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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 Third Quarter Highlights
- ART recognized revenue of $1.3 million from Optix® unit sales, and has a backlog representing approximately $600,000 in additional Optix unit sales.
- ART closed a private placement of approximately $6.0 million in preferred shares.
- ART continued to manage expenses carefully, resulting in a lower burn-rate compared to last year.
Post Quarter Events
- Final scans using the SoftScan® device were completed for the treatment monitoring pilot study at the Sunnybrook Health Sciences Centre in Toronto and, deeming these results as significant, the team at Sunnybrook will be submitting them for publication in a peer-reviewed journal.
Revenues
For the three-month period ended September 30, 2008, revenues were $1,354,365, compared to $267,741 for the same period ended September 30, 2007. Sales resulting from products amounted to $1,221,436 in the quarter ended September 30, 2008, compared to $267,741 for the same quarter of last year. Revenues resulting from sales of products for the nine-month period ended September 30, 2008 amounted to $2,464,825, compared to $703,907 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 quarter ended September 30, 2008, product sales resulted from the sale of four Optix® systems and Fenestra® products whereas for the same quarter in 2007, product sales included Fenestra products and add-ons for Optix systems only. The Company sold one service contract, and recognized a total of $132,929 in services and other revenues during the third quarter ended September 30, 2008. During the same period ended September 30, 2007, there were no sales resulting from services. During the nine-month period ended September 30, 2008, ART sold the first SoftScan unit, five Optix units, and add-ons for Optix systems that resulted in the conversion of two single-wavelength Optix systems to the MX2 version. Also, the Company recognized revenues totaling $1,075,517 from services rendered on behalf of GE, as ART is completing the transition out of the Optix distribution agreement with GE. During the nine-month period ended September 30, 2007, there were no sales of add-ons for Optix systems that resulted in the conversion of single-wavelength Optix systems to the MX2 version and there were no sales resulting from services.
Gross Margin
During the three-month and nine-month periods ended September 30, 2008, ART generated a gross margin of 45% and 62% respectively from the sales of its products, compared to 66% and 55% for the same periods in the previous year. The gross margin generated on the sales of services and other revenues was 92% and 95% respectively for the three-month and nine-month periods ended September 30, 2008. No gross margin on sales of services is recorded for 2007, as there were no sales of service contracts during the same period in 2007. The decrease of the gross margin ratio for the three-month period ended September 30, 2008, compared to the same quarter of the previous year, is primarily due to a different sales product mix. For the three-month period ended September 30, 2008, the lower gross margin ratio is explained by the fact that ART accounted for the cost of four systems during the current period, as compared to last year when the Company mainly sold add-ons, for which a higher gross margin ratio is typically recognized. The increase in the gross margin ratio during the nine-month period ended September 30, 2008, compared to the same period in 2007 resulted from services and other revenues as well as the sale of the SoftScan unit in the first quarter of 2008, where the gross margin on this unit represented almost 100% of the sale, given that this unit had 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 September 30, 2008, net of investment tax credits, amounted to $637,713, compared to $1,093,057 for the same period ended September 30, 2007. For the nine-month period ended September 30, 2008, R&D expenditures, net of investment tax credits, were $2,110,642, compared to $3,990,556 for the nine-month period ended September 30, 2007. The R&D expenditures during the three-month and the nine-month periods ended September 30, 2008, decreased by 42% and 47% respectively, 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 2008. As a part of its R&D activities, ART continued to support the Optix product as R&D teams collaborated with clients for the development of applications using the new MX2 version of the system.
Selling, general, and administrative ("SG&A") expenses for the three-month period ended September 30, 2008, totaled $1,523,315, compared to $1,088,071 for the same period ended September 30, 2007. For the nine-month period ended September 30, 2008, SG&A expenses were $4,275,379, compared to $3,706,266 for the nine-month period ended September 30, 2007. The SG&A expenses increased by $435,244 during the three-month period ended September 30, 2008 and by $569,113 in the nine-month period ended September 30, 2008, compared to the same periods of 2007. The increase of the SG&A expenses during the three-month and the nine-month periods was mainly due to 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
As a result of the foregoing factors, the net loss for the three-month period ended September 30, 2008, was $1,545,940 or $0.02 per share, compared to $2,200,777 or $0.04 per share for the quarter ended September 30, 2007. For the nine-month period ended September 30, 2008, the net loss was $3,926,616 or $0.04 per share, compared to $6,939,854 or $0.12 per share, for the nine-month period ended September 30, 2007.
