I looked again, and while it was a good quarter, it wasn't as amazing as I at first thought. I had adjusted prior quarter's sales into US$, and when I compared this last quarter in Canadian $ to prior sales in US$, it looked pretty awesome. Still it was a good quarter, and profit was excellent.
By the way, the financials are easier to read if the columns line up. You can do this on SI if you enter a pre between <>. This puts SI into preformatted mode. Use /pre to go back to normal proportional font mode. Alternately you can check the "use fixed font" button, but if you do, remember to insert your own CRLFs to avoid those ultra-wide posts.
DataMirror Corporation
Consolidated Statements of Income (Loss)
(Thousands of CDN$, except per share data - unaudited)
Three Months Ended Six Months Ended
July 31, July 31,
------------------------------------------------------------------------
2000 1999 2000 1999
------------------------------------------------------------------------
Revenue
Licence $8,946 $7,115 $16,405 $12,119
Maintenance and consulting 4,151 3,029 8,041 6,111
------------------------------------------------------------------------
13,097 10,144 24,446 18,230
------------------------------------------------------------------------
Cost of revenue
Licence 73 139 133 216
Maintenance and consulting 2,174 1,602 4,107 3,560
------------------------------------------------------------------------
2,247 1,741 4,240 3,776
------------------------------------------------------------------------
Gross margin 10,850 8,403 20,206 14,454
------------------------------------------------------------------------
Operating expenses
Selling and marketing 5,848 5,106 10,638 10,636
Research and development 1,957 1,606 3,694 3,204
General and administration 1,989 1,239 3,913 2,455
Amortization of intangibles 204 296 408 572
------------------------------------------------------------------------
9,998 8,247 18,653 16,867
------------------------------------------------------------------------
Operating income (loss) 852 156 1,553 (2,413)
Investment income 449 55 635 168
------------------------------------------------------------------------
Income (loss) before income
taxes 1,301 211 2,188 (2,245)
Income tax expense (recovery) 185 110 375 (172)
------------------------------------------------------------------------
Income (loss) before the
under-noted 1,116 101 1,813 (2,073)
Gains (losses) from investment in Pointbase, Inc.
Dilution gain 5,226 - 5,226 -
Equity loss (1,395) (999) (2,500) (1,674)
------------------------------------------------------------------------
Net income (loss) $4,947 ($898) $4,539 ($3,747)
------------------------------------------------------------------------
------------------------------------------------------------------------
Earnings (loss) per share
Basic $0.43 ($0.09) $0.41 ($0.37)
Fully diluted $0.40 * $0.39 *
Weighted average number of
shares outstanding (000's)
Basic 11,576 10,188 11,095 10,218
Fully diluted 12,497 * 12,016 *
* Anti-dilutive in these periods
(See accompanying note)
DataMirror Corporation
Consolidated Balance Sheets
(Thousands of CDN$)
July 31, January 31,
2000 2000
------------------------------------------------------------------------
(Unaudited) (Audited)
Assets
Current assets
Cash and short-term investments $41,100 $10,219
Accounts receivable 15,346 15,332
Prepaid expenses 1,247 1,059
------------------------------------------------------------------------
57,693 26,610
Capital assets 3,498 3,780
Investment tax credits recoverable 2,242 1,221
Investment in PointBase, Inc. 12,014 3,417
Intangibles 4,231 4,639
------------------------------------------------------------------------
$79,678 $39,667
------------------------------------------------------------------------
------------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $3,424 $3,683
Deferred revenue 8,387 6,955
Current portion of long-term liabilities 846 890
Current portion of capital lease
obligations 497 703
------------------------------------------------------------------------
13,154 12,231
Long-term liabilities
Capital lease obligations 197 197
------------------------------------------------------------------------
13,351 12,428
------------------------------------------------------------------------
Shareholders' Equity
Share capital 65,645 30,773
Cumulative translation adjustment (498) (498)
Retained earnings (deficit) 1,180 (3,036)
------------------------------------------------------------------------
66,327 27,239
------------------------------------------------------------------------
$79,678 $39,667
------------------------------------------------------------------------
------------------------------------------------------------------------
(See accompanying note)
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of CDN$ - unaudited)
Three Months Ended Six Months Ended
July 31, July 31,
------------------------------------------------------------------------
2000 1999 2000 1999
------------------------------------------------------------------------
Cash provided by (used in)
Operating activities
Net income (loss) $4,947 ($898) $4,539 ($3,747)
Add (deduct) items not affecting
cash:
Amortization of capital assets 386 394 735 762
Amortization of intangibles 204 296 408 572
(Gains) losses from
investment in Pointbase, Inc. (3,831) 999 (2,726) 1,674
Deferred income taxes - 110 - (172)
Non-cash foreign exchange
(gain) loss 25 89 (14) (123)
Investment tax credits recoverable - - - (147)
------------------------------------------------------------------------
1,731 990 2,942 (1,181)
Changes in non-cash working
capital balances (47) 98 1,087 1,200
------------------------------------------------------------------------
1,684 1,088 4,029 19
------------------------------------------------------------------------
Investing activities
Capital asset additions (155) (435) (255) (802)
Acquisition of mpc-Software GmbH - (224) - (224)
Investment in PointBase, Inc. (5,871) - (5,871) (1,800)
------------------------------------------------------------------------
(6,026) (659) (6,126) (2,826)
------------------------------------------------------------------------
Financing activities
Repayment of long-term
liabilities (18) (12) (30) (30)
Capital lease payments (203) (313) (405) (595)
Issuance of share capital 487 18 33,856 72
Repurchase of share capital (90) (156) (443) (789)
------------------------------------------------------------------------
176 (463) 32,978 (1,342)
------------------------------------------------------------------------
Increase (decrease) in cash
and short-term investments (4,166) (34) 30,881 (4,149)
Cash and short-term investments
Beginning of period 45,266 11,692 10,219 15,807
------------------------------------------------------------------------
End of period $41,100 $11,658 $41,100 $11,658
------------------------------------------------------------------------
------------------------------------------------------------------------
Note that the font changes when I switch to preformatted mode, and vice versa.
Carl |
