Innovium Announces Third Quarter Results
November 27 2009 - 6:30AM
Marketwired Canada
Innovium Media Properties Corp. ("Innovium")(TSX VENTURE:IN)(FRANKFURT:IH7) is a
public company with one investment.
-- Innovium owns roughly 40% of Seed Media Group LLC ("Seed").
-- Innovium trades on the TSX Venture Exchange and the Frankfurt Stock
Exchange.
Seed Media Group LLC is a private company based in New York City.
-- Seed is headed by its Founder, Adam Bly.
-- Seed's goal is to be a dominant participant in the science information
and technology sector.
-- Seed's global brand was built on the success of SEED magazine (print and
online).
-- Seed's growth is provided by the following 3 distinct initiatives:
Seed Digital Media - ScienceBlogs, LLC is the world's largest science discussion.
-- Reaching over two million unique visitors per month.
-- 70% owned by Seed and 30% owned by Hubert Burda Media.
-- Blogs are in English, German and Portuguese.
Visualization is the dynamic and interactive graphic representation of information.
-- Develops software that is used by organizations to make their data more
understandable and marketable.
-- Headed by Ben Fry, co-creator of Processing 1.0 software.
Seed Technology - PLA.NET Systems, LLC has a secure, open-architecture software
platform to be licensed to enterprises, heightening collaboration between
scientists and accelerating research and development.
-- PLA.NET is designed to be the operating system of choice and scientists
are encouraged to create applications for it.
-- These design features make it a strong candidate for widespread
government adoption and the creation of a global network of scientists.
SEED Magazine - "Science is Culture" is an award-winning magazine that has
printed 22 issues and continues to publish exclusively online.
-- The magazine has created a significant global brand and continues its
mission of advancing global science literacy.
-- Overhead and direct costs associated with the magazine have been
dramatically reduced.
Innovium had a 2009 third quarter net loss of $1,179,000 compared to net
earnings of $414,000 in the third quarter of 2008 (a loss of $1,887,000 for the
first nine months of 2009 compared to earnings of $4,152,000 for the same period
in 2008). Interest and dividend income increased by 39% in the third quarter of
2009 compared to the third quarter of 2008 (an increase of 73% nine months
versus nine months), attributable to the number of interest-bearing and
dividend-bearing advances Innovium has made to Seed vis-a-vis comparable
advances as of one year earlier.
As Innovium's investment in Seed is denominated in US dollars, in the third
quarter of 2009 the Company recorded an unrealized foreign exchange ("forex")
loss of $1,139,000 (third quarter of 2008 - unrealized forex gain of $342,000)
on its Seed investment resulting in an unrealized forex loss of $1,741,000 for
the first nine months of 2009 (first nine months of 2008 - unrealized forex gain
of $526,000).
Compared to the third quarter of 2008, the Company experienced a $91,000
increase in general and administrative costs in the third quarter of 2009 due
primarily to an increase in interest and stock option expenses (a $330,000
decrease for the first nine months of 2009 compared to the same period in 2008).
In the third quarter of 2009, Innovium advanced an additional US$362,000 under
the Seed Bridge, converted US$50,000 of accounts receivable into the Seed Line
of Credit and advanced US$1 million as part of a 12% Seed Series C preferred
share financing.
For additional information please visit:
Innovium: www.innovium.ca; Seed: www.seedmediagroup.com; ScienceBlogs:
www.scienceblogs.com, www.scienceblogs.de, and www.scienceblogs.com.br;
Visualisation: www.benfry.com; and, SEED Magazine: www.seedmagazine.com
Or email us at: innovium@innovium.ca
Table of Highlights of the Financial Statements
Three months ended Nine months ended
September 30 September 30
---------------------------------------------
(Expressed in thousands of
Canadian dollars,
except per share amounts) 2009 2008 2009 2008
---------- -------- ------------ -----------
Interest and dividend income $ 303 $ 218 $ 907 $ 523
Unrealized gains (losses) on
investments (1,139) 342 (1,741) 526
Gains on investments -- -- -- 4,313
Agri-products revenue -- -- -- 60
Other income -- -- -- 17
General and administrative
expenses 342 251 1,043 1,373
Depreciation 7 8 21 23
Foreign exchange gain (6) (113) (11) (109)
Net earnings (loss) $ (1,179) $ 414 $ (1,887) $ 4,152
Net earnings (loss) per
share $ (0.01) $ 0.00 $ (0.02) $ 0.05
Cash used in operating
activities
(after net change in working
capital balances) $ (145) $ (262) $ (800) $ (772)
As At
----------------------
(Expressed in thousands of Sept. 30, Dec. 1,
Canadian dollars) 2009 2008
------------ ----------
Cash and cash equivalents
$ 61 $ 731
Accounts receivable and
other assets 12 77
Short-term investments 58 113
Total current assets 131 921
Venture investments 13,737 11,631
Capital assets, net 128 149
Total assets $ 13,996 $ 12,701
Accounts payable and accrued liabilities $ 22 $ 11
Term loans 1,754 --
Total liabilities
$ 1,776 $ 11
Shareholders' equity $ 12,220 $ 12,690
Full financial results are available on SEDAR at www.sedar.com.
We seek safe harbour
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