|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.
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 07:30 PM EST Reads: 1,943
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Dec. 17, 2014 07:15 PM EST Reads: 1,872
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Dec. 17, 2014 06:30 PM EST Reads: 1,798
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 06:00 PM EST Reads: 1,784
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 06:00 PM EST Reads: 1,949
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Dec. 17, 2014 11:45 AM EST Reads: 2,054
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Dec. 16, 2014 11:45 PM EST Reads: 1,917
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Dec. 15, 2014 11:45 PM EST Reads: 2,389
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 15, 2014 10:30 AM EST Reads: 8,047
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
Dec. 15, 2014 10:00 AM EST Reads: 3,221
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Dec. 15, 2014 10:00 AM EST Reads: 2,325
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
Dec. 15, 2014 09:00 AM EST Reads: 2,434
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, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
Dec. 15, 2014 09:00 AM EST Reads: 2,142
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
Dec. 15, 2014 08:45 AM EST Reads: 3,101
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 15, 2014 08:15 AM EST Reads: 3,500
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Dec. 15, 2014 06:45 AM EST Reads: 3,219
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Dec. 15, 2014 04:00 AM EST Reads: 2,133
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
Dec. 12, 2014 05:00 PM EST Reads: 1,876
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.
Dec. 11, 2014 06:00 PM EST Reads: 2,181
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Dec. 11, 2014 03:15 PM EST Reads: 3,002