Aludra Reports Record Quarterly Revenue and Profit Results for Q1 F2001
e-newsservices.com
Toronto, Ontario - Tuesday, November 7, 2000, 1:06 PM EST
Aludra Inc. (CDNX: YAD), The Technology and Imagination Solutions
Company, reports its financial results for its first fiscal
quarter ended Aug. 31, 2000.
A provider of innovative e-Business solutions, Aludra reported
the continuation of the company's track record of revenue and
earnings growth. The Company posted a record $596,180 in revenues
for the first fiscal quarter, an increase of over 40% over
revenues of $423,298 for the same period a year ago. Earnings
(EBIT) amounted to $189,517, an increase of 37% from the $137,635
reported for the corresponding period in fiscal 2000. Net income
increased 20% from $94,135 or $0.010 per share for Q1 in fiscal
2000, to $113,717 or $0.012 per share for Q1 in fiscal 2001.
Increased profitability was largely attributable to higher sales
in e-Business services, a reflection of the Company's steady
advancement of technological skills and robust e-Business
development platform.
Commenting on these results, Aldo Baiocchi, President and CEO of
Aludra, said, "By every measure this was a milestone quarter for
Aludra. We not only became a public company, but we are excited
about our broadening client opportunities, having recently
assisted 4 new clients in launching their e-Businesses in the
quarter. Aludra continues to perform and grow in accordance with
its strategic focus upon the e-marketplace. This quarter has
started right on track, placing Aludra in a position to produce
another strong year."
"Aludra has shown consistent profitability since inception,
reporting accelerated revenue growth that has quadrupled over the
last three fiscal years," stated Raymond Rabbani, CFO of Aludra.
"Our business model is based on the delivery of competitive value
to our customers, strong management fundamentals and ongoing
investments in our technology platform strategy that we believe
will enable Aludra to continue to expand rapidly. Aludra's goal
is to continue to improve profitability while continuing to
outpace the industry growth rates."
About Aludra
Aludra Inc. is a Toronto-based Technology and Imagination
Solutions Company that is ranked among Canada's Fastest Growing
Startups as published by PROFIT, The Magazine for Canadian
Entrepreneurs (Sept.2000 issue). As an e-Business full service
provider, Aludra delivers innovative e-Business services using
new and emerging technologies to a growing corporate client base.
Focused on the development of proprietary technologies through
its research and development efforts, Aludra is well known for
its multimedia creativity, digital animation, flexible
programming technology and its flagship product, Aludra Suite,
version 1.1. Specifically designed to reduce cost of outsourcing
and deliver competitive advantage, this modular suite of
integrated, Web-based products enhances information access,
provides transaction tools, data hosting and fully integrated
front/back-office customer relationship management. Aludra
combines this modular offering with implementation services and
strategic alliances to enable client companies to establish
sustainable e-business in the fast-growing Internet marketplace.
For further information, please refer to Aludra's corporate Web
site at www.aludra.com or contact Aldo Baiocchi, CEO, at
(416) 658-0034 ext.103, e-mail: ab@aludra.com, or Investor
Relations at (416) 656-7640, ext.114.
The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
Aludra Inc.
Financial Statements
For the Three Months Ended August 31, 2000 and 1999
Aludra Inc.
Balance Sheets
As at August 31, 2000 and 1999
(unaudited)
---------------------------------------------------------------
2000 1999
Assets
Current
Cash and cash equivalents $ - $ 164,427
Short-term investments 35,750 -
Accounts receivable 788,834 93,567
Prepaid expenses and sundry assets 18,031 17,955
Income taxes recoverable - 61,333
---------------------------------------------------------------
842,615 337,282
Capital assets 239,617 143,962
---------------------------------------------------------------
$ 1,082,232 $ 481,244
---------------------------------------------------------------
Liabilities
Current
Bank indebtedness $ 37,371 $ -
Accounts payable and accrued liabilities 151,247 91,164
Income taxes payable 97,114 -
Long-term debt 90,643 68,352
Shareholder loans 85,146 94,227
---------------------------------------------------------------
461,521 253,743
Future income taxes 11,000 2,500
Long-term debt 146,798 -
---------------------------------------------------------------
619,319 256,243
---------------------------------------------------------------
Shareholders' Equity
Capital stock 24,100 100
Retained earnings 438,813 224,901
---------------------------------------------------------------
462,913 225,001
---------------------------------------------------------------
$ 1,082,232 $ 481,244
---------------------------------------------------------------
Aludra Inc.
Statement of Earnings and Retained Earnings
For the Three Months Ended August 31, 2000 and 1999
(unaudited)
---------------------------------------------------------------
2000 1999
Sales $ 596,180 $ 423,298
---------------------------------------------------------------
Expenses
Advertising, promotion and travel 8,353 14,925
Interest 4,851 2,616
Investor relations 22,000 -
Occupancy costs 36,220 12,737
Office and general 46,143 19,507
Professional fees 36,409 11,510
Research and development 45,374 52,675
Salaries and benefits 185,192 160,145
Amortization 22,121 11,548
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406,663 285,663
---------------------------------------------------------------
Earnings before income taxes 189,517 137,635
Income taxes
Current 75,800 41,000
Future - 2,500
---------------------------------------------------------------
75,800 43,500
---------------------------------------------------------------
Net earnings 113,717 94,135
Retained earnings at beginning of period 325,096 130,766
---------------------------------------------------------------
Retained earnings at end of period $ 438,813 $ 224,901
---------------------------------------------------------------
Earnings per share - basic and fully diluted $ 0.012 $ 0.010
---------------------------------------------------------------
Aludra Inc.
Statements of Cash Flows
For the Three Months Ended August 31, 2000 and 1999
(unaudited)
---------------------------------------------------------------
2000 1999
---------------------------------------------------------------
Cash flows from operating activities
Net earnings for period $ 113,717 $ 94,135
Add (deduct) items not affecting cash
Amortization 22,121 11,548
Future income tax provision - 2,500
---------------------------------------------------------------
135,838 108,183
Changes in non-cash working capital items
Accounts receivable (491,677) (20,912)
Prepaid expenses 16,874 (10,792)
Income taxes payable 75,800 39,195
Accounts payable and accrued liabilities 76,868 23,049
---------------------------------------------------------------
(186,297) 138,723
---------------------------------------------------------------
Cash flows from investing activities
Purchase of capital assets (7,728) (26,975)
---------------------------------------------------------------
Cash flows from financing activities
Shareholder loans 103 10,003
Repayment of loans payable (17,471) (14,086)
Issuance of capital stock 24,000 -
---------------------------------------------------------------
6,632 (4,083)
---------------------------------------------------------------
(Decrease) increase in cash during
the period (187,393) 107,665
Cash at beginning of period 150,022 56,762
---------------------------------------------------------------
(Bank indebtedness) cash at end of period $ (37,371) $ 164,427
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