Welcome!

Microsoft Cloud Authors: Andreas Grabner, Stackify Blog, Liz McMillan, David H Deans, Automic Blog

News Feed Item

Immunotec Announces Year End 2012 Financial Results

Network sales increased 18% compared to previous year

VAUDREUIL-DORION, QUEBEC -- (Marketwire) -- 02/07/13 -- Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today released its Year End 2012 financial results for the period ended October 31, 2012.

"Over the last twelve months, our Company has recruited 43,000 new distributors, a 41% increase over the prior year. This strong recruitment performance has improved our profitability and strengthens our balance sheet", said Bob Henry, Immunotec's Chairman and CEO. "Our product line is creating significant opportunities for distributors and we are as confident as ever in the future of Immunotec."

Highlights for the year


--  Total Revenue reached $49.2M, an increase of 15% as compared to the
    previous year. 

--  Network sales reached $44.2M, an increase of 18% as compared to the same
    period in the previous year. 

--  Selected expenses(1), defined as administrative, marketing and selling,
    quality and development expenses amounted to $11.9M and measured
    favorably, as a percentage of total revenues by improving to 24% as
    compared to 28% of total revenues last year. 

--  Adjusted EBITDA(1) improved to $1.9M or 3.8% of total revenues, compared
    to $0.6M or 1.4% of total revenues over last year, a major improvement. 

--  Net profit of $125 thousand, a significant improvement over last year
    (net loss of $1.4M). 

(1) Refers to adjusted EBITDA in non-GAAP financial measures section of the Management Discussion and Analysis.

Modifications to the Corporation's Stock Option Plan

The Board of Directors has also approved a modification to the Company's Stock Option Plan, whereby it removed the 2-month hold period which applied to shares issued following the exercise of options under such Plan.

About Immunotec Inc.

Immunotec is a world class business opportunity supported by unique scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and the Caribbean.

The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.


SUPPLEMENTAL INFORMATION                                                    
Consolidated Statements of Financial Position                               
(Stated in Canadian dollars)                                                
                                        October 31, October 31, November 1, 
                                               2012        2011        2010 
                                                  $           $           $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS                                                                      
                                                                            
Current assets                                                              
  Cash                                    3,779,089   2,561,969   2,936,456 
  Trade and other receivables             1,688,279     659,004     782,557 
  Inventories                             2,601,079   3,324,740   2,612,670 
  Prepaid expenses                          374,774     393,119     381,717 
----------------------------------------------------------------------------
                                          8,443,221   6,938,832   6,713,400 
Non-current assets                                                          
  Property, plant and equipment           5,931,470   5,931,411   6,218,352 
  Intangible assets                       1,621,830   2,000,217   2,446,675 
  Goodwill                                  833,559     833,559     833,559 
  Deferred income tax assets              2,736,460   2,725,367   2,313,920 
  Non-refundable research and                                               
   development tax credits                  365,691     337,971     484,349 
----------------------------------------------------------------------------
                                         11,489,010  11,828,525  12,296,855 
----------------------------------------------------------------------------
                                         19,932,231  18,767,357  19,010,255 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES                                                                 
                                                                            
Current liabilities                                                         
  Bank indebtedness                           5,000           -           - 
  Demand loan                                     -           -   1,000,000 
  Payables                                1,545,310     935,800   1,593,697 
  Accrued liabilities                     3,151,212   2,464,967   2,182,517 
  Provisions                                491,776     671,201     524,559 
  Customer deposits                         630,240     288,192     274,051 
  Income taxes                               54,859      58,576       2,041 
  Current portion of long-term debt         117,120     312,320     147,218 
----------------------------------------------------------------------------
                                          5,995,517   4,731,056   5,724,083 
                                                                            
Long-term debt                            1,964,336   2,077,787     239,622 
----------------------------------------------------------------------------
                                          7,959,853   6,808,843   5,963,705 
----------------------------------------------------------------------------
EQUITY                                                                      
                                                                            
