Atlantis Systems Corp. Reports Consolidated Financial Results for the Year Ended 2012
26 April 2013 - 7:41AM
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. ("Atlantis") (NEX:AIQ.H), a globally recognized training
integrator in the military and commercial aviation markets, today announced its
audited consolidated financial results for the year ended 2012. Full results are
available on www.sedar.com.
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 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.
Consolidated Statements of Comprehensive Loss
For the years ended December 31, 2012 and 2011
(Expressed in thousands of Canadian dollars except per share amounts)
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2012 2011
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Revenue $ 10,672 $ 14,512
Cost of revenue 7,243 10,853
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Gross margin 3,429 3,659
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Other income (Note 21) 2,343 871
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Expenses
General and administrative 3,569 3,419
Selling and marketing 851 615
Restructuring costs (Note 11) 728 203
5,148 4,237
Operating income 624 293
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Depreciation and amortization 167 206
Finance costs (Note 7) 1,676 2,154
(Gain) loss on derivative liability (537) 341
Accretion expense 70 12
Foreign currency (gain) loss (182) 233
Write down of investments - 6
(Gain) loss on disposal of capital assets (7) 6
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Net and comprehensive loss $ (563) $ (2,665)
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Loss per share (Note 14)
Basic $ (0.06) $ (0.26)
Diluted $ (0.06) $ (0.26)
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Approved on behalf of the Board of Directors:
Signed: David Williams, Signed: Ken Howard,
Director Director
ATLANTIS SYSTEMS CORP.
Consolidated Statements of Financial Position
As at December 31, 2012 and 2011
(Expressed in thousands of Canadian dollars)
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2012 2011
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ASSETS
Current assets
Cash $ 15 $ 1,610
Trade and other receivables (Note 8) 3,567 2,624
Note receivable (Note 9) - 100
Unbilled revenue 2,492 2,736
Prepaid expenses 21 299
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6,095 7,369
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Unbilled revenue 125 -
Capital assets, net (Note 10) 370 521
Long-term prepaid expenses - 1
Other long term assets 67 67
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562 589
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$ 6,657 $ 7,958
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LIABILITIES
Current liabilities
Accounts payable and accrued liabilities $ 1,898 $ 2,350
Deferred revenue 136 1,420
Provisions (Note 11) 627 46
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2,661 3,816
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Deferred revenue 248 -
Term note (Note 12) 6,504 6,648
Convertible note (Note 12) 6,747 5,897
Derivative liability (Note 13) 17 554
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13,516 13,099
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16,177 16,915
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SHAREHOLDERS' DEFICIENCY
Share capital and warrants (Note 14) 92,810 92,837
Share-based payments reserve 9,338 9,338
Deficit (111,668) (111,132)
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(9,520) (8,957)
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$ 6,657 $ 7,958
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ATLANTIS SYSTEMS CORP.
Consolidated Statements of Changes in Shareholder's Deficiency
For the years ended December 31, 2012 and 2011
(Expressed in thousands of Canadian dollars except number of shares)
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Number Common
of shares stock Warrants
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Balance January 1, 2011 10,233,683 $ 92,810 $ 27
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Net and comprehensive loss - - -
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Balance December 31, 2011 10,233,683 92,810 27
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Net and comprehensive loss - - -
Expired warrants - - (27)
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Balance December 31, 2012 10,233,683 $ 92,810 $ -
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Share-based Total
payments Accumulated shareholders'
reserve deficit deficiency
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Balance January 1, 2011 $ 9,338 $ (108,467) $ (6,292)
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Net and comprehensive loss - (2,665) (2,665)
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Balance December 31, 2011 9,338 (111,132) (8,957)
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Net and comprehensive loss - (563) (563)
Expired warrants - 27 -
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Balance December 31, 2012 $ 9,338 $ (111,668) $ (9,520)
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ATLANTIS SYSTEMS CORP.
Consolidated Statements of Cash Flows
For the years ended December 31, 2012 and 2011
(Expressed in thousands of Canadian dollars)
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2012 2011
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Cash flows provided by (used in):
Operating activities:
Net and comprehensive loss $ (563) $ (2,665)
Items not affecting cash:
Depreciation and amortization 167 206
(Gain) loss on disposal of capital assets (7) 6
Write down of investments - 6
Foreign currency (gain) loss (182) 233
Finance costs 1,676 2,154
Accretion expense 70 12
Loss on derivative (537) 341
Long-term prepaid expense 1 150
Other long-term assets - 10
Long-term receivable - 100
Net change in non-cash working capital (Note 19) (1,443) (2,780)
Realized foreign currency loss (79) -
Finance costs paid (689) (1,939)
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Net cash used in operating activities (1,586) (4,166)
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Investing activities:
Investment in capital assets (16) (119)
Proceeds from sale of capital assets 7 -
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Net cash used in investing activities (9) (119)
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Financing activities:
Term debt proceeds - 4,785
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Net cash provided by financing activities - 4,785
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Net (decrease) increase in cash (1,595) 500
Cash, beginning of year 1,610 1,110
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Cash, end of year $ 15 $ 1,610
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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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