Not bad.
They have roughly 60 M cash / 24 M share outs. = 2.50$/sh US. in cash
The stock is at 1.88$ US now.
I'll follow up on this one,
Francois
Thursday March 22, 4:07 pm Eastern Time
Press Release
SOURCE: iMagicTV
iMagicTV Reports Fourth Quarter and Year-End Results
Revenues, excluding equipment revenues, increased 45% over the preceding quarter
SAINT JOHN, NB, March 22 /PRNewswire/ - iMagicTV (Nasdaq: IMTV and TSE: IMT), a provider of software products that allow telephone
companies and other service providers to deliver multi-channel television and interactive media services, today announced its results for the
fourth fiscal quarter and financial year ended February 28, 2001. All amounts are expressed in U.S. dollars.
Total fourth-quarter revenues were $3.3 million compared with $854,000 in the same period last year.
Revenues, excluding equipment sales, for the fourth quarter were $3.2 million, a 318% increase over revenues of $765,000 in the same period
last year, and an increase of 45% from $2.2 million in the previous quarter. Revenues, excluding equipment sales, for the twelve months ended
February 28, 2001 were $7.8 million, a 333% increase from $1.8 million for the same period last year.
Net loss, excluding non-cash stock-based compensation charges, for the fourth quarter was $3.1 million, or $0.13 per basic share, compared
to a net loss of $1.7 million, or $0.10 per basic share in the fourth quarter of 2000. Net loss for the twelve months ended February 28, 2001,
excluding non-cash stock-based compensation charges, was $10.9 million, or $0.55 per basic share, compared to a net loss of $5.6 million, or
$0.40 per basic share for the same period in 2000.
``We remain confident in the market opportunity for iMagicTV's solution. Excluding equipment sales, we are anticipating a 35% increase in
revenues for fiscal year 2002 compared to fiscal year 2001,'' said Marcel LeBrun, president and chief executive officer of iMagicTV. ``We do,
however, understand and anticipate that the slowdown in spending in the telecommunications industry could result in the lengthening of trial
periods prior to service providers making a significant capital commitment for a commercial roll-out. The impact of the current market conditions
is primarily one of timing,'' he added.
About iMagicTV
iMagicTV (Nasdaq:IMTV and TSE:IMT) provides software products and related services that enable telephone companies and other service
providers to deliver multi-channel digital television and interactive media services to their subscribers over a broadband network infrastructure.
iMagicTV's software can be deployed over high-speed broadband networks including ADSL, VDSL, wireless, Ethernet and Fiber to the Home
(FTTH) technologies.
Incorporated in 1997, iMagicTV maintains its global headquarters in Saint John, New Brunswick, Canada, its U.S. headquarters in Raleigh (North
Carolina), its European headquarters in Cambridge (United Kingdom) and its Asia Pacific headquarters in Singapore. For more information on
iMagicTV, visit www.imagictv.com.
IMAGICTV INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands of U.S. dollars, except per share amounts)
Three Months Ended Year Ended
Feb. 28, Feb. 29, Feb. 28, Feb. 29,
------------------------------------------
2001 2000 2001 2000
---- ---- ---- ----
(unaudited)(unaudited)(unaudited)
Revenues:
License fees $ 1,053 $ 664 $ 4,770 $ 1,384
Royalty fees 1,075 - 1,288 -
Services 1,098 101 1,791 393
Equipment 43 89 1,150 321
--------- --------- --------- ---------
3,269 854 8,999 2,098
--------- --------- --------- ---------
Cost of Revenues:
Services 1,031 173 2,248 609
Equipment 36 102 1,068 331
--------- --------- --------- ---------
Total cost of revenues 1,067 275 3,316 940
--------- --------- --------- ---------
Gross Profit 2,202 579 5,683 1,158
--------- --------- --------- ---------
Operating expenses:
Sales and marketing 2,836 787 7,430 2,220
Research and development 2,095 1,119 7,221 3,803
General and administrative 841 244 2,313 766
Depreciation 376 166 1,169 495
Stock-based compensation 196 - 543 -
--------- --------- --------- ---------
Total operating expenses 6,344 2,316 18,676 7,284
--------- --------- --------- ---------
Loss from operations (4,142) (1,737) (12,993) (6,126)
