|By Marketwired .||
|November 28, 2012 07:53 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/29/12 -- Artaflex Inc. (TSX VENTURE:ATF) ("Artaflex" or the " Company"), a specialist at delivering integrated product solutions and support to the global technology and electronics industry, today reports audited financial results for the year ended July 31, 2012 and unaudited financial results for the three months ended July 31, 2012.
Artaflex reports in U.S. dollars and all numbers below are expressed in thousands of U.S. dollars, except per share information and gross margin percentages.
The financial statements for the year ended July 31, 2012, including required comparative information, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
2012 Financial Highlights: -- Sales increased by $2,084 or 11.0% in 2012 compared to 2011, -- Gross margin decreased to 12.9% compared to 24.8% for the same period last year, -- Net loss and comprehensive loss for period of $4,361 compared to net income of $937 for the same period last year, -- Adjusted EBITDA loss of $2,208 compared to an Adjusted EBITDA gain of $2,244 for the same period last year, -- Loss of $0.33 per share compared to net income of $0.08 per share for the same period last year, -- Net cash provided by operating activities of $990 during the year compared to net cash used by operating activities of $632 for the same period last year. Q4 2012 Financial Highlights: -- Sales increased by $2,786 or 70.6% compared to the same quarter last year, -- Gross margin decreased to 3.6% compared to 14.7% for the same quarter last year, -- Net loss of $2,942 compared to net loss of $341 for the same quarter last year, -- Adjusted EBITDA loss of $1,471 compared to an Adjusted EBITDA loss of $345 for the same quarter last year, -- Loss of $0.19 per share compared to loss of $0.03 per share for the same quarter last year, -- Net cash provided by operating activities of $558 compared to cash used in operating activities of $154 for the same quarter last year.
Sales increased 11.0% to $20,983 in 2012 compared to $18,899 in 2011. For the year 2011, sales to the Company's four largest customers represented an aggregate of 57% (2011 - 77%) of the Company's total sales. Sales attributed to the purchase of Adeptron accounted for an estimated increase of $9,371. The stand-alone Artaflex sales declined by approximately $6,000 due primarily to the loss of a large customer in 2012. Sales for the fourth quarter of 2012 of $6,733 increased 70.6% from $3,947 for the same period in 2011, primarily due to the acquisition of Adeptron in 2012.
Gross profit for the year decreased $1,996 or 42.5% to $2,700 compared to $4,696 for the year 2011. Gross profit, expressed as a percentage of sales for the year 2012, declined to 12.9% compared to 24.8% for 2011. The decrease in gross profit for the year is primarily due to the acquisition of Adeptron which historically has lower gross profit percentages and due to duplicate costs during the period of integration of the two Markham facilities. Management has and continues in its efforts to improve gross profits through cost reduction and effectively utilizing the synergies from the Adeptron acquisition. Gross profit for the fourth quarter of 2012 decreased $340, to $242 compared with $582 in the same period of 2011. Gross profit as a percentage of sales for the fourth quarter of 2012 was 3.6% compared to 14.7% for the same period in 2011. The decrease in gross profit and percentage in the quarter is largely due to the acquisition of Adeptron which historically had a lower gross profit and the incurrence of duplicate costs during the period of integration of the two Markham facilities.
Selling, general and administrative ("SG&A") expense for the year 2012 increased 129.2% to $5,918 compared to $2,582 for the year 2011. The increase was primarily due to one-time legal and professional costs associated with the acquisition of Adeptron and the attempt at another acquisition which subsequently was terminated. In addition, Artaflex incurred significant professional fees in order to switch from a private company to a public entity. SG&A expenses as a percentage of sales was 28.2% up from 13.7% in 2011. SG&A expenses increased $1,252 to $2,357 in the fourth quarter compared to $1,105 for the same period in 2011. The increase in SG&A expense for the fourth quarter was largely due to the one-time costs associated with the Adeptron acquisition and the terminated acquisition. Overall the percentage of SG&A as a percentage of sales for the fourth quarter of 2012 was 35.0% up from 28.0% for the same period in 2011.