Financial Position
As at September 30, 2008, ART has $5,018,947 in cash and cash equivalents, and a working capital of $6,527,294.
The financial statements, accompanying notes to the financial statements, and Management's Discussion and Analysis for the three-month period ended September 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 November 25, 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 3273598#.
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) September 30, December 31, 2008 2007 (unaudited) ------------------------------------------------------------------------- ASSETS Current assets Cash $1,631,977 $561,325 Term deposits, 2.75% maturing in October 2008 (2007 - 4.05% maturing in January 2008) 3,386,970 3,026,329 Accounts receivable 2,303,600 1,768,146 Investment tax credits receivable 755,430 1,558,709 Inventories 1,350,241 1,510,499 Prepaid expenses 815,471 260,199 ------------------------------------------------------------------------- 10,243,689 8,685,207 Property and equipment 505,525 551,210 Patents 1,774,108 2,135,855 Deferred development costs 2,304,556 1,268,438 ------------------------------------------------------------------------- $14,827,878 $12,640,710 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES Current liabilities Bank loan 566,091 605,266 Accounts payable and accrued liabilities 2,851,705 2,652,219 Deferred revenues 110,579 156,167 Deferred grant 147,962 152,305 Current portion of obligations under capital leases 40,058 - ------------------------------------------------------------------------- 3,716,395 3,565,957 Obligations under capital leases 55,823 - ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3,772,218 3,565,957 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Share capital and share purchase warrants 39,142,553 32,217,942 Contributed surplus 4,823,965 4,537,336 Deficit (35,518,077) (31,007,264) Accumulated other comprehensive income 2,607,219 3,326,739 ------------------------------------------------------------------------- 11,055,660 9,074,753 ------------------------------------------------------------------------- $14,827,878 $12,640,710 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ART Advanced Research Technologies Inc. Shareholders's Equity As at September 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 53,101,296 7,100,000 Share issue expenses Stock-based compensation Expired warrants ------------------------------------------------------------------------- Balance as at September 30, 2008 94,540,592 $23,030,023 61,443,278 $15,007,043 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Share Capital and Share Purchase Warrants 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 7,100,000 Share issue expenses Stock-based compensation Expired warrants (594,907) (175,389) (175,389) ------------------------------------------------------------------------- Balance as at September 30, 2008 4,260,884 $1,105,487 $39,142,553 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 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 (3,926,616) (3,926,616) Translation adjustment (719,520) (719,520) ------------------------------------------------------------------------- Comprehensive income (3,926,616) (719,520) (4,646,136) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Issue of shares for cash 7,100,000 Share issue expenses (584,197) (584,197) Stock-based compensation 111,240 111,240 Expired warrants 175,389 - ------------------------------------------------------------------------- Balance as at September 30, 2008 $4,823,965 $(35,518,077) $2,607,219 $11,055,660 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ART Advanced Research Technologies Inc. Operations (In U.S. dollars) (Unaudited) Three-month Periods ended Nine-month Periods ended September 30 September 30 ------------------------------------------------------------------------- 2008 2007 2008 2007 ------------------------------------------------------------------------- Sales Products $1,221,436 $267,741 $2,464,825 $703,907 Services and other revenues 132,929 - 1,344,321 - ------------------------------------------------------------------------- 1,354,365 267,741 3,809,146 703,907 ------------------------------------------------------------------------- Cost of sales Products 672,385 91,120 924,580 313,312 Services and other revenues 11,051 - 68,151 - ------------------------------------------------------------------------- 683,436 91,120 992,731 313,312 ------------------------------------------------------------------------- Gross margin 670,929 176,621 2,816,415 390,595 ------------------------------------------------------------------------- Operating