Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

News Feed Item

Gendis Inc. Announces Third Quarter Results

WINNIPEG, MANITOBA -- (Marketwire) -- 12/10/12 -- Gendis Inc. (TSX:GDS) today announced its financial results for the 3rd quarter ended October 31, 2012 of the fiscal year ending January 31, 2013.

Revenue for the 3rd quarter was $1,431,000 compared to $1,419,000 for last year's 3rd quarter. Net loss for the 3rd quarter was $791,000 ($0.06 per share) compared to a profit of $3,015,000 ($0.21 per share) for last year's 3rd quarter.

Revenue year-to-date was $4,471,000 compared to $4,517,000 last year. Net loss year-to-date was $8,300,000 ($0.60 per share) compared to a loss of $671,000 ($0.05 per share) for last year.

Lease rental revenue increased marginally while investment income was essentially even quarter over quarter and year-to-date. The decrease in earnings is primarily due to the change in fair value for equity investments and investment properties quarter over quarter and year-to-date.

Condensed summarized information is as follows:


                                          quarter ended        year-to-date 
in millions of Canadian dollars        Oct 31    Oct 31    Oct 31    Oct 31 
except per share                         2012      2011      2012      2011 
----------------------------------------------------------------------------
Lease rental revenue                      0.9       0.9       3.0       3.0 
Investment income                         0.5       0.5       1.5       1.5 
Fair value change:                                                          
  Veresen                                 0.1       0.9      (4.4)      2.8 
  OSUM                                   (1.0)      0.5      (8.2)     (8.5)
  Other equity investments                0.1      (0.1)     (0.9)     (0.1)
  Investment properties                  (0.8)      1.6      (0.1)      1.8 
Expenses                                 (0.7)     (0.9)     (2.8)     (2.9)
Settlement of legal claims                  -         -       1.5         - 
Income tax recovery (expense)             0.1      (0.4)      2.1       1.7 
                                                                            
Net earnings (loss)                      (0.8)      3.0      (8.3)     (0.7)
                                                                            
Earnings (loss) per share             $ (0.06)  $  0.21   $ (0.60)  $ (0.05)
                                                                            
Fair value of investments:                                                  
  Veresen                                                    25.8      28.8 
  OSUM                                                       17.4      19.4 
  Other equity investments                                    1.8       0.1 
  Investment properties                                      27.9      26.9 
Other assets                                                  0.7       0.7 
                                                                            
Debt & payables                                               5.5      12.7 
Deferred tax payable                                          2.4       2.0 
                                                                            
Shareholders' equity                                         65.7      61.2 
                                                                            
                                             quarter ended      year-to-date
in millions of Canadian dollars            Oct 31   Oct 31   Oct 31   Oct 31
except per share                             2012     2011     2012     2011
----------------------------------------------------------------------------
Cash flow from:                                                             
  Operations                                                                
    Cash receipts                             1.6      1.9      4.7      4.7
    Cash disbursements                      (0.8)    (1.1)    (2.9)    (3.0)
    Finance expense                             -    (0.1)    (0.1)    (0.3)
    Settlement of legal claims                  -        -      1.5    (1.3)
    Income taxes                                -        -      0.7    (0.1)
  Investing                                                                 
    Proceeds on sales of investments            -        -      0.1        -
    Purchase of investments                     -        -    (2.7)        -
    Expenditures on investment properties   (0.5)        -    (0.5)        -
  Financing                                                                 
    Debt advance (reduction)                  0.1    (0.6)      0.3      0.4
    Purchase of share capital for                                           
     cancellation                           (0.1)        -    (0.1)        -
    Dividends                               (0.3)    (0.3)    (1.0)    (0.3)
                                                                            
                                                                            
GENDIS INC.                                                                 
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION                           
(unaudited - thousands of Canadian                                          
 dollars)                                           Oct 31   Oct 31   Jan 31
                                              note    2012     2011     2012
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
  Cash                                                  10       86      142
  Receivables                                          710      574    1,464
----------------------------------------------------------------------------
Total current assets                                   720      660    1,606
----------------------------------------------------------------------------
Non current assets                                                          
  Equity investments                             2  44,930   48,280   55,813
  Investment property                               27,900   26,880   27,560
  Furnishings and equipment                             39       49       52
----------------------------------------------------------------------------
Total non current assets                            72,869   75,209   83,425
----------------------------------------------------------------------------
Total assets                                        73,589   75,869   85,031
----------------------------------------------------------------------------
                                                                            
