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Share Name | Share Symbol | Market | Type |
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Diamondex Resources Ltd. (Tier1) | TSXV:DSP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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Cyberplex Inc. (TSX:CX) a leader in online publishing and customer acquisition strategies today announced its financial results for the fiscal year and fourth quarter-ended December 31, 2010. Total revenue for the year was $106.9 million, a slight decrease from the $110.4 million recorded in 2009, and adjusted EBITDA for the year was $13.3 million. Total revenue for the fourth quarter was $31.6 million, with gross margin of 33% and adjusted EBITDA of $4.8 million. Fourth Quarter Operational Highlights -- Acquired EQ Advertising, a demand side platform ("DSP") with real-time bidding capabilities to further augment distribution, and deliver targeted display advertising and performance marketing solutions; -- Launched four new web properties to increase online audience development in the finance and retail verticals and to enhance various lead generation activities; -- Integrated performance-based campaigns into 80% of the Company's publishing properties to continue diversifying revenue opportunities from these properties; -- Delivered on various strategic initiatives with leading brand advertisers including Jaguar Canada, and Quest Personals, while furthering mobile initiatives with industry leader Poynt Solutions. "During the fourth quarter of 2010, we continued to focus on our publishing and distribution capabilities and work with clients to target their customers in the most effective way. By combining our internal publishing capabilities with some of the best third-party publishers in the industry we continue to deliver excellent results for our advertisers using both pay per click and performance-based campaigns." said Geoffrey Rotstein, Chief Executive Officer. "The Company made significant investments during the quarter in technology and in its depth of operations as quality and customer satisfaction continued to be a main focus for all divisions of the organization." As reported by the Company on January 10, 2011, there was a set-back in operations due to the integration of the Yahoo! and Bing search platforms in mid- December, which caused significant disruption. Since that time the Company has been working diligently to transition its systems and algorithms to adapt to the newly integrated search marketplace and has been making steady progress. Following a difficult first two months of 2011, which included negative impacts from the aforesaid integration, restructuring charges and a strong Canadian dollar, the Company is performing better in March. Based on preliminary results which are not yet complete and remain subject to further review, adjusted EBITDA for the first quarter of 2011 is expected to be breakeven even after a very difficult start to the year. The Company is pleased with the assistance and support Yahoo! has provided to date and is very encouraged by the strength of its partnership with Yahoo!. The Company remains in discussions with its principal lender, American Capital, Ltd., to review its debt obligations. As of the date of this release, the Company is in compliance with its covenants under the terms of its credit agreement with American Capital, and based on preliminary financial results which remain incomplete and subject to further review, believes it has the ability to remain in compliance with the financial covenants and other obligations that arise under the terms of the credit agreement for the quarter ending March 31, 2011. "The discussions with American Capital are now progressing at a quicker pace than at the outset. We believe that both American Capital and Cyberplex are motivated to find a reasonable compromise to the current situation," said Geoffrey Rotstein. Results for the Year Ended December 31, 2010 -- The Company generated revenue of $106.9 million, a decrease of 3% compared to $110.4 million generated in 2009 -- Adjusted EBITDA for 2010 was $13.3 million compared to $15.1 million in 2009. Net loss for 2010 was $61.1 million compared to net income of $7.1 million in 2009. -- Acquisition of Tsavo Media, a leading online publisher on June 8, 2010, which furthered the Company's distribution capabilities by providing over 300 web properties and a leading proprietary search technology platform -- Acquisition of Surebaby.com, a content rich website providing helpful parenting information -- Acquisition of the EQ Advertising Group, an organization that brings a proprietary DSP with real-time bidding capabilities to the organization -- Delivered various mobile and video applications to clients as we continued to evolve our targeted search and customer acquisition platforms "We are very proud of our numerous accomplishments in 2010 and strongly believe that even with the challenges experienced during the later part of December, we are positioned to be successful" said Ted Hastings, President of Cyberplex. "As growth and interest in online advertising continues to gain momentum, we have established a solid foundation. As our industry continues to adapt and client demands continue to grow, the skills, expertise and technology platforms that we have developed will allow us to compete with anyone in today's market." Non-GAAP Financial Measures This press release includes a discussion of "Adjusted EBITDA," which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income before (a) interest income (expense); (b) income tax provision (recovery); (c) amortization of capital and intangible assets; (d) foreign exchange loss (gain); (e) stock-based compensation expense related to the Company's grant of stock options;(f) employee termination costs and (g) allowances for accounts in litigation and other doubtful accounts. Management uses Adjusted EBITDA as a measurement of the Company's operating performance because it provides information related to the Company's ability to provide cash flows for acquisitions, capital expenditures and working capital requirements. