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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aclara Resources Inc | TSX:ARA | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 3.70% | 0.56 | 0.53 | 0.55 | 0.56 | 0.56 | 0.56 | 8,928 | 18:43:03 |
2008 Second Quarter Highlights
- ART identified and secured regional distribution partners in several key geographic areas for the distribution of its preclinical product offering, notably Asia and Europe.
- ART announced the closing of a private placement of $1.1 million in preferred shares.
Post Quarter Events
- ART secured three orders, for a total of three Optix® units, for which it expects to recognize the revenue over the next few weeks for two of them and by the end of the year for the third.
- ART announced a private placement of approximately $6.0million in preferred shares.
Revenues
For the three-month period ended June 30, 2008, revenues were $1,212,860, compared to $41,951 for the same period ended June 30, 2007. Sales resulting from products amounted to $37,177 in the quarter ended June 30, 2008, compared to $41,951 for the same quarter of last year. Revenues resulting from sales of products for the six-month period ended June 30, 2008 amounted to $1,243,389, compared to $436,165 for the same period of last year. The increase in product sales in 2008 when compared to 2007 is explained by the Company's transition to a direct distribution model. By selling directly to its customers, the Company now generates a higher revenue per system since it does not have to provide discounts to an exclusive distributor. During the quarters ended June 30, 2008 and 2007, the Company sold only Fenestra® products. There were no Optix® or SoftScan® units sold during those periods (one SoftScan unit and one Optix unit during the six-month period ended June 30, 2008 and one Optix unit for the six-month period ended June 30, 2007). No add-ons resulted in the conversion of Optix systems to the MX2 version during the quarters ended June 30, 2008 and 2007 (two converted systems during the six-month period ended June 30, 2008 and no systems for the six-month period ended June 30, 2007). During the three-month period ended June 30, 2008, the Company recognized revenues totalling $1,075,517 from services rendered on behalf of GE as ART is completing the transition out of the Optix distribution agreement with GE. Revenues from service contracts in the amount of $43,031 were also recognized over the term of the contracts, which is between 12 to 24 months. During the same period ended June 30, 2007, there were no sales of services.
Gross Margin
During the three and six-month periods ended June 30, 2008, ART generated a gross margin of $32,775 or 88% and $991,194 or 80% respectively from the sales of its products compared to $39,243 or 94% and $213,973 or 49% for the same periods in the previous year. The gross margin generated on the sales of services and other revenues was 97% and 95% respectively for the three-month and the six-month periods ended June 30, 2008. The increase of the gross margin in the six-month period ended in 2008, compared to the same period of the previous year, is primarily due to the services and other revenues as well as the sale of the SoftScan unit in the first quarter of 2008, where the gross margin represents almost 100% of the sale, given that this unit has been sold as a prototype and therefore expensed as incurred in previous years.
Operating Expenses
The Company's research and development ("R&D") expenditures for the three-month period ended June 30, 2008, net of investment tax credits, amounted to $618,279, compared to $1,689,083 for the same period ended June 30, 2007. For the six-month period ended June 30, 2008, R&D expenditures, net of investment tax credits, were $1,472,929, compared to $2,897,498 for the six-month period ended June 30, 2007. The R&D expenditures during the three-month and the six-month periods ended June 30, 2008, decreased by 63% and 49% compared to the same periods in 2007. The decrease was related to the medical sector given that the SoftScan program reached important approval milestones in the first quarter of 2007, by obtaining the CE marking for Europe. As well, in the preclinical sector, a decrease in R&D expenses was due to the completion of the project leading to the new Optix MX2 system. The costs associated with the achievement of these milestones, therefore, did not have to be incurred again in the first half of 2008.
Selling, general, and administrative ("SG&A") expenses for the three-month period ended June 30, 2008, totaled $1,468,810, compared to $1,533,667 for the same period ended June 30, 2007. For the six-month period ended June 30, 2008, SG&A expenses were $2,752,064, compared to $2,618,195 for the six-month period ended June 30, 2007. The SG&A expenses decreased by $64,857 during the three-month period ended June 2008 while they increased by $133,869 in the six-month period ended June 30, 2008, compared to the same periods of 2007. The decrease was mainly due to a decrease in professional fees, while the increase is explained by the hiring of the new direct sales force, which was effective in the first quarter of 2008, and the direct marketing expenses incurred to support the commercialization of the Optix, SoftScan and Fenestra products.
Net Loss
The net loss for the three-month period ended June 30, 2008 was $1,101,220 or $0.01 per share, compared to $3,170,391 or $0.06 per share for the three-month period ended June 30, 2007. For the six-month period ended June 30, 2008, the net loss was $2,380,676 or $0.02 per share, compared to $4,739,077 or $0.08 per share, for the six-month period ended June 30, 2007.
