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Share Name | Share Symbol | Market | Type |
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Atlantis Systems Corp | TSXV:AIQ.H | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
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) --------------------------------------------------------------------------- --------------------------------------------------------------------------- For the three months For the six months ended June 30 ended June 30 --------------------------------------------------- 2012 2011 2012 2011 --------------------------------------------------------------------------- Revenue $ 3,287 $ 4,014 $ 6,301 $ 8,735 Cost of revenue 1,926 2,826 3,806 6,321 --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- 1,144 1,233 2,289 2,116 --------------------------------------------------------------------------- Operating income 695 698 804 1,041 --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- Net and comprehensive (loss) income $ (19) $ 219 $ (165) $ 403 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Loss (earnings) per share (Note 10) Basic $ (0.002) $ 0.02 $ (0.02) $ 0.04 Diluted $ (0.002) $ 0.02 $ (0.02) $ 0.04 --------------------------------------------------------------------------- --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- --------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- June 30 December 31 2012 2011 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 3,945 7,369 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 2,176 589 ---------------------------------------------------------------------------- $ 6,121 $ 7,958 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 1,066 $ 2,396 Deferred revenue 533 1,420 ---------------------------------------------------------------------------- 1,599 3,816 ---------------------------------------------------------------------------- Term note (Note 9) 6,655 6,648 Convertible note (Note 9) 6,452 5,897 Derivative liability (Note 9) 564 554 ---------------------------------------------------------------------------- 13,671 13,099 ---------------------------------------------------------------------------- 15,270 16,915 ---------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------- (9,149) (8,957) ---------------------------------------------------------------------------- $ 6,121 $ 7,958 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 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) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Number of Common shares stock Warrants ----------------------------------------- Balance, January 1, 2011 10,233,683 $ 92,810 $ 27 Comprehensive income - - - -------------------------------------------------------------------------- Balance, June 30, 2011 10,233,683 92,810 27 -------------------------------------------------------------------------- Comprehensive loss - - - Warrants exercised - - - Granted - term debt conversion - - - Share-based payments reserve - - - ----------------------------------------- Balance, December 31, 2011 10,233,683 92,810 27 ----------------------------------------- Comprehensive loss - - - Warrants expired - - (27) ----------------------------------------- Balance, June 30, 2012 10,233,683 $ 92,810 $ - ----------------------------------------- ----------------------------------------- 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) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Share- based Total payments Accumulated shareholders' reserve deficit deficiency ------------------------------------------- Balance, January 1, 2011 $ 9,338 $ (108,467) $ (6,292) Comprehensive income - 403 403 ---------------------------------------------------------------------------- Balance, June 30, 2011 9,338 (108,064) (5,889) ---------------------------------------------------------------------------- Comprehensive loss - (3,068) (3,068) Warrants exercised - - - Granted - term debt conversion - - - Share-based payments reserve - - - ------------------------------------------- Balance, December 31, 2011 9,338 (111,132) $ (8,957) ------------------------------------------- Comprehensive loss - (165) (165) Warrants expired - - (27) ------------------------------------------- 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) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 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) ---------------------------------------------------------------------------- Net cash (used) in operating activities (1,012) (3,427) ---------------------------------------------------------------------------- Investing activities: Investment in capital assets - (77) ---------------------------------------------------------------------------- Net cash (used) in investing activities - (77) ---------------------------------------------------------------------------- Financing activities: Bridge loan proceeds, net - (996) Operating line proceeds - 3,776 ---------------------------------------------------------------------------- Net cash provided by financing activities - 2,780 ---------------------------------------------------------------------------- Net (decrease) increase in cash and cash equivalents (1,012) (724) Cash and cash equivalents, beginning of period 1,610 1,110 ---------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 598 $ 386 ---------------------------------------------------------------------------- The accompanying notes are an integral part of these consolidated financial statements.
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