Interest income 870 51 1,133 121
Forgivable government
assistance - - - 434
Foreign exchange gain (loss) (32) (16) 426 (31)
--------- --------- --------- ---------
Loss before provision for
income taxes (3,304) (1,702) (11,434) (5,602)
Provision for income taxes (11) (12) (24) (44)
--------- --------- --------- ---------
Net loss for the period $ (3,293) $ (1,714) $(11,458) $ (5,646)
--------- --------- --------- ---------
--------- --------- --------- ---------
Basic and diluted net loss per
share $ (0.13) $ (0.10) $ (0.58) $ (0.40)
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average number of
shares used in computing
basic and diluted net loss
per share (000s) 24,593 17,548 19,796 13,968
Adjusted Net loss
Net loss for the period $ (3,293) $ (1,714) $(11,458) $ (5,646)
Add back of non-cash
stock based compensation
charges 196 - 543 -
--------- --------- --------- ---------
Adjusted net loss $ (3,097) $ (1,714) $(10,915) $ (5,646)
--------- --------- --------- ---------
--------- --------- --------- ---------
Adjusted basic and diluted net
loss per share $ (0.13) $ (0.10) $ (0.55) $ (0.40)
--------- --------- --------- ---------
--------- --------- --------- ---------
IMAGICTV INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
February 28, February 29,
2001 2000
---------------------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,332 $ 6,396
Short-term investments 59,428 -
Accounts receivable, trade 5,680 1,979
Installments receivable 705 -
Inventory 295 -
Prepaid expenses, deposits
and other receivables 1,436 195
---------- ----------
68,876 8,570
Capital assets 2,970 1,289
---------- ----------
$ 71,846 $ 9,859
---------- ----------
---------- ----------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 1,055 $ 564
Accrued liabilities 3,823 396
Deferred revenue
and customer deposits 1,119 1,430
Current portion
of long-term debt 72 26
---------- ----------
6,069 2,416
---------- ----------
Long-term debt 1,577 1,737
---------- ----------
Shareholders' equity:
Authorized:
Unlimited common shares,
no par value
Unlimited preferred shares,
no par value
Issued and outstanding:
24,592,690 Common Shares
at February 28, 2001
(February 29, 2000 -
17,548,653) 87,678 14,489
---------- ----------
Reporting currency
translation adjustments (526) 41
Deferred stock-based
compensation (2,670) -
Accumulated deficit (20,282) (8,824)
---------- ----------
64,200 5,706
---------- ----------
$ 71,846 $ 9,859
---------- ----------
---------- ----------
Cautionary Note Regarding Forward-looking Statements Under the Private Securities Litigation Reform Act of 1995: Information in this release
that involves iMagicTV's projections, expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking
statements that involve risks and uncertainties. These statements include statements about iMagicTV's strategies in the marketplace, its
market position and its relationship with customers. All forward-looking statements included in this release are based upon information available
to iMagicTV as of the date of the release, and we assume no obligation to update any such forward-looking statement. These statements are
not guarantees of future performance and actual results could differ materially from our current expectations. These and other factors are risks
associated with our business that may affect our operating results, which are discussed in the Company's filings with the Securities and
Exchange Commission (SEC).
NOTE TO INVESTORS AND ANALYSTS:
Investors and analysts are invited to participate in a conference call to review iMagicTV's FY2001 fourth quarter and year-end financial results.
Fourth quarter highlights will also be discussed during the presentation:
Time: Thursday, March 22, 2001 - 4:30 pm (EST)
To participate in this conference call, please call the following numbers approximately five minutes before the call (4:25 pm EST):
From Canada and the U.S., outside Toronto: 1- 800-478-9326
From Toronto or outside Canada and the U.S.: 416-695-5801
If you experience any problems during the call or reaching the numbers above, please call Darome Teleconferencing at 1-800-268-9072 or
416-695-6740.
You can also access the conference call via an audio Web cast by visiting the following link:
webevents.broadcast.com
SOURCE: iMagicTV |