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry. The Company has included allowance for accounts in litigation and other doubtful accounts in adjusted EBITDA, due to the unusual amount of allowances in the fourth quarter of 2010 which are not expected to recur at a similar amount in the future. The non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. The table below reconciles net income (loss) and Adjusted EBITDA for the periods presented: ---------------------------------------------------------------------------- Three months ended Twelve months ended December 31 December 31 2010 2009 2010 2009 ---------------------------------------------------------------------------- Net Income (loss) $ (59,767,497) $ 1,254,726 $ (61,074,414) $ 7,101,620 Add: Amortization of capital and intangible assets 4,381,942 121,061 10,594,042 405,141 Intangibles & Goodwill impairment 50,289,984 - 50,289,984 - Allowance for accounts in litigation and other doubtful accounts 5,790,205 1,513,063 8,265,205 3,347,288 Special charges 2,710,477 - 2,710,477 - Interest expenses (income), net 914,254 (24,982) 2,217,390 26,848 Foreign exchange (gain) loss (194,101) 975,472 (910,589) 3,423,700 Employee termination costs 26,643 - 238,047 - Stock based compensation 121,304 197,373 454,262 735,187 Loss on disposal of assets 21,295 - 21,295 - Income tax expense (recovery) 487,006 (306,226) 445,962 78,231 ---------------------------------------------------------------------------- Adjusted EBITDA 4,781,512 3,730,487 13,251,661 15,118,015 ---------------------------------------------------------------------------- Conference Call Details In conjunction with the release, Cyberplex will host a conference call on Tuesday, March 29, 2011 at 4:30 p.m. EST to discuss the financial results. To access the call, please dial 1-888-892-3255. Please call five minutes prior to the call. A replay of the conference call will be available as of 12:00 a.m. the next day, until midnight June 30, 2011. To access the replay dial 1-800-937-6305 followed by the pass code 173269. About Cyberplex Cyberplex Inc. (www.cyberplex.com) is a North American leader in online publishing and customer acquisition strategies. The Company, through its subsidiaries, leverages over 300 proprietary web properties and its vast publisher network to efficiently connect advertisers to their most relevant online customers and prospects. By combining high quality publishing initiatives with efficient technology solutions and online marketing expertise, the Company is able to deliver the optimal targeted audience to online advertisers. Cyberplex delivers measurable results that improve advertiser ROI, monetize the value of online properties, and build targeted, loyal online audiences. Forward-Looking Statements This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Cyberplex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise. CYBERPLEX INC. UNAUDITED CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 2010 and 2009 2010 2009 Assets ------------- ------------- Current Assets: Cash and cash equivalents $ 5,191,691 $ 10,222,001 Restricted cash 2,310,206 - Short-term investments 1,690,686 11,540,642 Accounts receivable, net of allowance for doubtful accounts of $3,540,733 (2009 - $2,270,977) 13,879,570 9,930,149 Income taxes recoverable 632,006 - Prepaid expenses and other assets 2,320,963 3,303,819 ------------- ------------- 26,025,122 34,996,611 Restricted cash 1,749,048 - Property and equipment 2,921,372 921,716 Intangible assets 29,157,932 798,093 Goodwill 1,466,971 14,095,708 Future income tax assets - 582,740 ------------- ------------- $ 61,320,445 $ 51,394,868 ------------- ------------- ------------- ------------- Liabilities and Shareholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 10,177,981 $ 4,270,080 Current portion of term loans 9,402,402 - Unearned revenue 664,687 668,255 Income taxes payable 1,729,226 631,465 Deferred lease inducements 115,086 106,618 ------------- ------------- 22,089,382 5,676,418 Long-term portion of term loans 23,582,779 - Future income tax liabilities 1,100,000 - Deferred lease inducements 184,719 156,119 Shareholders' equity 14,363,565 45,562,331 ------------- ------------- $ 61,320,445 $ 51,394,868 ------------- ------------- ------------- ------------- CYBERPLEX INC. Unaudited Consolidated Statements of Operations --------------------------------------------- ----------------------------- --------------------------------------------- ----------------------------- Three Months Period Ended Years Ended ----------------------------- ----------------------------- December 31, December 31, December 31, December 31, 2010 2009 2010 2009 -------------- -------------- -------------- -------------- --------------------------------------------- ----------------------------- Revenue $ 31,633,418 $ 24,347,585 $ 106,863,016 $ 110,411,215 Cost of revenue 21,260,256 17,512,801 74,627,889 78,070,649 --------------------------------------------- ----------------------------- 10,373,162 6,834,784 32,235,127 32,340,566 Expenses: Sales and marketing 2,893,821 2,313,821 10,331,094 12,907,348 General and administrative 