Q2 earnings
newswire.ca
AimGlobal Technologies Announces Record Fiscal 2001 Second Quarter Financial
Results
AMEX and TSE: AGT
- Revenues up 21% over Q1, up 155% year over year
- Earnings exceed 1 million dollars for Q2
- Order backlog increased by $30 million or 14% growth to $240.5 million
TORONTO, Nov. 2 /CNW/ - AimGlobal Technologies Company Inc. (AMEX, TSE:
AGT) today announced record financial results for the three and six months
ended September 30, 2000.
For the three months ended September 30, 2000:
Sales for the second quarter of fiscal 2001 were $44.2 million compared
to $17.3 million for the same period last year, representing a 155% increase.
Income from continuing operations for the second quarter of fiscal 2001 was
$1,002,000, compared to a loss of $3,268,000 for the same period last year.
Basic earnings for this quarter increased by $0.367 per share to $0.074 per
share from a loss of $0.293 per share for the same period last year, and
increased by $0.177 per share from a loss of $0.038 per share in the first
quarter of 2001. Cash earnings (EBIAT) for this quarter increased by $0.355
per share to $0.146 per share from a loss of $0.209 per share for the same
period last year, and increased by $0.043 per share from earnings of $0.103
per share in the first quarter of 2001. Gross profit for this quarter
increased 881% over the same period last year to $4.8 million.
For the six months ended September 30, 2000:
Sales for the six months of fiscal 2001 were $80.8 million compared to
$35.6 million for the same period last year, representing a 127% increase.
Income from continuing operations for the six months of fiscal 2001 was
$485,000, compared to a loss of $5,460,000 for the same period last year.
Basic earnings for the six months increased by $0.496 per share to $0.036 per
share compared to a loss of $0.490 per share for the same period last year.
Cash earnings (EBIAT) for the six months increased by $0.638 per share to
$0.166 per share from a loss of $0.472 per share for the same period last
year. Gross profit for the six months increased 700% over the same period last
year to $9.9 million.
Increased profitability was attributable to higher sales, which increased
capacity utilization. Business development expenses declined by $109,000. As a
percentage of revenue, business development expenses fell to 3.1% from 4% in
the previous quarter, a reflection of the Company's ability to leverage its
sales force. This yielded an increase in backlog of $30 million or 14% to
$240.5 million.
Inventory has increased as a function of our sales growth. The
composition of inventory for the period ended September 30, 2000 is
approximately 73% raw materials and 27% work in progress which is expected to
be delivered to our customers within the next 30 days.
Mr. Steve deJaray, Chairman and CEO, stated, "We are encouraged by the
successful unfolding of the first 30 months of our 36-month business program.
Our performance and progress are on track or slightly ahead of plan.
Increasing business opportunities and business improvement is giving us
confidence to increase revenue expectations by 4-5% through the remainder of
the year. In support of our growth, the Company has entered into an agreement
increasing our banking facilities to $25 million."
Mr. Michael Marti, President of Aimtronics Corporation, stated, "Our
performance to date is a testimony to the commitment of our 1,100 employees
who truly embody and display the creed of the Company, which is "Make It
Possible." This culture is the foundation upon which we build our future
success.
He continued, "We have just been recognized by Arthur Andersen as the
45th largest Canadian high-tech company in their latest list of the Tech 100
in Canada, ranking among the likes of Celestica and PMC-Sierra."
A conference call to discuss financial results will be held today at 5:30
pm Eastern Daylight Time. The dial-in numbers are as follows:
For local and international calls: 604-519-2200, access code 3966
For toll-free access anywhere in North America: 1-877-452-1211,
access code 3966
About Aimtronics Corporation
Aimtronics Corporation, a wholly owned subsidiary of AimGlobal
Technologies Company Inc., offers a complete range of Electronics
Manufacturing Solutions and is a leading technical provider of services in the
Microelectronics industry. Aimtronics' supply chain management solutions offer
design assistance - reducing time-to-market metrics, time-to-volume metrics,
full product testing, packaging, warranty service, and end-of-life support.
Aimtronics' Microelectronics Technology Centre provides proprietary thick film
hybrid design and assembly including Chip-on-Board, Multi-Chip Module, and
Flip-Chip technologies.
Through five facilities located across the continent, Aimtronics serves
the high technology markets throughout North America.
About AimGlobal Technologies Company Inc.
Founded 14 years ago, and through its operating subsidiary, AimGlobal
Technologies serves the Medical, Aerospace, Wireless, Communications,
Industrial, Military and Emergency Services markets. With operations in New
York State, Ontario and British Columbia, AimGlobal Technologies is a
recognized technical innovator and a leading manufacturer of proprietary
microelectronic solutions.
Safe Harbor Statement
Certain information in this press release contains "forward looking
statements" within the meaning of the Securities Exchange Act of 1934,
including those concerning the Company's future results and strategy. Actual
results could differ from those in the forward looking statements due to a
number of uncertainties, including, but not limited to, the demand for the
Company's products and services; the size, timing and recognition of revenue
from significant orders; increased competition, changes in Company strategy;
product life cycles; the impact of rapid technological advances, evolving
industry standards, changes in customer requirements, and fluctuations in
foreign exchange rates.
The Company's expense levels are based, in part, on its expectations as
to future revenue and a significant portion of the Company's expenses do not
vary with revenue. As a result, if revenue is below expectations, results of
operations are likely to be materially adversely affected.