LIABILITIES                                                                 
  Current liabilities                                                       
  Credit facilities                              3   3,897   11,395    3,600
  Payables                                             472      400      582
  Current income tax payable                           154        -        -
----------------------------------------------------------------------------
Total current liabilities                            4,523   11,795    4,182
----------------------------------------------------------------------------
Non current liabilities                                                     
  Post employment benefit obligation                   951      855      961
  Deferred income tax payable                        2,438    1,980    4,723
----------------------------------------------------------------------------
Total non current liabilities                        3,389    2,835    5,684
----------------------------------------------------------------------------
Total liabilities                                    7,912   14,630    9,866
----------------------------------------------------------------------------
SHAREHOLDERS' EQUITY                                65,677   61,239   75,165
----------------------------------------------------------------------------
Total liabilities and shareholders'                                         
 equity                                             73,589   75,869   85,031
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
GENDIS INC.                                                                 
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME                         
FOR THE PERIODS ENDED OCTOBER 31                                            
(unaudited - thousands of Canadian dollars except for share data)           
                                                quarter        year-to-date 
                                          2012     2011       2012     2011 
----------------------------------------------------------------------------
Revenue                                                                     
Lease rentals                              931      912      2,959    2,990 
Dividends and other investment income      500      507      1,512    1,527 
----------------------------------------------------------------------------
  Total revenue                          1,431    1,419      4,471    4,517 
----------------------------------------------------------------------------
Expense                                                                     
  Property                                 370      396      1,413    1,456 
  Administration                           301      348      1,206    1,140 
  Finance                                   30      104        134      289 
----------------------------------------------------------------------------
Total expense                              701      848      2,753    2,885 
----------------------------------------------------------------------------
Fair value change                                                           
  Investment property                     (851)   1,602       (131)   1,827 
  Equity investments                      (807)   1,233    (13,503)  (5,869)
----------------------------------------------------------------------------
Total fair value change                 (1,658)   2,835    (13,634)  (4,042)
----------------------------------------------------------------------------
Settlement of legal claims                   -        -      1,483        - 
----------------------------------------------------------------------------
                                                                            
Earnings (loss) before income tax         (928)   3,406    (10,433)  (2,410)
Income tax (expense) recovery              137     (391)     2,133    1,739 
----------------------------------------------------------------------------
Net earnings (loss) from operations                                         
 and comprehensive income (loss)          (791)   3,015     (8,30 )    (671)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net earnings (loss) from operations                                         
 per share                            $  (0.06)  $ 0.21   $  (0.60) $(0.05 )
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
GENDIS INC.                                                                 
CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY              
                                                                            
                                                 Share   Retained     Total 
(unaudited - thousands - shares &              Capital   Earnings           
Canadian dollars as applicable)             #        $          $         $ 
----------------------------------------------------------------------------
Balance - January 31, 2011             13,937   14,650     47,608    62,258 
Comprehensive loss to July 31, 2011                        (3,686)   (3,686)
----------------------------------------------------------------------------
Balance - July 31, 2011                13,937   14,650     43,922    58,572 
Comprehensive income for the                                                
quarter ended October 31, 2011                              3,015     3,015 
Dividend paid                                                (348)     (348)
----------------------------------------------------------------------------
Balance - October 31, 2011             13,937   14,650     46,589    61,239 
Comprehensive income for the                                                
 remainder of the year                                     17,759    17,759 
Dividends paid                                             (3,833)   (3,833)
----------------------------------------------------------------------------
Balance - January 31, 2012             13,937   14,650     60,515    75,165 
Comprehensive loss to July 31, 2012                        (7,509)   (7,509)
Purchase of share capital for                                               
 cancellation                              (6)      (6)       (13)      (19)
Dividends paid                                               (697)     (697)
----------------------------------------------------------------------------
Balance - July 31, 2012                13,931   14,644     52,296    66,940 
Comprehensive loss for the                                                  
quarter ended October 31, 2012                               (791)     (791)
Purchase of share capital for                                               
 cancellation                             (40)     (42)       (82)     (124)
Dividend paid                                                (348)     (348)
----------------------------------------------------------------------------
Balance - October 31, 2012             13,891   14,602     51,075    65,677 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
GENDIS INC.                                                                 
CONDENSED INTERIM STATEMENT OF CASH FLOWS                                   
FOR THE PERIODS ENDED OCTOBER 31                                            
                                                                            
