Immunotec Announces First Quarter 2013 Financial Results

Revenue increases by 10% and strong net profit

Marketwired

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

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