The net loss and comprehensive loss in 2012 was $4,361 compared to a net income of $937 in 2011. Net loss for the fourth quarter 2012 was $2,942 compared to a net loss of $341 for the same period of 2011.
Adjusted EBITDA loss was $2,208 in 2012 compared to adjusted EBITDA income of $2,244 in 2011. During the fourth quarter of 2012 adjusted EBITDA loss was $1,471 compared with a loss of $345 in the same period last year.
EBITDA means earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA means earnings before interest, taxes, depreciation, amortization, stock-based compensation and restructuring costs. EBITDA and Adjusted EBITDA are not recognized measures under IFRS. However, management believes that EBITDA and Adjusted EBITDA as herein defined are useful supplemental measures to net income (loss), as it provides investors with an indication of cash earnings prior to debt service, capital expenditures, income taxes and other non-recurring and non-cash items. Readers should be cautioned, however, that EBITDA and Adjusted EBITDA should not be construed as an alternative to net income (loss) determined in accordance with generally accepted accounting principles as an indicator of the Company's performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. The Company's method of calculating EBITDA and Adjusted EBITDA may differ from the methods by which other companies calculate EBITDA and Adjusted EBITDA and, accordingly, the EBITDA and Adjusted EBITDA used herein may not be comparable to measures used by other companies.
Artaflex is a specialist at delivering integrated product solutions and support to the global technology and electronics industry. As a leading global provider of complete Electronics Manufacturing Services (EMS), Artaflex offers world class manufacturing facilities and global partners throughout Canada, the United States, Israel and China, allowing Artaflex to provide its customers the flexibility and scalability to competitively achieve total solutions to their present and future electronics outsourcing needs. Visit Artaflex at: www.artaflex.com.
This news release may contain forward-looking statements and information relating to such matters as expected financial performance, business prospects, technological developments, development activities and like matters. These statements involve risk and uncertainties, including but not limited to risk factors described in documents filed with regulatory authorities, such as the company's most recently filed annual and quarterly MD&A's. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Artaflex Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, unless required to do so under applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 21, 2014 12:45 PM EDT Reads: 768
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
Oct. 21, 2014 12:45 PM EDT Reads: 597
SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...
Oct. 21, 2014 12:30 PM EDT Reads: 1,127
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Oct. 21, 2014 09:00 AM EDT Reads: 1,361
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Oct. 20, 2014 11:45 PM EDT Reads: 1,140
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
Oct. 20, 2014 11:15 PM EDT Reads: 1,606
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
Oct. 20, 2014 09:45 PM EDT Reads: 1,155
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Oct. 20, 2014 07:00 PM EDT Reads: 1,889
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Oct. 20, 2014 03:45 PM EDT Reads: 1,618
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Oct. 20, 2014 02:00 PM EDT Reads: 1,611
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Oct. 20, 2014 02:00 PM EDT Reads: 1,746
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
Oct. 20, 2014 12:00 PM EDT Reads: 1,606
Oct. 20, 2014 12:00 PM EDT Reads: 1,828
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
Oct. 20, 2014 09:00 AM EDT Reads: 1,539
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Oct. 19, 2014 10:00 PM EDT Reads: 1,501
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Oct. 19, 2014 09:00 PM EDT Reads: 1,760
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
Oct. 19, 2014 07:30 PM EDT Reads: 1,416
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
Oct. 19, 2014 11:00 AM EDT Reads: 1,883
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Oct. 19, 2014 11:00 AM EDT Reads: 1,676
Swiss innovators dizmo Inc. launches its ground-breaking software, which turns any digital surface into an immersive platform. The dizmo platform seamlessly connects digital and physical objects in the home and at the workplace. Dizmo breaks down traditional boundaries between device, operating systems, apps and software, transforming the way users work, play and live. It supports orchestration and collaboration in an unparalleled way enabling any data to instantaneously be accessed on any surface, anywhere and made interactive. Dizmo brings fantasies as seen in Sci-fi movies such as Iro...
Oct. 18, 2014 10:00 PM EDT Reads: 1,841