Financial Outlook
As part of its commercial strategy, the Company intends to sell some of its existing SoftScan prototypes, which could represent cash inflows of up to $1.5 million. Moreover, $2 to $3 million in revenue could be generated through its Optix inventory, with minimal investment. On a proforma basis following the $6.0 million round of financing, the Company has in cash and cash equivalents $7.1 million, a working capital of $9.2 million.
The financial statements, accompanying notes to the financial statements, and Management's Discussion and Analysis for the three-month period ended June 30, 2008, will be available online at www.sedar.com, or at www.art.ca, in the "Investors" section. Summary financial tables are provided below. A detailed list of the risks and uncertainties affecting the Company can be found in the Management's Discussion and Analysis for the year ended December 31, 2007, and in the Company's most recent Annual Information Form, available on SEDAR at www.sedar.com.
Conference Call
ART will host a conference call today at 5:00 PM (EDT). The telephone number to access the conference call is (514) 861-1531 when dialing within the Montreal area, or (877) 667-7766 for the rest of North America. Outside of North America, please dial (514) 861-1531. A replay of the call will be available until August 26, 2008. To listen to the replay from the Montreal area, please dial (514) 861-2272, or, (800) 408-3053 for the rest of North America. From outside of North America, please dial (514) 861-2272. The access code for the replay is 3267501#.
About ART
ART Advanced Research Technologies Inc. is a leader in molecular imaging products for the healthcare and pharmaceutical industries. ART has developed products in medical imaging, medical diagnostics, disease research, and drug discovery with the goal of bringing new and better treatments to patients faster. The Optix® optical molecular imaging system, designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is used by industry and academic leaders worldwide. The SoftScan® optical medical imaging device is designed to improve the diagnosis and treatment of breast cancer. Finally, the Fenestra® line of molecular imaging contrast products provides image enhancement for a wide range of preclinical Micro CT applications allowing scientists to see greater detail in their imaging studies, with potential extension into other major imaging modalities. ART is commercializing some of these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. ART's shares are listed on the TSX under the ticker symbol ARA. For more information on ART, visit our website at www.art.ca.
This press release may contain forward-looking statements subject to risks and uncertainties that would cause actual events to differ materially from expectations. These risks and uncertainties are described in the most recent Annual Information Form and the financial statements for the year ended December 31, 2007, available on SEDAR (www.sedar.com).
Financial Statements (in U.S. dollars)
ART Advanced Research Technologies Inc. Balance sheets (In U.S. dollars) June 30, 2008 December 31, 2007 (unaudited) -------------------------------------------------------------------------- ASSETS Current assets Cash $537,291 $561,325 Term deposits, 2.4% maturing in July 2008 589,044 3,026,329 Accounts receivable 2,055,490 1,768,146 Investment tax credits receivable 627,510 1,558,709 Inventories 1,668,130 1,510,499 Prepaid expenses 803,212 260,199 -------------------------------------------------------------------------- 6,280,677 8,685,207 Property and equipment 571,895 551,210 Patents 1,936,689 2,135,855 Deferred development costs 1,989,832 1,268,438 -------------------------------------------------------------------------- $10,779,093 $12,640,710 -------------------------------------------------------------------------- -------------------------------------------------------------------------- LIABILITIES Current liabilities Bank loan 589,044 605,266 Accounts payable and accrued liabilities 2,156,652 2,652,219 Deferred revenues 199,314 156,167 Deferred grant 153,961 152,305 Current portion of obligations under capital leases 19,968 - -------------------------------------------------------------------------- 3,118,939 3,565,957 Obligations under capital leases 89,784 - SHAREHOLDERS' EQUITY Share capital and share purchase warrants 33,317,942 32,217,942 Contributed surplus 4,611,496 4,537,336 Deficit (33,470,133) (31,007,264) Accumulated other comprehensive income 3,111,065 3,326,739 -------------------------------------------------------------------------- 7,570,370 9,074,753 -------------------------------------------------------------------------- $10,779,093 $12,640,710 -------------------------------------------------------------------------- -------------------------------------------------------------------------- ART Advanced Research Technologies Inc. Shareholders's Equity As at June 30, 2008 (In U.S. dollars) Common Shares Preferred Shares -------------------------------------------------------------------------- Number Amount Number Amount -------------------------------------------------------------------------- Balance as at January 1, 2007 52,248,981 $14,561,504 8,341,982 $7,907,043 Net loss Translation adjustment -------------------------------------------------------------------------- Comprehensive loss -------------------------------------------------------------------------- -------------------------------------------------------------------------- Issue of shares for business acquisition 162,369 95,262 Issue of shares for cash 42,129,242 8,373,257 Issue of share purchase warrants Share and share purchase warrant issue expenses Stock-based compensation Expired warrants -------------------------------------------------------------------------- Balance as at December 31, 2007 94,540,592 $23,030,023 8,341,982 $7,907,043 -------------------------------------------------------------------------- -------------------------------------------------------------------------- (unaudited) Balance as at January 1, 2008 94,540,592 $23,030,023 8,341,982 $7,907,043 Net loss Translation adjustment -------------------------------------------------------------------------- Comprehensive income -------------------------------------------------------------------------- -------------------------------------------------------------------------- Issue of shares for cash 7,008,868 1,100,000 Share issue expenses Stock-based compensation Expired warrants -------------------------------------------------------------------------- Balance as at June 30, 2008 94,540,592 $23,030,023 15,350,850 $9,007,043 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Share Capital and Share Warrants Purchase Warrants -------------------------------------------------------------------------- Number Amount Total -------------------------------------------------------------------------- Balance as at January 1, 2007 3,958,523 $1,562,623 $24,031,170 Net loss Translation adjustment -------------------------------------------------------------------------- Comprehensive loss -------------------------------------------------------------------------- -------------------------------------------------------------------------- Issue of shares for business acquisition 95,262 Issue of shares for cash 8,373,257 Issue of share purchase warrants 2,175,841 497,288 497,288 Share and share purchase warrant issue expenses Stock-based compensation Expired warrants (1,278,573) (779,035) (779,035) -------------------------------------------------------------------------- Balance as at December 31, 2007 4,855,791 $1,280,876 $32,217,942 -------------------------------------------------------------------------- (unaudited) Balance as at January 1, 2008 4,855,791 $1,280,876 $32,217,942 Net loss Translation adjustment -------------------------------------------------------------------------- Comprehensive income -------------------------------------------------------------------------- -------------------------------------------------------------------------- Issue of shares for cash 1,100,000 Share issue expenses Stock-based compensation Expired warrants -------------------------------------------------------------------------- Balance as at June 30, 2008 4,855,791 $1,280,876 $33,317,942 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Accumulated Other Contributed Comprehensive Surplus Deficit Income Total -------------------------------------------------------------------------- Balance as at January 1, 2007 $3,586,059 $(21,247,643) $1,841,127 $8,210,713 Net loss (8,623,447) (8,623,447) Translation adjustment 1,485,612 1,485,612 -------------------------------------------------------------------------- Comprehensive loss (8,623,447) 1,485,612 (7,137,835) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Issue of shares for business acquisition 95,262 Issue of shares for cash 8,373,257 Issue of share purchase warrants 497,288 Share and share purchase warrant issue expenses (1,136,174) (1,136,174) Stock-based compensation 172,242 172,242 Expired warrants 779,035 -------------------------------------------------------------------------- Balance as at December 31, 2007 4,537,336 $(31,007,264) $3,326,739 $9,074,753 -------------------------------------------------------------------------- (unaudited) Balance as at January 1, 2008 4,537,336 $(31,007,264) $3,326,739 $9,074,753 Net loss (2,380,676) (2,380,676) Translation adjustment (215,674) (215,674) -------------------------------------------------------------------------- Comprehensive income (2,380,676) (215,674) (2,596,350) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Issue of shares for cash 1,100,000 Share issue expenses (82,193) (82,193) Stock-based compensation 74,160 74,160 Expired warrants -------------------------------------------------------------------------- Balance as at June 30, 2008 $4,611,496 $(33,470,133) $3,111,065 $7,570,370 -------------------------------------------------------------------------- -------------------------------------------------------------------------- ART Advanced Research Technologies Inc. Operations (In U.S. dollars) (Unaudited) Three-month Periods Six-month Periods ended June 30 ended June 30 -------------------------------------------------------------------------- 2008 2007 2008 2007 -------------------------------------------------------------------------- Sales Products $37,177 $41,951 $1,243,389 $436,165 Services and other revenues 1,175,683 - 1,211,392 - -------------------------------------------------------------------------- 1,212,860 41,951 2,454,781 436,165 -------------------------------------------------------------------------- Cost of sales Products 4,402 2,708 252,195 222,192 Services and other revenues 38,995 - 57,100 - -------------------------------------------------------------------------- 43,397 2,708 309,295 222,192 -------------------------------------------------------------------------- Gross margin 1,169,463 39,243 2,145,486 213,973 -------------------------------------------------------------------------- Operating expenses Research and development, net of investment tax credits 618,279 1,689,083 1,472,929 2,897,498 Selling, general and administrative 1,468,810 1,533,667 2,752,064 2,618,195 Amortization 173,337 88,637 345,777 174,688 -------------------------------------------------------------------------- 2,260,426 3,311,387 4,570,770 5,690,381 -------------------------------------------------------------------------- Operating loss 1,090,963 3,272,144 2,425,284 5,476,408 Other expenses (revenues) 10,257 38,878 (44,608) 73,974 -------------------------------------------------------------------------- Loss from operations before income taxes 1,101,220 3,311,022 2,380,676 5,550,382 Current income taxes (recovery) - (140,631) - (811,305) -------------------------------------------------------------------------- Net loss $1,101,220 $3,170,391 $2,380,676 $4,739,077 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Basic and diluted net loss per share $0.01 $0.06 $0.02 $0.08 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Basic and diluted weighted average number of common shares outstanding 94,540,592 54,016,714 94,540,592 58,551,176 -------------------------------------------------------------------------- Number of common shares outstanding, end of period 94,540,592 63,290,592 94,540,592 63,290,592 -------------------------------------------------------------------------- -------------------------------------------------------------------------- ART Advanced Research Technologies Inc. Cash Flows (In U.S. dollars) (Unaudited) Three-month Periods Six-month Periods ended June 30 ended June 30 -------------------------------------------------------------------------- 2008 2007 2008 2007 -------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss $(1,101,220) $(3,170,391) $(2,380,676) $(4,739,077) Items not affecting cash Amortization 173,337 88,637 345,777 174,688 Stock-based compensation 37,080 43,682 74,160 101,134 Gain on disposal of fixed assets (26,707) - (26,707) - Net changes in working capital items Accounts receivable (731,199) 178,309 (335,270) (139,584) Investment tax credits receivable (236,413) (176,379) 903,656 (282,353) Inventories (254,966) (23,308) (199,477) 61 Prepaid expenses 282,647 29,339 (559,589) 15,135 Accounts payable and accrued liabilities (666,239) 631,743 (426,700) (931,069) Deferred revenues 83,236 - 47,527 - Deferred grant - - 5,821 - Income taxes payable - (140,630) - (811,304) -------------------------------------------------------------------------- Cash flows from operating activities (2,440,444) (2,538,998) (2,551,478) (6,612,369) -------------------------------------------------------------------------- INVESTING ACTIVITIES Short-term investments - (369,565) - (2,759,459) Additions of fixed assets (9,745) (74,176) (9,745) (96,151) Proceed from disposal of fixed assets 33,481 - 59,172 - Patents (42,668) - (131,843) - Deferred development costs (468,375) (88,255) (763,546) (241,807) -------------------------------------------------------------------------- Cash flows from investing activities (487,307) (531,996) (845,962) (3,097,417) -------------------------------------------------------------------------- FINANCING ACTIVITIES Bank loan - 546,398 - 546,398 Repayment of obligations under capital leases (12,456) - (17,995) - Issue of convertible preferred shares 1,100,000 - 1,100,000 - Issue of common shares and share purchase warrants - - - 3,887,999 Equity issue expenses (82,193) (124,728) (82,193) (195,403) -------------------------------------------------------------------------- Cash flows from financing activities 1,005,351 421,670 999,812 4,238,994 Effect of foreign currency translation adjustments 53,047 226,596 (63,691) 256,448 -------------------------------------------------------------------------- 1,058,398 648,266 936,121 4,495,442 -------------------------------------------------------------------------- Net decrease in cash and cash equivalents (1,869,353) (2,422,728) (2,461,319) (5,214,344) Cash and cash equivalents, beginning of period 2,995,688 3,755,320 3,587,654 6,546,936 -------------------------------------------------------------------------- Cash and cash equivalents, end of period $1,126,335 $1,332,592 $1,126,335 $1,332,592 -------------------------------------------------------------------------- -------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS Cash $537,291 $816,090 $537,291 $816,090 Term deposits 589,044 516,502 589,044 516,502 -------------------------------------------------------------------------- $1,126,335 $1,332,592 $1,126,335 $1,332,592 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Supplemental disclosure of cash flow information Interest paid $24,382 $1,305 $33,016 $25,573 Interest received 9,720 18,362 30,109 23,333 -------------------------------------------------------------------------- --------------------------------------------------------------------------
Contacts: ART Advanced Research Technologies Inc. Jacques Bedard Chief Financial Officer 514-832-0777 jbedard@art.ca www.art.ca
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