Atlantis Reports First Quarter 2013 Financial Results
29 Mai 2013 - 9:18PM
Marketwired Canada
This news release may contain forward-looking statements. Reference should be
made to "Forward-looking Statements" at the end of this news release. All
amounts are stated in Canadian dollars except where otherwise noted.
Atlantis Systems Corp. (NEX:AIQ.H), a globally recognized training integrator in
the military and commercial aviation markets, today announced its unaudited
condensed consolidated interim financial statements for the first quarter ended
March 31, 2013. Full results are available on www.sedar.com.
The financial statements have not been reviewed by an auditor. The unaudited
condensed consolidated interim financial statements of Atlantis Systems Corp.
have been prepared by and are the responsibility of management acting on behalf
of Atlantis Systems Corp. The Company's independent auditors, Deloitte & Touche
LLP have not performed a review of these condensed interim consolidated interim
financial statements in accordance with standards established by the Canadian
Institute of Chartered Accountants for a review of condensed consolidated
interim financial statements by an entity's auditor.
About Atlantis Systems Corp.
Atlantis Systems (NEX:AIQ.H) uses its core capabilities in simulation-aided
design and engineering and e-learning, combined with various technology tools,
to help customers in military and commercial markets to ensure the feasibility,
capability, and effective utilization of their complex assets. In more than 30
years of operation, Atlantis has developed a solid reputation for its creative
workforce and innovative solutions in supporting global OEM customers and
defence organizations. To learn more, please visit the Company's web site at
www.atlantissc.com.
Forward-Looking Statements
Atlantis assumes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or for any
other reason. Additional information regarding risks and uncertainties that
could affect Atlantis' business is contained in the Business Risk Factors
section of Atlantis's Annual MD&A available on SEDAR at www.sedar.com.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Operations
and Comprehensive Loss
For the three months ended March 31, 2013 and 2012
(Expressed in thousands of Canadian dollars except per share amounts)
(Unaudited)
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For the three months
ended March 31,
------------------------------
2013 2012
-------------------------------------------------------------------------
Revenue $ 2,158 $ 3,014
Cost of revenue 1,744 1,880
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Gross margin 414 1,134
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Other income 70 120
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Expenses
General and administrative 537 1,009
Selling and marketing 353 111
Restructuring costs - 25
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890 1,145
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Operating income (loss) $ (406) 109
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Depreciation and amortization 22 40
Finance costs 624 378
Accretion expense (9) 17
Foreign currency loss (gain) 279 (180)
Gain on disposal of capital assets (3) -
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Net and comprehensive loss $ (1,319) $ (146)
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Loss per share
Basic $ (0.13) $ (0.01)
Diluted $ (0.13) $ (0.01)
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ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Financial Position
As at March 31, 2013 and December 31, 2012
(Expressed in thousands of Canadian dollars)
(Unaudited)
--------------------------------------------------------------------------
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March 31, December 31,
2013 2012
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ASSETS
Current Assets
Cash and cash equivalents $ 247 $ 15
Trade and other receivables 3,146 3,567
Unbilled revenue 2,238 2,492
Prepaid expenses 126 21
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5,757 6,095
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Unbilled revenue 163 125
Capital assets, net 349 370
Other long term assets 64 67
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576 562
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$ 6,333 $ 6,657
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LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities 1,508 1,898
Deferred revenue 542 136
Provision for restructuring costs 472 627
Term debt 811 -
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3,333 2,661
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Deferred revenue 89 248
Term note 6,639 6,504
Convertible note 7,094 6,747
Derivative liability 17 17
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13,839 13,516
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17,172 16,177
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SHAREHOLDERS' DEFICIENCY
Share capital and warrants 92,810 92,810
Shared-based payments reserve 9,338 9,338
Deficit (112,987) (111,668)
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(10,839) (9,520)
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$ 6,333 $ 6,657
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Approved on behalf of the Board of Directors:
"David Williams", Director "Ken Howard", Director
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Changes in Shareholders'
Deficiency
For the three months ended March 31, 2013 and 2012
(Expressed in thousands of Canadian dollars, except number of shares)
(Unaudited)
Share- Total
Number based Accumu- share-
of Common payments lated holders'
shares stock Warrants reserve deficit deficiency
------------------------------------------------------------
Balance,
January 1,
2012 10,233,683 92,810 27 9,338 (111,132) (8,957)
Comprehensive
loss - - - - (146) (146)
------------------------------------------------------------
Balance,
March 31,
2012 10,233,683 92,810 27 9,338 (111,278) (9,103)
------------------------------------------------------------
Comprehensive
loss - - - - (417) (417)
Warrants
expired - - (27) - 27 -
------------------------------------------------------------
Balance,
December 31,
2012 10,233,683 92,810 - 9,338 (111,668) (9,520)
------------------------------------------------------------
Comprehensive
loss - - - - (1,319) (1,319)
------------------------------------------------------------
Balance,
March 31,
2013 10,233,683 92,810 - 9,338 (112,987) (10,839)
------------------------------------------------------------
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended March 31, 2013 and 2012
(Expressed in thousands of Canadian
dollars)
(Unaudited)
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For the three months
ended March 31,
-------------- ---------------
2013 2012
-------------- ---------------
Cash flows provided by (used in):
Operating activities:
Net loss $ (1,319) $ (146)
Items not affecting cash:
Depreciation and amortization 22 40
Foreign currency loss (gain) 279 (243)
Finance costs 624 389
Accretion on term debt (9) 17
Other long-term assets - (1)
Net change in non-cash working capital 234 162
Gain on disposal of capital asset 3 -
Finance costs paid (412) (199)
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Net cash provided (used) in operating
activities (578) 19
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Investing activities:
Investment in capital assets (1)
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Net cash used in investing activities (1) -
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Financing activities:
Term debt proceeds, net 811 -
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Net cash provided by financing activities 811 -
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Net increase in cash and cash equivalents 232 19
Cash and cash equivalents, beginning of
period 15 1,610
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Cash and cash equivalents, end of period $ 247 $ 1,629
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FOR FURTHER INFORMATION PLEASE CONTACT:
Atlantis Systems Corp.
Ellie Landale
Corporate Secretary
(416) 738-8074
elandale@atlantissc.com
www.atlantissc.com
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