VAUDREUIL-DORION, QUEBEC--(Marketwired - Jun 14, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its second quarter 2013 financial results for the three- and six- month periods ended 30 April 2013.
"Immunotec's results are testimony to our founders' vision for bringing improved health and wellness to our product and opportunity customers. We thank our independent consultants, employees and external partners who collaborate every day to make this possible." said Mr. Charles L. Orr, Immunotec's Chief Executive Officer.
Highlights for the second quarter of fiscal 2013
- Total Revenue for the three-month period reached $12.6M, an increase of 10.6% as compared to the same period in the previous year. Total revenue in the six-month period reached $24.8M, an increase of 10.4% as compared to the same period in the previous year.
- Network sales in the three-month period reached $11.2M, an increase of 9.0% as compared to the same period in the previous year. Network sales in the six- month period reached $22.4M, an increase of 10.7% as compared to the same period in the previous year.
- Selected expenses,(1) defined as administrative, marketing and selling, quality and development expenses in the three-month period ended 30 April 2013, amounted to $3.0M or 23.9% of total revenues, which compares favourably to 24.6% for the same period in the previous year. In the six-month period, these expenses amounted to $5.9M or 23.9% of total revenues, also comparing favourably to 25.9% the same period of the previous year.
- Adjusted EBITDA,(1) in the three-month period ended 30 April 2013 improved to $0.9M or 7.4% of total revenues, compared to $0.2M or 1.6% of total revenues for the same period in the previous year, a significant improvement. For the six-month period, Adjusted EBITDA(1) amounted to $1.8M or 7.1% of total revenues, also a significant improvement.
- Net profit for the three-month period ended 30 April 2013 amounted to $0.7M; a significant improvement over a net loss of $0.1M for the same period in the previous year. For the six-month period ended 30 April 2013, net profit amounted to $1.2M, also a significant improvement over a loss of $0.1M in the same period in the previous year.
|(1)||Refer to the non-GAAP financial measures section of Management's Discussion and Analysis.|
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, Mexico, Europe 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.
|Interim Consolidated Statements of Financial Position|
|30 April||31 October|
|Trade and other receivables||1,308,887||1,688,279|
|Property, plant and equipment||5,833,889||5,931,470|
|Other non- current assets||3,824,319||3,102,151|
|Deferred revenue and customer deposits||476,840||630,240|
|Current portion of long- term debt||119,246||117,120|
|Long- term debt||1,902,031||1,964,336|
|Accumulated other comprehensive income||(151,266||)||179,531|
|Interim Consolidated Statements of Income (Loss)|
|For the three-and six-month periods ended 30 April|
|Three months||Six months|
|(Canadian dollars except for the number of shares)||$||$||$||$|
|Cost of sales|
|Cost of goods sold||2,231,194||1,935,261||4,219,646||3,791,383|
|Sales incentives - Network||5,596,762||5,407,413||10,978,737||10,371,660|
|Other variable costs||992,357||1,088,149||2,067,599||2,037,160|
|Margin before expenses||3,810,030||2,989,264||7,543,720||6,263,052|
|Marketing and selling||1,256,541||1,248,505||2,495,615||2,405,769|
|Quality and development costs||225,685||183,460||452,720||406,133|
|Depreciation and amortization||219,924||223,658||440,596||463,262|
|Operating income (loss)||555,533||(56,518||)||1,158,445||(33,737||)|
|Net finance expenses (income)||(267,745||)||124,857||(335,619||)||80,373|
|Profit (loss) before income taxes||823,278||(181,375||)||1,494,064||(114,110||)|
|Income taxe expense (recovery)|
|Net profit (loss)||658,576||(108,926||)||1,186,829||(102,518||)|
|Total basic and diluted net profit (loss) common per share||0.01||(0.00||)||0.02||(0.00||)|
|Weighted average number of common shares outstanding during the period|
|Basic and diluted||69,681,982||69,994,300||69,767,670||69,994,300|
|Interim Consolidated Statements of Cash Flows|
|For the six-month periods ended 30 April|
|Net profit (loss)||1,186,829||(102,518||)|
|Unrealized foreign exchange differences||(331,625||)||(46,253||)|
|Net interest expense on finanical liabilities measured at amortized cost||37,697||39,734|
|Deferred income taxes||301,726||(27,047||)|
|Share- based compensation||20,514||21,847|
|Cash prior to working capital variation||1,618,040||309,291|
|Net change in non- cash working capital||(1,649,133||)||422,569|
|Net cash (used in) provided by operating activities||(31,093||)||731,860|
|Additions to property, plant and equipment||(77,907||)||(314,823||)|
|Additions to intangible assets||(27,423||)||(83,057||)|
|Net cash used in investing activities||(105,330||)||(397,880||)|
|Reimbursement of long- term debt||(60,179||)||(55,982||)|
|Repurchase of shares||(70,759||)||-|
|Reimbursment of other liability||-||(200,203||)|
|Net cash used in financing activities||(135,938||)||(256,185||)|
|Net (decrease) increase in cash during the period||(272,361||)||77,795|
|Cash - Beginning of the period||3,779,089||2,561,969|
|Effect of foreign exchange rate fluctuations on cash||(141,827||)||(13,627||)|
|Cash - End of the period||3,364,901||2,626,137|