Optimal Robotics Corp. (Part 2 of 2)
Consolidated Statements of Operations
(stated in United States dollars, unless otherwise noted)
Year ended Year ended
December 31, December 31,
2000 1999
Income Statement Data:
(Canadian GAAP)
Revenues $ 60,970,505 $ 29,634,246
Cost of Sales 45,557,943 23,457,413
Gross Margin 15,412,562 6,176,833
Research and development expenses, net
of tax credits 912,679 219,956
Selling, general and administrative
expenses 9,153,760 5,548,833
Operating lease expense 624,834 232,471
Write-down of inventory -- 604,364
Amortization of capital assets 850,872 344,718
Investment income (3,896,899) (893,694)
7,645,246 6,056,648
Earnings (loss) before income taxes 7,767,316 120,185
Provision for (recovery of) income taxes 2,972,239 (3,531,583)
Net earnings $ 4,795,077 $ 3,651,768
Weighted average number of common
shares outstanding 13,104,361 9,699,385
Fully-diluted number of common shares 14,167,641 12,708,533
Basic net earnings per common share $ 0.37 $ 0.38
Fully-diluted net earnings per
common share $ 0.35 $ 0.35
Pro forma net earnings (loss) (1) $ 4,795,077 $ 120,185
Pro forma fully diluted earnings (loss)
per common share(1) $ 0.35 $ 0.01
Three months Three months
ended ended
December 31, December 31,
2000 1999
(unaudited)
Income Statement Data:
(Canadian GAAP)
Revenues $ 12,542,737 $ 6,834,636
Cost of Sales 9,466,695 5,449,836
Gross Margin 3,076,042 1,384,800
Research and development expenses, net
of tax credits 388,879 42,552
Selling, general and administrative
expenses 3,028,651 2,055,468
Operating lease expense 214,353 58,174
Write-down of inventory -- 604,364
Amortization of capital assets 186,351 122,231
Investment income (1,095,129) (344,410)
2,723,105 2,538,379
Earnings (loss) before income taxes 352,937 (1,153,579)
Provision for (recovery of) income taxes 134,993 (3,531,583)
Net earnings $ 217,944 $ 2,378,004
Weighted average number of common
shares outstanding 13,707,331 11,144,577
Fully-diluted number of common shares 13,708,690 13,993,815
Basic net earnings per common share $ 0.02 $ 0.21
Fully-diluted net earnings per
common share $ 0.02 $ 0.18
Pro forma net earnings (loss) (1) $ 217,944 $ (1,154,000)
Pro forma fully diluted earnings (loss)
per common share(1) $ 0.02 $ (0.10)
(1) Pro forma adjusted to exclude the Company's provision for
income tax recovery in the fourth quarter of 1999 of $3,531,583
Optimal Robotics Corp.
Consolidated Balance Sheets
(stated in United States dollars, unless otherwise noted)
December 31, December 31,
2000 1999
Assets
Current assets
Cash $ 5,006,982 $ 4,499,084
Short-term investments 71,141,910 24,636,606
Accounts receivable, net of
allowance for doubtful
accounts of nil 10,485,017 4,641,566
Inventories 16,725,885 3,363,943
Tax credits receivable 323,788 252,520
Future income taxes 2,420,718 3,012,997
Prepaid expenses and deposits 327,039 127,017
106,431,339 40,533,733
Loan receivable 125,934 155,643
Deferred share issue costs -- 56,985
Future income taxes 1,462,227 2,112,028
Capital assets 3,253,148 1,347,903
$ 111,272,648 $ 44,206,292
Liabilities
Current liabilities
Accounts payable and
accrued liabilities $ 6,492,371 $ 3,659,189
Deferred revenue 34,695 592,271
Contract advance -- 250,000
6,527,066 4,501,460
Shareholders' Equity
Share capital 107,050,914 44,657,833
Other capital 9,684 20,559
Cumulative translation adjustment (1,484,471) 652,062
Deficit (830,545) (5,625,622)
104,745,582 39,704,832
$ 111,272,648 $ 44,206,292 |