  Share capital                           3,462,503   3,465,548   3,465,548 
  Contributed surplus                    13,259,401  13,240,835  13,231,836 
  Accumulated other comprehensive income    179,531     306,595           - 
  Deficit                                (4,929,057) (5,054,464) (3,650,834)
----------------------------------------------------------------------------
                                         11,972,378  11,958,514  13,046,550 
----------------------------------------------------------------------------
                                         19,932,231  18,767,357  19,010,255 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Immunotec Inc.                                                              
Consolidated Statements of Changes in Equity                                
(Stated in Canadian dollars)                                                
                                                                Accumulated 
                                                                      other 
                                                  Contributed comprehensive 
                                    Share capital     surplus        income 
                          ------------------------                          
                               Number           $           $             $ 
----------------------------------------------------------------------------
Balance at November 1,                                                      
 2010                      69,994,300   3,465,548  13,231,836             - 
                                                                            
  Net loss                          -           -           -             - 
                                                                            
  Foreign currency                                                          
   translation adjustments          -           -           -       306,595 
----------------------------------------------------------------------------
Total comprehensive loss            -           -           -       306,595 
                                                                            
Share-based compensation            -           -       8,999             - 
----------------------------------------------------------------------------
Balance at October 31,                                                      
 2011                      69,994,300   3,465,548  13,240,835       306,595 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
  Net profit                        -           -           -             - 
                                                                            
  Foreign currency                                                          
   translation adjustments          -           -           -      (127,064)
----------------------------------------------------------------------------
Total comprehensive loss            -           -           -      (127,064)
                                                                            
Repurchase of shares          (61,745)     (3,045)    (11,623)            - 
Share-based compensation            -           -      30,189             - 
----------------------------------------------------------------------------
Balance at October 31,                                                      
 2012                      69,932,555   3,462,503  13,259,401       179,531 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            

                              Deficit       Total 
                                                  
                                    $           $ 
--------------------------------------------------
Balance at November 1,                            
 2010                      (3,650,834) 13,046,550 
                                                  
  Net loss                 (1,403,630) (1,403,630)
                                                  
  Foreign currency                                
   translation adjustments          -     306,595 
--------------------------------------------------
Total comprehensive loss   (1,403,630) (1,097,035)
                                                  
Share-based compensation            -       8,999 
--------------------------------------------------
Balance at October 31,                            
 2011                      (5,054,464) 11,958,514 
--------------------------------------------------
--------------------------------------------------
                                                  
  Net profit                  125,407     125,407 
                                                  
  Foreign currency                                
   translation adjustments          -    (127,064)
--------------------------------------------------
Total comprehensive loss      125,407      (1,657)
                                                  
Repurchase of shares                -     (14,668)
Share-based compensation            -      30,189 
--------------------------------------------------
Balance at October 31,                            
 2012                      (4,929,057) 11,972,378 
--------------------------------------------------
--------------------------------------------------
                                                  
                                                  
Immunotec Inc.                                                              
Consolidated Statements of Income (Loss)                                    
(Stated in Canadian dollars)                                                
                                                          2012         2011 
                                                             $            $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenues                                                                    
  Network sales                                     44,237,280   37,396,889 
  Other revenue                                      4,968,795    5,523,390 
----------------------------------------------------------------------------
                                                    49,206,075   42,920,279 
Cost of sales                                                               
  Cost of goods sold                                 8,857,853    7,595,870 
  Sales incentives - Network                        22,615,538   19,060,065 
  Other variable costs                               4,260,186    3,810,679 
----------------------------------------------------------------------------
Margin before expenses                              13,472,498   12,453,665 
----------------------------------------------------------------------------
Expenses                                                                    
  Administrative                                     5,964,183    6,403,079 
  Marketing and selling                              4,973,514    4,551,532 
  Quality and development costs                        891,006      905,113 
  Depreciation and amortization                        946,059    1,081,496 
  Other expenses                                       486,634      765,618 
----------------------------------------------------------------------------
Operating income (loss)                                211,102   (1,253,173)
----------------------------------------------------------------------------
  Net finance expenses                                  84,992      456,139 
----------------------------------------------------------------------------
Profit (loss) before income taxes                      126,110   (1,709,312)
                                                                            