For More Information
Visit Aimtronics at www.aimtronics.com
Visit AimGlobal Technologies at www.aimglobaltech.com
<<
CONSOLIDATED QUARTERLY HIGHLIGHTS
(expressed in thousands of Canadian dollars, except per share amounts)
-------------------------------------------------------------------------
Three months Three months Six months Six months
ended Sept ended Sept ended Sept ended Sept
30, 2000 30, 1999 30, 2000 30, 1999
-----------------------------------------------------
Sales 44,210 17,344 80,798 35,569
EBIAT 1,977 (2,236) 2,248 (5,256)
EBIAT - EPS 0.146 (0.209) 0.166 (0.472)
EBITDA 2,888 (1,409) 4,135 (3,595)
EBITDA - EPS $ 0.213 $ (0.126) $ 0.305 $ (0.323)
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CONSOLIDATED BALANCE SHEETS as at September 30
(expressed in thousands of Canadian dollars)
-------------------------------------------------------------------------
2000 1999
-------------------------
ASSETS
Current
Cash and cash equivalents $ 10,289 $ 64
Cash in trust 250 -
Accounts receivable 30,325 12,651
Inventory 55,413 16,449
Prepaid expenses 1,343 306
Assets of discontinued operations - 13,620
-------------------------
Total current assets 97,620 43,090
Capital assets 33,891 21,038
Intangible assets 25,300 28,425
Assets of discontinued operations - 2,927
-------------------------
Total assets $156,811 $ 95,480
-------------------------
-------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 3,783 6,920
Accounts payable and accrued liabilities 40,644 14,106
Bank loans and mortgage payable 3,210 1,825
Current portion of capital lease 2,060 552
Liabilities of discontinued operations - 4,865
-------------------------
Total current liabilities 49,697 28,268
Obligations under capital lease 7,989 4,003
Deferred income taxes 482 721
-------------------------
Total liabilities 58,168 32,992
Shareholders' equity
Share capital 120,957 83,403
Special warrants 6,926 -
Cumulative translation adjustments 599 462
Deficit (29,839) (21,377)
-------------------------
Total shareholders' equity $ 98,643 $ 62,488
-------------------------
$156,811 $ 95,480
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CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND DEFICIT
(expressed in thousands of Canadian dollars, except per share amounts)
-------------------------------------------------------------------------
Three months Three months Six months Six months
ended Sept ended Sept ended Sept ended Sept
30, 2000 30, 1999 30, 2000 30, 1999
-----------------------------------------------------
Sales $ 44,210 $ 17,344 $ 80,798 $ 35,569
Cost of sales 38,822 16,800 70,921 34,335
-----------------------------------------------------
Gross profit 5,388 544 9,877 1,234
Expenses
Business development
expense 1,367 480 2,843 1,042
General and
administration 2,542 1,819 5,129 4,095
Amortization of
intangible assets 432 360 863 720
-----------------------------------------------------
4,341 2,659 8,835 5,857
-----------------------------------------------------
Income (Loss) from
operations 1,047 (2,115) 1,042 (4,623)
Interest expense (390) (154) (747) (342)
Other expenses 498 (183) 343 (224)
-----------------------------------------------------
Income (Loss) before
income taxes 1,155 (2,452) 638 (5,189)
Income taxes
Income tax
(recovery)
provision 153 816 153 271
-----------------------------------------------------
Income (Loss)
from continuing
operations 1,002 (3,268) 485 (5,460)
Discontinued
operations - (398) - (1,129)
-----------------------------------------------------
Income (Loss) for
the period 1,002 (3,666) 485 (6,589)
-----------------------------------------------------
-----------------------------------------------------
Deficit, beginning
of period (30,841) (17,711) (30,324) (14,788)
-----------------------------------------------------
Deficit, end of
period $(29,839) $(21,377) $(29,839) $(21,377)
-----------------------------------------------------
-----------------------------------------------------
Basic earnings
(loss) per share
Continuing
operations $ 0.074 $ (0.293) $ 0.036 $ (0.490)
Discontinued
operations $ 0.000 $ (0.035) $ 0.000 $ (0.101)
-----------------------------------------------------
Weighted average
number of shares
outstanding 13,560,544 11,156,845 13,560,544 11,140,178
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in thousands of Canadian dollars)
-------------------------------------------------------------------------
Six months Six months
ended Sept ended Sept
30, 2000 30, 1999
---------------------------
OPERATING ACTIVITIES
Income (Loss) for the period $ 485 $ (6,589)
Add (deduct) items not involving cash
Depreciation and amortization 2,733 2,876
Changes in assets and liabilities (10,144) (3,131)
---------------------------
Cash used in operating activities (6,926) (6,844)
---------------------------
FINANCING ACTIVITIES
Repayment of obligations under capital lease (814) (295)
Repayment of bank loans and mortgage payable (340) (474)
Issuance of shares 616 -
Proceeds from bank indebtedness, net 2,185 4,493
Increase in bank demand loans - 1,900
---------------------------
Cash provided by financing activities 1,647 5,624
INVESTING ACTIVITIES
Business acquisition - (600)
Purchase of capital assets (4,702) (1,653)
Increase in deferred costs (84) -
---------------------------
Cash used in investing activities (4,786) (2,253)
---------------------------
Effect of exchange rate changes on cash 109 (194)
---------------------------
Net decrease in cash during the period (9,956) (3,667)
Cash and cash equivalents, beginning of period 20,245 3,731
---------------------------
Cash and cash equivalents, end of period $ 10,289 $ 64
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For further information: Company Contact: AimGlobal Technologies Company
Inc., Lisa Deguchi (604) 647-1197 ldeguchi@aimglobaltech.com |
