Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

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.

Contacts:
Gendis Inc.
James E. Cohen
President & Chief Executive Officer
(204)474-5200
(204)474-5201 (FAX)
[email protected]
www.gendis.ca

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
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...