Immunotec Announces First Quarter 2013 Financial Results

VAUDREUIL-DORION, QUEBEC--(Marketwire - Mar 21, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its first quarter 2013 financial results for the three-month period ended 31 January 2013.

"As the Company continues to execute against our business plan, we have delivered a strong quarter with net profit of $528 thousand. These results represent the best quarter we have seen in six years. Our profitability has improved and we continue to lay the groundwork for a strong future." said Bob Henry, Immunotec''s Chairman and CEO.

Highlights for the first quarter of fiscal 2013

• Total Revenue reached $12.2M, an increase of 10.3% as compared to the same period in the previous year.

• Network sales reached $11.2M, an increase of 12.4% as compared to the same period in the previous year.

• Selected expenses¹ defined as administrative, marketing and selling, quality and development expenses amounted to $2.9M or 23.9% of total revenues, which compares favorably to 27.2% for the same period in the previous year.

• Adjusted EBITDA¹ improved to $0.8M or 6.8% of total revenues, compared to $0.3M or 2.5% of total revenues for the same period in the previous year, a significant improvement.

• Net profit of $528 thousand; a significant improvement over a net profit of $6 thousand for the same period in the previous year.

¹ Refer to "Adjusted EBITDA" in the non-GAAP financial measures section of Management''s Discussion and Analysis for the three-month period ended 31 January 2013.

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.

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.

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
Interim Consolidated Statements of Financial Position
		January 31,		October 31,
		2013		2012
(Canadian dollars)		$		$
ASSETS
Current assets
	Cash	2,745,757		3,779,089
	Trade and other receivables	905,426		1,688,279
	Inventories	3,491,914		2,601,079
	Prepaid expenses	573,008		374,774
		7,716,105		8,443,221
Non-current assets
	Property, plant and equipment	5,867,767		5,931,470
	Intangible assets	1,520,052		1,621,830
	Goodwill	833,559		833,559
	Other non- current assets	3,822,576		3,102,151
		12,043,954		11,489,010
		19,760,059		19,932,231
LIABILITIES
Current liabilities
	Bank indebtedness	-		5,000
	Payables	1,696,173		1,545,310
	Accrued liabilities	2,944,334		3,151,212
	Provisions	319,324		491,776
	Deferred revenue and customer deposits	325,217		630,240
	Income taxes	47,815		54,859
	Current portion of long- term debt	118,533		117,120
		5,451,396		5,995,517
Long-term debt		1,932,602		1,964,336
		7,383,998		7,959,853
EQUITY
	Share capital	3,454,845		3,462,503
	Contributed surplus	13,233,270		13,259,401
	Accumulated other comprehensive income	88,750		179,531
	Deficit	(4,400,804	)	(4,929,057	)
		12,376,061		11,972,378
		19,760,059		19,932,231

Interim Consolidated Statements of Income
		2013		2012
(Canadian dollars except for the number of shares)		$		$
Revenues
	Network sales	11,200,494		9,961,042
	Other revenue	978,865		1,082,126
		12,179,359		11,043,168
Cost of sales
	Cost of goods sold	1,988,452		1,856,122
	Sales incentives - Network	5,381,975		4,964,247
	Other variable costs	1,075,242		949,011
Margin before expenses		3,733,690		3,273,788
Expenses
	Administrative	1,439,546		1,622,154
	Marketing and selling	1,239,074		1,157,264
	Quality and development costs	227,035		222,673
	Depreciation and amortization	220,672		239,604
	Other expenses	4,451		10,141
Operating income		602,912		21,952
Net finance expenses		(67,874	)	(44,484	)
Profit before income taxes		670,786		66,436
Income taxes
	Current	1,092		2,157
	Deferred	141,441		58,700
Net profit		528,253		5,579
Total basic and diluted net profit common per share		0.01		0.00
Weighted average number ofcommon shares outstanding during the period
Basic and diluted		69,845,360		69,994,300

Interim Consolidated Statements of Comprehensive Income (Loss)
		2013		2012
(Canadian dollars)		$		$
Net profit		528,253		5,579
Other comprehensive income (loss),net of income tax
Items that may be reclassified subsequently to profit or loss:
	Foreign currency translation adjustments	(90,781	)	(114,314	)
Total comprehensive income (loss)		437,472		(108,735	)

Interim Consolidated Statements of Cash Flows
		2013		2012
(Canadian dollars)		$		$
Operating activities
Net profit		528,253		5,579
Adjustments for:
	Depreciation	99,076		101,292
	Amortization	121,596		138,312
	Foreign exchange gain on items denominated in foreign currencies	(134,680	)	(153,257	)
	Net interest expense	18,198		20,240
	Deferred income taxes	141,441		58,700
	Share- based compensation	4,451		10,141
Interest paid		(18,198	)	(21,806	)
Interest received		-		1,556
Cash prior to working capital variation		760,137		160,757
Net change in non- cash working capital		(1,655,171	)	(518,088	)
Net cash used in operating activities		(895,034	)	(357,331	)
Investing activities
	Additions to property, plant and equipment	(28,113	)	(163,574	)
	Additions to intangible assets	(18,921	)	(27,515	)
Net cash used in investing activities		(47,034	)	(191,089	)
Financing activities
	Bank indebtedness	(5,000	)	215,000
	Reimbursement of long- term debt	(30,321	)	(27,865	)
	Repurchase of shares	(38,240	)	-
	Reimbursment of other liability	-		(25,508	)
Net cash provided by (used in) financing activities		(73,561	)	161,627
Net decrease in cash during the period		(1,015,629	)	(386,793	)
Cash -Beginning of the period		3,779,089		2,561,969
Effect of foreign exchange rate fluctuations on cash		(17,703	)	(8,884	)
Cash -End of the period		2,745,757		2,166,292