Welcome!

.NET Authors: Sandi Mappic, Ivan Antsipau, JP Morgenthal, Yeshim Deniz, Carmen Gonzalez

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
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, will describe how to revoluti...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.