expenses Research and development, net of investment tax credits 637,713 1,093,057 2,110,642 3,990,556 Selling, general and administrative 1,523,315 1,088,071 4,275,379 3,706,266 Amortization 235,383 85,301 581,160 259,989 ------------------------------------------------------------------------- 2,396,411 2,266,429 6,967,181 7,956,811 ------------------------------------------------------------------------- Operating loss 1,725,482 2,089,808 4,150,766 7,566,216 Other expenses (revenues) (179,542) 110,969 (224,150) 184,943 ------------------------------------------------------------------------- Loss from operations before income taxes 1,545,940 2,200,777 3,926,616 7,751,159 Current income taxes (recovery) - - - (881,305) ------------------------------------------------------------------------- Net loss $1,545,940 $2,200,777 $3,926,616 $6,939,854 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted net loss per share $0.02 $0.04 $0.04 $0.12 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted weighted average number of common shares outstanding 94,540,592 63,290,592 94,540,592 60,148,336 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 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 ended Nine-month Periods ended September 30 September 30 ------------------------------------------------------------------------- 2008 2007 2008 2007 ------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss $(1,545,940)$(2,200,777) $(3,926,616)$(6,939,854) Items not affecting cash Amortization 235,383 85,301 581,160 259,988 Stock-based compensation 37,080 28,274 111,240 129,274 Gain on disposal of fixed assets (835) - (27,542) - Net changes in working capital items Accounts receivable (333,907) (90,352) (669,177) (229,936) Investment tax credits receivable (155,018) (178,725) 748,638 (461,078) Inventories 257,283 19,805 57,806 19,866 Prepaid expenses (44,314) 55,568 (603,903) 70,703 Accounts payable and accrued liabilities 792,624 (165,761) 365,924 (1,096,831) Deferred revenues (82,375) - (34,848) - Deferred grant - - 5,821 - Income taxes payable - - - (811,304) ------------------------------------------------------------------------- Cash flows from operating activities (840,019) (2,446,667) (3,391,497) (9,059,172) ------------------------------------------------------------------------- INVESTING ACTIVITIES Short-term investments - 2,017,154 - (742,305) Additions of property and equipment (1,657) (16,629) (11,402) (112,780) Proceeds from disposal of property and equipment 1,617 - 60,789 - Patents (27,466) - (159,309) - Deferred development costs (471,601) (251,829) (1,235,147) (493,635) ------------------------------------------------------------------------- Cash flows from investing activities (499,107) 1,748,696 (1,345,069) (1,348,720) ------------------------------------------------------------------------- FINANCING ACTIVITIES Bank loan - - 546,398 Repayment of obligations under capital leases (9,761) - (27,756) - Issue of convertible preferred shares 6,000,000 - 7,100,000 - Issue of common shares and share purchase warrants - - - 3,887,999 Equity issue expenses (502,004) - (584,197) (195,403) ------------------------------------------------------------------------- Cash flows from financing activities 5,488,235 - 6,488,047 4,238,994 Effect of foreign currency translation adjustments (256,497) 59,985 (320,188) 316,568 ------------------------------------------------------------------------- 5,231,738 59,985 6,167,859 4,555,562 ------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 3,892,612 (637,986) 1,431,293 (5,852,330) Cash and cash equivalents, beginning of period 1,126,335 1,332,592 3,587,654 6,546,936 ------------------------------------------------------------------------- Cash and cash equivalents, end of period $5,018,947 $694,606 $5,018,947 $694,606 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS Cash $1,631,977 $544,606 $1,631,977 $544,606 Term deposits 3,386,970 150,000 3,386,970 150,000 ------------------------------------------------------------------------- $5,018,947 $694,606 $5,018,947 $694,606 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental disclosure of cash flow information Interest paid $13,113 $69,912 $46,128 $93,344 Interest received $15,521 $17,315 $51,661 $44,193 ------------------------------------------------------------------------- The accompanying notes are an integral part of the financial statements.
Contacts: ART Advanced Research Technologies Inc. Jacques Bedard Chief Financial Officer 514-832-0777 jbedard@art.ca www.art.ca
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