Income taxes (recovery)                                                     
  Current                                                8,462       93,605 
  Deferred                                              (7,759)    (449,287)
----------------------------------------------------------------------------
Profit (loss) from continuing operations               125,407   (1,353,630)
                                                                            
Loss from discontinued operations                            -      (50,000)
----------------------------------------------------------------------------
Net profit (loss)                                      125,407   (1,403,630)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Basic and diluted net profit (loss) per share                               
  Continuing operations                                   0.00        (0.02)
  Discontinued operations                                    -        (0.00)
----------------------------------------------------------------------------
Total basic and diluted net profit (loss) per                               
 share                                                    0.00        (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average number of common shares                                    
 outstanding during the period                                              
  Basic and diluted                                 69,985,287   69,994,300 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Immunotec Inc.                                                              
Consolidated Statements of Comprehensive Loss                               
(Stated in Canadian dollars)                                                
                                                          2012         2011 
                                                             $            $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net profit (loss)                                      125,407   (1,403,630)
                                                                            
Other comprehensive income (loss), net of income                            
 tax                                                                        
Foreign currency translation adjustments              (127,064)     306,595 
----------------------------------------------------------------------------
                                                                            
Total comprehensive loss                                (1,657)  (1,097,035)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Immunotec Inc.                                                              
Consolidated Statements of Cash Flows                                       
(Stated in Canadian dollars)                                                
                                                          2012         2011 
                                                             $            $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating activities                                                        
Profit (loss) from continuing operations               125,407   (1,403,630)
Loss from discontinued operations                            -      (50,000)
----------------------------------------------------------------------------
Net profit (loss)                                      125,407   (1,353,630)
Adjustments for:                                                            
  Depreciation                                         386,797      455,668 
  Amortization                                         559,263      625,828 
  Gain on settlement of contingent consideration                            
   liability                                                 -      (64,344)
  Gain on change in fair value of contingent                                
   consideration liability                                   -      (56,950)
  Loss on write- down of intangible assets               4,131            - 
  Gain on disposal of a subsidiary                      (3,669)           - 
  Foreign exchange loss (gain) on items                                     
   denominated in foreign currencies                  (156,185)     512,325 
  Accreted interest on contingent consideration                             
   liability                                                 -       51,720 
  Net interest expense on financial liabilities                             
   measured at amortized cost                           79,860       60,521 
  Deferred income taxes                                 (7,759)    (449,287)
  Share-based compensation                              30,189        8,999 
Interest paid                                          (84,101)     (60,521)
Interest received                                        4,241            - 
----------------------------------------------------------------------------
Cash prior to working capital variation                938,174     (269,671)
Net change in non-cash working capital               1,188,265     (878,924)
----------------------------------------------------------------------------
Net cash provided by (used in) operating                                    
 activities                                          2,126,439   (1,148,595)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investing activities                                                        
  Business acquisition                                (200,203)    (109,777)
  Additions to property, plant and equipment          (384,050)    (171,086)
  Additions to intangible assets                      (187,233)    (181,022)
  Non-refundable research and investment tax                                
   credits                                             (27,720)     146,378 
----------------------------------------------------------------------------
Net cash used in investing activities                 (799,206)    (315,507)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financing activities                                                        
  Long-term debt                                             -    2,200,000 
  Bank indebtedness                                      5,000            - 
  Reimbursement of long-term debt                     (109,311)      (9,233)
  Reimbursement of demand loan                               -   (1,000,000)
  Repurchase of shares                                 (14,668)           - 
----------------------------------------------------------------------------
Net cash used in financing activities                 (118,979)   1,190,767 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net decrease in cash from continuing operations      1,208,254     (273,335)
Net decrease in cash from discontinued operations                           
  Operating activities                                       -      (50,000)
----------------------------------------------------------------------------
Net increase (decrease) in cash during the year      1,208,254     (323,335)
Cash - Beginning of the year                         2,561,969    2,936,456 
Effect of foreign exchange rate fluctuations on                             
 cash                                                    8,866      (51,152)
----------------------------------------------------------------------------
Cash - End of the year                               3,779,089    2,561,969 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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.

Contacts:
Patrick Montpetit
Chief Financial Officer
(450) 510-4527

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
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
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.
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
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...