wake up call...trading around 2 3.8 on nasdaq...this out this am...3.62 shares outstanding:
(BSNS WIRE) Thinkpath Increases Revenue by 128% in Second Quarter 2000; Com
Thinkpath Increases Revenue by 128% in Second Quarter 2000; Company Continues
History of Profitable Growth
Business Editors
TORONTO--(BUSINESS WIRE)--Aug. 15, 2000--Thinkpath Inc.,
(Nasdaq:THTH) (BSE:THP), a leading provider of skills management
solutions, today announced financial results for the six months ended
June 30, 2000.
Thinkpath reported second quarter sales of $12.1 million, up 128%
from $5.3 million for the same period in 1999. Income before
amortization and taxes rose to $630,000 for the quarter, up 134% from
1999's second quarter income of $270,000. Thinkpath was profitable in
the second quarter with net income of $235,000 or earnings per share
of $0.05.
"We achieved our targets for the past quarter and are
well-positioned to meet our revenue expectations for fiscal 2000,"
said Declan French, Thinkpath's Chief Executive Officer. "Our rising
sales and profitability, as well as our recently announced major
client wins, are strong indications of the company's continued growth
and speak to the success of Thinkpath's strategy of delivering a full
suite of skills management solutions."
Total sales for the six months ended June 30, 2000 were
$21.8 million, up 88% from $11.6 million for the same period in 1999.
Net income for the first two quarters rose 113% over the same period
last year, growing from $163,000 to $350,000. Earning per share for
the six months also rose as compared to 1999, increasing from $0.04 to
$0.08.
Complete second quarter statements are available from the Investor
Relations section of the Thinkpath Web site.
Thinkpath Strengthens Management Team
This quarter also saw Thinkpath further strengthen its management
team with the appointment of Thomas E. Shoup as President and Chief
Operating Officer, and Kelly Hankinson as Chief Financial Officer.
Tom's appointment stems from his success in spearheading Thinkpath's
US Operations. In his new position as President and COO, Tom will
oversee all day-to-day operations and strategic planning for corporate
growth of the entire company.
An employee of Thinkpath since its inception as IT Staffing in
1995, Kelly Hankinson brings more than 9 years of progressive
financial management and accounting experience. As CFO, Kelly is
responsible for the financial management of the company including all
investor relations initiatives.
All dollar amounts quoted within this press release are in US
dollars unless otherwise indicated.
About Thinkpath Inc.
Thinkpath (Nasdaq: THTH; BSE: THP) is a global leader in skills
management solutions, offering a uniquely integrated suite of IT and
engineering recruitment, project outsourcing, technical training and
recruitment management technology. With its aggressive use of
cutting-edge proprietary technology and its focus on the total skills
management process, Thinkpath brings a comprehensive and innovative
perspective to the market.
Headquartered in Toronto, Canada, Thinkpath has 600 employees in
18 offices across North America. Further information about the
company, its services and products can be found at www.thinkpath.com.
This press release contains certain forward-looking statements
regarding Thinkpath.com Inc., its business prospects and results of
operations that are subject to certain risks and uncertainties posed
by many factors and events that could cause Thinkpath's actual
business, prospects and results of operations to differ materially
from those that may be anticipated by such forward-looking statements.
Readers are urged to carefully review and consider the various
disclosures made by Thinkpath in this news release and other reports
filed with the Securities and Exchange Commission that attempt to
advise interested parties of the risks and factors that may affect
Thinkpath's business.
-0-
*T
THINKPATH.COM INC.
Interim Consolidated Balance Sheet
As of June 30, 2000 and December 31, 1999
(Amounts expressed in US dollars)
(Unaudited)
(Restated)
June 30 December 31
2000 1999
$ $
ASSETS
CURRENT ASSETS
Cash 1,156,087 1,904,588
Short-term investments 1,970,407 383,146
Accounts receivable 7,196,097 5,636,654
Prepaid expenses 629,638 720,754
Income taxes receivable 129,777 --
----------- -----------
11,082,006 8,645,142
CAPITAL ASSETS 3,433,464 3,362,855
GOODWILL 11,047,449 6,960,272
DUE FROM RELATED PARTY 211,313 211,313
OTHER ASSETS 1,246,309 1,227,470
DEFERRED INCOME TAXES 322,365 --
----------- -----------
27,342,906 20,407,052
----------- -----------
----------- -----------
THINKPATH.COM INC.
Consolidated Interim Balance Sheet
As of June 30, 2000 and December 31, 1999
(Amounts expressed in US dollars)
(Unaudited)
(Restated)
June 30 December 31
2000 1999
$ $
LIABILITIES
CURRENT LIABILITIES
Bank indebtedness 5,582,645 4,430,264
Accounts payable 3,863,412 3,041,997
Deferred revenue 150,632 --
Income taxes payable -- 159,830
Current portion of long-term debt 373,497 373,129
Current portion of note payable 1,300,000 1,300,000
----------- -----------
11,270,186 9,305,220
DEFERRED INCOME TAXES -- 99,472
LONG-TERM DEBT 624,204 1,320,838
NOTE PAYABLE 1,654,654 1,150,000
----------- -----------
13,549,044 11,875,530
----------- -----------
STOCKHOLDERS' EQUITY
CAPITAL STOCK 13,658,467 8,717,441
OTHER COMPREHENSIVE INCOME, NET OF
INCOME TAXES
Cumulative translation adjustment (73,940) (47,306)
RETAINED EARNINGS 209,335 (138,613)
----------- -----------
13,793,862 8,531,522
----------- -----------
27,342,906 20,407,052
----------- -----------
----------- -----------
The accompanying notes are an integral part of these consolidated
interim financial statements.
THINKPATH.COM INC.
Consolidated Interim Statements of Income
For the three and six months ended June 30, 2000 and 1999
(Amounts expressed in US dollars)
(Unaudited)
Three Months Three Months Six Months Six Months
ended ended ended ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
$ $ $ $
REVENUE 12,086,885 5,292,439 21,813,940 11,595,423
COST OF SERVICES 7,349,432 3,052,968 13,256,481 7,132,869
----------- ----------- ----------- -----------
GROSS PROFIT 4,737,453 2,239,471 8,557,459 4,462,554
----------- ----------- ----------- -----------
EXPENSES
Administrative 1,529,639 973,316 3,130,462 1,747,650
Selling 2,278,251 941,780 3,781,732 2,188,723
Financial 298,219 54,382 541,104 208,712
----------- ----------- ----------- -----------
4,106,109 1,969,478 7,453,298 4,145,085
----------- ----------- ----------- -----------
INCOME BEFORE
AMORTIZATION AND
INCOME TAXES
631,344 269,993 1,104,161 317,469
Amortization 432,498 43,931 714,162 143,869
----------- ----------- ----------- -----------
INCOME BEFORE
INCOME TAXES 198,846 226,062 389,999 173,600
Income taxes
(recovery) (36,291) 4,496 42,031 10,335
----------- ----------- ----------- -----------
NET INCOME 235,137 221,566 347,948 163,265
----------- ----------- ----------- ----------- |
