Q3 results (cont'd) - detailed financials
MPACT Immedia Corporation
Consolidated Statements of Income
Quarterly Report for the Year Ending August 31, 1998
3rd Quarter
(Canadian Dollars) (Unaudited)
May 1998 May 1997
Revenue
Network services $6,615,414 $4,963,433
Software and related services 1,150,263 1,239,994
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Total Revenue 7,765,677 6,203,427
Costs and expenses
Network services 1,685,106 1,279,581
Software and related services 651,419 639,148
Selling, general and administrative 3,698,419 3,768,876
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Total costs and expenses 6,034,944 5,687,605
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Operating income 1,730,733 515,822
Interest income (150,037) (81,183)
Interest and financial charges 208,956 164,078
Restructuring charges 0 0
Depreciation and amortization 712,319 888,706
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Income (loss) before income tax 959,495 (455,779)
Provision for current income tax 457,000 0
Recovery of current income tax
due to the application of prior
years' losses (457,000) 0
---------- ----------
0 0
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Net income (loss) $959,495 ($455,779)
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Net income (loss) per share $0.05 ($0.03)
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9 months 9 months
Revenue
Network services $16,384,565 $9,497,849
Software and related services 3,605,512 3,780,064
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Total Revenue 19,990,077 13,277,913
Costs and expenses
Network services 4,208,776 2,255,429
Software and related services 2,572,618 2,043,682
Selling, general and administrative 9,965,839 8,568,012
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Total costs and expenses 16,747,233 12,867,123
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Operating income (loss) 3,242,844 410,790
Interest income (347,370) (283,868)
Interest and financial charges 528,919 296,248
Restructuring charges 0 1,350,000
Depreciation and amortization 1,929,889 1,815,900
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Income (loss) before income tax 1,131,406 (2,767,490)
Provision for current income tax 532,000 0
Recovery of current income tax
due to the application of prior
years' losses (532,000) 0
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0 0
---------- ----------
Net income (loss) $1,131,406 ($2,767,490)
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Net income (loss) per share $0.06 ($0.16)
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MPACT Immedia Corporation
Consolidated Statement of Cash Flows
Quarterly Report for the Year Ending August 31, 1998
3rd Quarter
(Canadian dollars) (Unaudited)
May 1998 May 1997
9 months 9 months
Cash flows from operations
Net income/(loss) $1,131,406 ($2,767,490)
Depreciation and amortization 1,929,889 1,815,900
Changes in working capital items (2,593,438) (240,352)
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Source (use) from operations 467,857 (1,191,942)
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Cash flows from investing
Advance to Immedia Telematics Inc. (2,101, 438) (1,729,930)
Capital purchases (2,670, 820) (1,885,016)
Acquisition of subsidiaries 0 (6,318,966)
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Uses from investing (4,772,258) (9,933,912)
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Cash flows from financing
Long-term debt 1,687,552 1,286,253
Installment on long-term debt (1,831,993) (482,365)
Issue of common shares 9,038,305 136,230
Issue of special warrants 12,220,000 0
Shares issued for acquisition of subsidiary 0 5,955,572
---------------------------------
Sources from financing 21,113,864 6,895,690
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Increase (decrease) in cash 16,809,463 (4,230,164)
Beginning cash position 7,048,437 11,686,312
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Ending cash position $23,857,900 $7,456,148
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Cash position
Cash and short-term deposits 14,747,900 5,006,148
Term deposits held in escrow 6,110,000 0
Term deposit 3,000,000 3,000,000
Bank indebtedness 0 (550,000)
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$23,857,900 $7,456,148
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MPACT Immedia Corporation
Consolidated Balance Sheet
Quarterly Report for the Year Ending August 31, 1998
As at May 31
(Canadian Dollars) (Unaudited)
1998 1997
ASSETS
Current assets
Cash and short term investments $14,747,900 $5,006,148
Term deposits held in escrow 6,110,000 0
Term deposit, 4.64%, maturing
September 16, 1998 3,000,000 3,000,000
Trade accounts receivable 5,789,277 5,260,116
Other receivables 5,468,483 3,936,132
Assigned income tax credits receivable 3,369,688 1,003,379
Prepaid expenses 244,667 326,357
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Total current assets 32,620,015 18,532,132
Capital assets 6,000,369 9,027,905
Goodwill 0 5,786,046
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Total assets $38,620,384 $33,346,083
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LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness $0 $550,000
Accounts payables and accrued liabilities 4,830,120 4,399,533
Deferred revenue 1,186,502 926,460
Current portion of long-term debt 2,140,351 978,811
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Total current liabilities 8,156,973 6,854,804
Long term debt 1,958,138 2,824,022
Shareholders' equity
Capital stock 47,642,108 25,949,721
Deficit (13,026,835) (2,282,464)
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Total shareholders' equity 34,615,273 23,667,257
--------------- -------------
Total liabilities and shareholders' equity $44,730,384 $33,346,083
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