Atlantis Systems Corp. (NEX:AIQ.H), a globally recognized training integrator in
the military and commercial aviation markets, today announced its unaudited
financial and operating results for the second quarter ended June 30, 2012. Full
results are available on www.sedar.com.
The financial statements have not been reviewed by an auditor. The unaudited
condensed 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 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
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 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.
Approved on behalf of the Board of Directors:
David Williams, Director
Ken Howard, Director
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Operations
and Comprehensive Income (Loss)
For the three and six months ended June 30, 2012 and 2011
(Expressed in thousands of Canadian dollars except per share amounts)
(Unaudited)
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For the three months For the six months
ended June 30 ended June 30
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2012 2011 2012 2011
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Revenue $ 3,287 $ 4,014 $ 6,301 $ 8,735
Cost of revenue 1,926 2,826 3,806 6,321
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Gross margin 1,361 1,188 2,495 2,414
Other income (Note 15) 478 743 598 743
Expenses
General and
administrative 1,017 1,020 2,026 1,694
Selling and marketing 101 213 212 367
Restructuring costs 26 - 51 55
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1,144 1,233 2,289 2,116
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Operating income 695 698 804 1,041
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Depreciation and
amortization 39 63 79 104
Finance costs (Note 5) 401 436 777 743
Accretion expense 18 - 35 -
Foreign currency loss
(gain) 263 (26) 85 (221)
Write down of
investments - 6 - 6
(Gain) loss on
disposal of capital
assets (7) - (7) 6
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Net and comprehensive
(loss) income $ (19) $ 219 $ (165) $ 403
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Loss (earnings) per
share (Note 10)
Basic $ (0.002) $ 0.02 $ (0.02) $ 0.04
Diluted $ (0.002) $ 0.02 $ (0.02) $ 0.04
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Weighted average number
of shares:
Basic 10,233,683 10,233,683 10,233,683 10,233,683
Diluted 10,233,683 10,258,683 10,233,683 10,258,683
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The accompanying notes are an integral part of these consolidated
financial statements.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Financial Position
As at June 30, 2012 and December 31, 2011
(Expressed in thousands of Canadian dollars)
(Unaudited)
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June 30 December 31
2012 2011
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ASSETS
Current assets
Cash and cash equivalents $ 598 $ 1,610
Note receivable (Note 7) - 100
Trade and other receivables (Note 6) 2,064 2,624
Unbilled revenue 1,172 2,736
Inventory 12 -
Prepaid expenses 99 299
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3,945 7,369
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Long-term unbilled revenue 1,668 -
Capital assets, net (Note 8) 442 521
Long-term prepaid expenses 1 1
Other long-term assets 65 67
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2,176 589
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$ 6,121 $ 7,958
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LIABILITIES
Current liabilities
Accounts payable and accrued liabilities $ 1,066 $ 2,396
Deferred revenue 533 1,420
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1,599 3,816
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Term note (Note 9) 6,655 6,648
Convertible note (Note 9) 6,452 5,897
Derivative liability (Note 9) 564 554
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13,671 13,099
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15,270 16,915
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SHAREHOLDERS' DEFICIENCY
Share capital and warrants (Note 10) 92,810 92,837
Share-based payments reserve 9,338 9,338
Deficit (111,297) (111,132)
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(9,149) (8,957)
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$ 6,121 $ 7,958
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Going concern (Note 1); Commitments (Note 12)
The accompanying notes are an integral part of these consolidated financial
statements.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Changes in Shareholders'
Deficiency
For the six months ended June 30, 2012 and 2011
(Expressed in thousands of Canadian dollars, except number of shares)
(Unaudited)
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Number
of Common
shares stock Warrants
-----------------------------------------
Balance, January 1, 2011 10,233,683 $ 92,810 $ 27
Comprehensive income - - -
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Balance, June 30, 2011 10,233,683 92,810 27
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Comprehensive loss - - -
Warrants exercised - - -
Granted - term debt conversion - - -
Share-based payments reserve - - -
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Balance, December 31, 2011 10,233,683 92,810 27
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Comprehensive loss - - -
Warrants expired - - (27)
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Balance, June 30, 2012 10,233,683 $ 92,810 $ -
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The accompanying notes are an integral part of these consolidated
financial statements.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Changes in Shareholders'
Deficiency
For the six months ended June 30, 2012 and 2011
(Expressed in thousands of Canadian dollars, except number of shares)
(Unaudited)
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Share-
based Total
payments Accumulated shareholders'
reserve deficit deficiency
-------------------------------------------
Balance, January 1, 2011 $ 9,338 $ (108,467) $ (6,292)
Comprehensive income - 403 403
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Balance, June 30, 2011 9,338 (108,064) (5,889)
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Comprehensive loss - (3,068) (3,068)
Warrants exercised - - -
Granted - term debt conversion - - -
Share-based payments reserve - - -
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Balance, December 31, 2011 9,338 (111,132) $ (8,957)
-------------------------------------------
Comprehensive loss - (165) (165)
Warrants expired - - (27)
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Balance, June 30, 2012 $ 9,338 $ (111,297) $ (9,149)
-------------------------------------------
-------------------------------------------
The accompanying notes are an integral part of these consolidated financial
statements.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Cash Flows
For the six months ended June 30, 2012 and 2011
(Expressed in thousands of Canadian dollars)
(Unaudited)
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For the six months
ended June 30
---------------------------
2012 2011
---------------------------
Cash flows provided by (used in):
Operating activities:
Net (loss) income $ (165) $ 403
Items not affecting cash:
Depreciation and amortization 79 104
(Gain) loss on disposal of capital assets - 6
Write down of investments - 6
Foreign currency loss (gain) 33 (221)
Finance costs 777 743
Accretion on term debt 35 -
Expiration of warrants (27) -
Long-term unbilled receivables (1,668) -
Long-term prepaid expense - 2
Other long-term assets 2 6
Net change in non-cash working capital (Note 13) 195 (3,541)
Interest paid (273) (935)
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Net cash (used) in operating activities (1,012) (3,427)
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Investing activities:
Investment in capital assets - (77)
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Net cash (used) in investing activities - (77)
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Financing activities:
Bridge loan proceeds, net - (996)
Operating line proceeds - 3,776
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Net cash provided by financing activities - 2,780
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Net (decrease) increase in cash and cash
equivalents (1,012) (724)
Cash and cash equivalents, beginning of period 1,610 1,110
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Cash and cash equivalents, end of period $ 598 $ 386
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The accompanying notes are an integral part of these consolidated financial
statements.
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