Atlantis Reports Second Quarter 2013 Financial Results
28 August 2013 - 7:11AM
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. (NEX:AIQ.H), a globally recognized training integrator in
the military and commercial aviation markets, today announced its unaudited
condensed consolidated interim financial statements for the second quarter ended
June 30, 2013. Full results are available on www.sedar.com.
The financial statements have not been reviewed by an auditor. The unaudited
condensed consolidated 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 interim
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.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the accuracy or adequacy of this release.
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 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.
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Comprehensive Loss
For the three and six months ended June 30, 2013 and 2012
(Expressed in thousands of Canadian dollars except per share amounts)
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the three
months For the six months
ended June 30, ended June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
Revenue $ 2,006 $ 3,287 $ 4,165 $ 6,301
Cost of revenue 1,781 1,926 3,525 3,806
----------------------------------------------------------------------------
Gross margin 225 1,361 640 2,495
Other income (Note 10) 64 478 134 598
Expenses
General and administrative 665 1,017 1,202 2,026
Selling and marketing 301 101 653 212
Restructuring costs 60 26 60 51
----------------------------------------------------------------------------
1,026 1,144 1,915 2,289
----------------------------------------------------------------------------
Operating (loss) income (737) 695 (1,141) 804
----------------------------------------------------------------------------
Depreciation and amortization 35 39 58 79
Interest and financing costs,
net 458 401 1,083 777
Accretion expense 17 18 8 35
Foreign currency loss 489 263 737 85
Gain on disposal of capital
assets - (7) (4) (7)
----------------------------------------------------------------------------
Net and comprehensive loss $ (1,736) $ (19) $ (3,023) $ (165)
----------------------------------------------------------------------------
Loss per share
Basic $ (0.17) $ (0.002) $ (0.30) $ (0.02)
Diluted $ (0.17) $ (0.002) $ (0.30) $ (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Financial Position
As at June 30, 2013 and December 31, 2012
(Expressed in thousands of Canadian dollars)
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
June 30, December 31,
2013 2012
----------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents $ 149 $ 15
Trade and other receivables (Note 6) 2,319 3,567
Unbilled revenue 1,935 2,492
Prepaid expenses 154 21
----------------------------------------------------------------------------
4,557 6,095
----------------------------------------------------------------------------
Unbilled revenue 151 125
Capital assets, net 328 370
Other long term assets 64 67
----------------------------------------------------------------------------
543 562
----------------------------------------------------------------------------
$ 5,100 $ 6,657
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 1,863 $ 1,898
Deferred revenue 418 136
Provisions (Note 7) 402 627
Term debt (Note 8) 360 -
----------------------------------------------------------------------------
3,043 2,661
----------------------------------------------------------------------------
Deferred revenue 123 248
Term note (Note 9 and 13) 6,872 6,504
Convertible note (Note 9 and 13) 7,587 6,747
Derivative liability (Note 13) 18 17
----------------------------------------------------------------------------
14,600 13,516
----------------------------------------------------------------------------
17,643 16,177
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SHAREHOLDERS' DEFICIENCY
Share capital and warrants 92,810 92,810
Share-based payments reserve 9,338 9,338
Deficit (114,691) (111,668)
----------------------------------------------------------------------------
(12,543) (9,520)
----------------------------------------------------------------------------
$ 5,100 $ 6,657
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Going concern (Note 1); Commitments (Note 11)
Approved on behalf of the Board of Directors:
signed: David Williams, Director signed: Ken Howard, Director
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Changes in Shareholder's
Deficiency
For the six months ended June 30, 2013 and 2012
(Expressed in thousands of Canadian dollars except number of shares)
(Unaudited)
Number of Common
shares stock Warrants
--------------------------------------------------
--------------------------------------------------
Balance January 1, 2012 10,233,683 $ 92,810 $ 27
Comprehensive loss - - -
--------------------------------------------------
Balance June 30, 2012 10,233,683 92,810 27
--------------------------------------------------
Comprehensive loss - - -
Warrants expired - - (27)
--------------------------------------------------
Balance December 31,
2012 10,233,683 92,810 -
--------------------------------------------------
Comprehensive gain - - -
--------------------------------------------------
Balance June 30, 2013 10,233,683 $ 92,810 $ -
--------------------------------------------------
--------------------------------------------------
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Changes in Shareholder's
Deficiency
For the six months ended June 30, 2013 and 2012
(Expressed in thousands of Canadian dollars except number of shares)
(Unaudited)
Share-based Total
payments Accumulated shareholders'
reserve deficit deficiency
-----------------------------------------------------
-----------------------------------------------------
Balance January 1, 2012 $ 9,338 $ (111,132) $ (8,957)
Comprehensive loss - (146) (146)
-----------------------------------------------------
Balance June 30, 2012 9,338 (111,278) (9,103)
-----------------------------------------------------
Comprehensive loss - (417) (417)
Warrants expired - 27 -
-----------------------------------------------------
Balance December 31,
2012 9,338 (111,668) (9,520)
-----------------------------------------------------
Comprehensive gain - (3,023) (3,023)
-----------------------------------------------------
Balance June 30, 2013 $ 9,338 $ (114,691) $ (12,543)
-----------------------------------------------------
-----------------------------------------------------
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Cash Flows
For the six months ended June 30, 2013 and 2012
(Expressed in thousands of Canadian dollars)
(Unaudited)
For the six months
ended June 30,
2013 2012
------------------------
Cash flows provided by (used in):
Operating activities:
Net loss $ (3,023) $ (165)
Items not affecting cash:
Depreciation and amortization 58 79
Foreign currency loss 737 33
Interest and finance costs 1,083 777
Accretion expense 8 35
Expirations of warrants - (27)
Long-term unbilled receivables - (1,668)
Other long-term assets 3 2
Net change in non-cash working capital (Note 9) 1,543 195
Interest and finance costs paid (619) (273)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net cash (used) in operating activities (210) (1,012)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Investing activities:
Investment in capital assets (16) -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net cash used in investing activities (16) -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financing activities:
Term debt proceeds 1,430 0
Term debt repayment (1,070) -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net cash provided by financing activities 360 -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 134 (1,012)
Cash and cash equivalents, beginning of period 15 1,610
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and cash equivalents, end of period 149 598
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Atlantis Systems Corp
Ellie Landale
Corporate Secretary
(416) 738-8074
elandale@atlantissc.com
www.atlantissc.com
Atlantis Systems Corp (TSXV:AIQ.H)
Historical Stock Chart
From May 2024 to Jun 2024
Atlantis Systems Corp (TSXV:AIQ.H)
Historical Stock Chart
From Jun 2023 to Jun 2024