                                                   quarter     year-to-date 
(unaudited - thousands of Canadian dollars)   2012    2011     2012    2011 
----------------------------------------------------------------------------
Changes in cash position                                                    
  By operations                                                             
    Cash receipts                            1,580   1,889    4,665   4,715 
    Cash disbursements                        (760) (1,042)  (2,868) (3,067)
Receipt (payment) on settlement of legal                                    
 claims                                          -       -    1,483  (1,250)
    Income taxes (paid) recovered                -       -      706     (74)
    Finance expense paid                       (28)   (102)    (135)   (290)
----------------------------------------------------------------------------
  Total by operations                          792     745    3,851      34 
----------------------------------------------------------------------------
  By investing activities                                                   
    Proceeds from sale of equity                                            
     investments                                 -       -      118       - 
    Acquisition of equity investments            -       -   (2,739)      - 
    Expenditures on investment property       (471)     (8)    (471)    (33)
    Proceeds on sale of equipment                -       3        -       3 
    Expenditures on furnishings and                                         
     equipment                                   -      (9)       -      (9)
----------------------------------------------------------------------------
  Total by investing activities               (471)    (14)  (3,092)    (39)
----------------------------------------------------------------------------
  By financing activities                                                   
    Net advance (repayment) of credit                                       
     facilities                                103    (587)     297     400 
    Purchase of share capital for                                           
     cancellation                            (124)       -     (143)      - 
    Dividends paid                             348    (348)  (1,045)   (348)
  Total by financing activities               (369)   (935)    (891)     52 
----------------------------------------------------------------------------
Increase (decrease) in cash                    (48)   (204)    (132)     47 
Cash - beginning of period                      58     290      142      39 
----------------------------------------------------------------------------
Cash - end of period                            10      86       10      86 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Gendis Inc.

Notes to the unaudited Condensed Interim Financial Statements

October 31, 2012

(All tabular amounts in thousands of Canadian dollars unless otherwise stated)


1.  General information
    General information on Gendis Inc. is the same as disclosed in Note 1 to
    the complete audited annual financial report for the year ended January
    31, 2012.
    The principal accounting policies applied in the preparation of these
    condensed interim financial statements are the same as set out in Note 2
    to the complete audited annual financial report for the year ended
    January 31, 2012. These policies have been consistently applied to all
    periods presented. 
    
    
2.  Investments 

                                                              Oct 31  Jan 31
                                                                2012    2012
----------------------------------------------------------------------------
                                                                            
Veresen                                                       25,760  30,120
OSUM                                                          17,405  25,595
Other equity investments                                       1,765      98
----------------------------------------------------------------------------
                                                                            
                                                              44,930  55,813
----------------------------------------------------------------------------
                                                                            
3. Credit facilities                                                        
                                                  Remaining                 
                                 Borrowing        borrowing   Carrying value
                                   Balance     availability    of collateral
------------------------------------------ ---------------- ----------------
                            Oct 31  Jan 31   Oct 31  Jan 31   Oct 31  Jan 31
                              2012    2012     2012    2012     2012    2012
----------------------------------------------------------------------------
Banker's acceptances         3,497   3,000                                  
Bank demand loan               400     600                                  
-------------------------------------------                                 
                             3,897   3,600    6,100   8,400   23,852  27,890
Broker's margin account          -       -    1,177   1,115    2,673   2,328
----------------------------------------------------------------------------
                                                                            
                             3,897   3,600    7,277   9,515   26,525  30,218
----------------------------------------------------------------------------
----------------------------------------------------------------------------

4.  Settlement of legal claims
    The Company reached a settlement with its insurer concerning the
    settlement of legal claims against the Company and some of its Directors
    by two suppliers and a buying agent and importer to a former subsidiary
    of the Company. 
    
    
5.  Subsequent Event
    On December 10, 2012, the Company declared a regular dividend of 2.5
    cents per share to shareholders of record December 21, 2012, payable
    January 4, 2013.
    
    During the period November 1, 2012 to December 10, 2012, the Company
    sold 105,000 shares of OSUM for net proceeds of $899,000.
    
    During the period November 1, 2012 to December 10, 2012, the Company
    purchased 1-million shares of Input Capital Corp., a private company,
    for $1-million.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...