financing activities (118,979) 1,190,767
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Net decrease in cash from continuing operations 1,208,254 (273,335)
Net decrease in cash from discontinued operations
Operating activities - (50,000)
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Net increase (decrease) in cash during the year 1,208,254 (323,335)
Cash - Beginning of the year 2,561,969 2,936,456
Effect of foreign exchange rate fluctuations on
cash 8,866 (51,152)
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Cash - End of the year 3,779,089 2,561,969
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FOR FURTHER INFORMATION PLEASE CONTACT:
Patrick Montpetit
Chief Financial Officer
(450) 510-4527
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