8,635,982 2,554,171 17,610,217 8,450,937 Foreign exchange (gain) loss (194,101) 975,472 (910,589) 3,423,700 --------------------------------------------- ----------------------------- 11,335,702 5,843,464 27,030,722 24,781,985 Income (loss) before the undernoted (962,540) 991,320 5,204,405 7,558,581 Depreciation of property and equipment 148,131 108,561 1,290,085 319,903 Amortization of intangible assets 4,233,811 12,500 9,303,957 85,238 Special charges 2,710,477 - 2,710,477 - Impairment of goodwill and intangible assets 50,289,984 - 50,289,984 - Loss on disposal of assets 21,295 - 21,295 - --------------------------------------------- ----------------------------- Income (loss) from operations (58,366,238) 870,259 (58,411,393) 7,153,440 Interest income 22,168 25,834 74,697 48,522 Interest expense (936,421) (852) (2,292,087) (75,370) Gain on sale of investment - 53,259 331 53,259 --------------------------------------------- ----------------------------- (914,253) 78,241 (2,217,059) 26,411 --------------------------------------------- ----------------------------- Income (loss) before income taxes (59,280,491) 948,500 (60,628,452) 7,179,851 Income taxes (recovery) Current 430,100 276,514 1,500,631 660,971 Future 56,906 (582,740) (1,054,669) (582,740) --------------------------------------------- ----------------------------- 487,006 (306,226) 445,962 78,231 --------------------------------------------- ----------------------------- Net income (loss) (59,767,497) 1,254,726 (61,074,414) 7,101,620 Unrealized gain (loss) on available-for- sale securities, net of tax of nil (24,346) (135,974) (127,282) 172,706 Foreign currency translation adjustment (894,641) - (2,491,886) - Amount reclassified to income during the period - (53,259) - (53,259) --------------------------------------------- ----------------------------- Comprehensive income (loss) $ (60,686,484)$ 1,065,493 $ (63,693,582)$ 7,221,067 --------------------------------------------- ----------------------------- Income (loss) per share: Basic $ (0.45) 0.02 $ (0.62)$ 0.11 Diluted (0.45) 0.02 (0.62) 0.11 ----------------------------- ----------------------------- Weighted average number of shares used in income (loss) per share : Basic 133,536,962 68,450,054 98,979,151 62,680,694 Diluted 133,536,962 70,380,964 98,979,151 64,905,988 --------------------------------------------- ----------------------------- CYBERPLEX INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Period Years Ended Ended December 31 December 31 2010 2009 2010 2009 --------------------------------------------- ----------------------------- Cash flows from (used in) operating activities: Net income (loss) $ (59,767,497)$ 1,254,726 $ (61,074,414)$ 7,101,620 Items not involving cash: Depreciation of property and equipment 148,130 108,561 1,290,085 319,903 Amortization of intangible assets 4,233,811 12,500 9,303,957 85,238 Stock-based compensation 121,304 197,373 454,262 735,187 Amortization of deferred lease inducements (27,951) (33,562) (111,379) (89,466) Unrealized foreign exchange loss 390,548 265,131 492,964 666,992 Interest accrued on long-term loans 748,859 - 748,859 - Future income taxes (1,310,275) (582,740) (1,054,669) (582,740) Impairment of intangible assets 29,857,394 - 29,857,394 - Impairment of goodwill 20,432,590 - 20,432,590 - Loss on disposal of assets 21,295 - 21,295 - Change in non- cash operating assets and liabilities 7,921,243 (364,904) 6,899,907 (1,014,859) --------------------------------------------- ----------------------------- 2,769,451 857,085 7,260,851 7,221,875 Cash flows from (used in) financing activities: Decrease in bank indebtness - - - (3,535,264) Repayment of long-term loans (1,935,250) - (1,935,250) - Repayment of bridge loans - - (9,217,719) - Proceeds from exercise of stock options 105,300 11,600 142,300 243,532 Proceeds from exercise of warrants - - - 216,667 Proceeds from public offering, net of issuance costs 22,661 - 30,795,254 15,887,291 --------------------------------------------- ----------------------------- (1,807,289) 11,600 19,784,585 12,812,226 Cash flows from (used in) investing activities: Sale (purchase) of short-term investments 1,163,036 2,813,735 9,391,958 (11,053,708) Purchase of restricted marketable securities (10,876) - (413,916) - Acquisition of TSAVO, net of cash acquired 736,403) - (38,004,748) - Acquisition of EQ Advertising Group Ltd., net of cash acquired (882,829) - (882,829) - Acquisition of Incentaclick Media Group Inc., net of cash acquired - 369,000 - (2,031,000) Acquisition of Eidenai Innovations Inc., net of cash acquired - (110,890) - (202,220) Proceeds from disposal of property and - equipment 126,186 126,186 - Additions to property and equipment (254,404) (2,236) (1,223,020) (462,963) Additions to intangible assets (55,926) (300,000) (576,413) (392,114) --------------------------------------------- ----------------------------- 651,216) 2,769,609 (31,582,782) (14,142,005) Foreign exchange loss on cash held in foreign currency (390,548) (265,131) (492,964) (666,992) --------------------------------------------- ----------------------------- Increase (decrease) in cash and cash equivalents (79,602) 3,373,163 (5,030,310) 5,225,104 Cash and cash equivalents, beginning of period 5,271,293 6,848,838 10,222,001 4,996,897 --------------------------------------------- ----------------------------- Cash and cash equivalents, end of period $ 5,191,691 $ 10,222,001 $ 5,191,691 $ 10,222,001 --------------------------------------------- ----------------------------- --------------------------------------------- -----------------------------
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