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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Tenth Avenue Petroleum Corp | TSXV:TPC | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.015 | -15.79% | 0.08 | 0.07 | 0.10 | 0.085 | 0.08 | 0.085 | 17,000 | 21:01:00 |
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Intrinsyc Software International, Inc. (TSX:ICS) (the "Company'), a leading
provider of software solutions for mobile devices, today announced its financial
results for the third quarter ended September 30, 2010, reported in United
States dollars and in accordance with Canadian Generally Accepted Accounting
Principles ("GAAP"). The Company's results are presented in comparison to the
three-month period ended June 30, 2010 and the three-month period ended
September 30, 2009.
Revenue for the quarter was approximately $3.2 million compared to approximately
$3.0 million in the previous quarter and compared to approximately $4.4 million
in the three months ended September 30, 2009. The overall gross margin was 55%
compared to 50% in the previous quarter and compared to 59% in the three months
ended September 30, 2009. Revenue for the quarter represents an increase of 7%
from the previous quarter and was driven primarily from improved revenue from
the company's Device Development Solutions, including royalty from an Android
tablet project completed in the second quarter of 2010.
Total operating expenses, excluding amortization, stock-based compensation,
Technology Partnerships Canada ("TPC") funding investment, restructuring charges
and loss/gain on disposal of equipment, for the three months ended September 30,
2010 were approximately $1.7 million representing an increase of 13 percent from
approximately $1.5 million in the quarter ended June 30, 2010 but a decrease of
26% from the quarter ended September 30, 2009. Earnings before interest,
amortization, stock-based compensation expense, restructuring, loss/gain on
disposal of equipment, foreign exchange loss/gain, TPC funding investment,
extraordinary expense/income and income tax ("EBITDA") for the three months
ended September 30, 2010 was $62,711 compared to EBITDA of $11,012 for the three
months ended June 30, 2010 and $271,762 for the three months ended September 30,
2009. This represents the sixth consecutive quarter that the Company has been
EBITDA positive. Cash and cash equivalents were $10.4 million with net working
capital of $11.2 million as of September 30, 2010 compared to cash and cash
equivalents of $11.7 million with net working capital of $11.3 million as of
December 31, 2009.
The Company reported revenue of approximately $9.8 million for the nine month
period ended September 30, 2010 as compared to approximately $13.6 million for
the nine month period ended September 30, 2009. Total revenue attributable to
the Company's software solutions decreased to 34 percent of revenues, including
software licensing, maintenance/support and software-related services, as
compared to 42 percent in the respective comparative period. The decline in
software revenue was primarily attributable to lower revenue from the Company's
Destinator(R) navigation software and the J-Integra(R) Enterprise
Interoperability Software ("EIS") product. Gross margin was 55 percent for the
nine month period ended September 30, 2010, consistent with the gross margin for
the nine months ended September 30, 2009.
Total operating expenses, excluding amortization, stock-based compensation, TPC
funding investment, restructuring charges and loss/gain on disposal of
equipment, for the nine months ended September 30, 2010 were approximately $5.2
million, compared to approximately $8.0 million for the nine months ended
September 30, 2009. EBITDA for the nine months ended September 30, 2010 was
$176,717 compared to ($608,398) for the nine months ended September 30, 2009.
Tracy Rees, President and Chief Executive Officer, commented, "Although the
intensely competitive navigation software market, including several free
offerings in the North America market, resulted in declining revenue from our
Destinator product line, we made progress in improving our overall revenue,
through improvement in our Device Development Solutions business. Revenue from
our Device Development Solutions business was up substantially from the previous
quarter, $2.2 million versus $1.5 million, due to the signing of new software
and services agreements and royalty revenue from an Android tablet device
developed in collaboration with a Taiwan based Original Design Manufacturer
(ODM)."
"During the quarter, we announced new agreements to assist in development of an
Android tablet device with ASRT Corporation and a software and services
agreement with a major silicon vendor to license and integrate our RapidRIL(TM)
software into their platform. We are currently in negotiations with multiple
wireless companies for similar agreements."
"As a result of several customer engagements during the past two years,
Intrinsyc is establishing a very strong reputation for development of Android
devices, particularly in the hot device category of e-readers and wireless
tablets. We continue to work closely with Barnes and Noble with the launch of
highly innovative e-reader devices, including the recently introduced nook
colour device."
Business Highlights
-- Launched Destinator 9 application for the Apple iPhone(TM) in China.
-- Signed a long-term agreement with MLS Multimedia SA.
-- Licensed RapidRIL telephony software to Tattu Mobile for integration in
an Android based wireless tablet device.
-- Signed a RapidRIL license and engineering services agreement with an
industry leading silicon vendor. Intrinsyc's software and services will
accelerate development and availability of the company's next generation
mobility solutions.
-- Signed an Android tablet services agreement with ASRT Corporation.
Conference call
The Company will release its fiscal third quarter 2010 financial results on
Wednesday, November 10, 2010 at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time).
The company will hold a conference call to discuss the financial results at 5:00
p.m. Eastern Time (2:00 p.m. Pacific Time) the same day. On the call, Tracy
Rees, President and Chief Executive Officer, and George Reznik, Chief Financial
Officer, will discuss the financial results announced. This conference call may
be accessed in North America, toll-free, by dialing 1-866-610-8602, and
internationally by dialing +1-212-401-8152 approximately 10 minutes prior to the
start of the call. This conference line is operator assisted and an access PIN
is not required. The conference call will also be broadcast live over the
Internet and available for replay on the company's Investor Relations Conference
Calls web page (www.intrinsyc.com/investors/conference_calls.aspx). Analysts and
investors are invited to participate on the call. Questions may be submitted to
invest@intrinsyc.com prior to the call.
The Audit Committee of the Company has reviewed the contents of this news release.
Forward-Looking Statements
This press release contains statements which, to the extent that they are not
recitations of historical fact, may constitute forward-looking information under
applicable Canadian securities legislation that involve risks and uncertainties.
Such forward-looking statements or information may include financial and other
projections as well as statements regarding the Company's future plans,
objectives, performance, revenues, growth, profits, operating expenses or the
company's underlying assumptions. The words "may", "would", "could", "will",
"likely", "expect," "anticipate," "intend", "plan", "forecast", "project",
"estimate" and "believe" or other similar words and phrases may identify
forward-looking statements or information. Persons reading this press release
are cautioned that such statements or information are only predictions, and that
the Company's actual future results or performance may be materially different.
Factors that could cause actual events or results to differ materially from
those suggested by these forward-looking statements include, but are not limited
to: the need to develop, integrate and deploy software solutions to meet the
Company's customer's requirements; the possibility of development or deployment
difficulties or delays; the dependence on the Company's customer's satisfaction;
the timing of entering into significant contracts; customers' continued
commitment to the deployment of the Company's solutions; the performance of the
global economy and growth in software industry sales; market acceptance of the
Company's products and services; the success of certain business combinations
engaged in by the Company or by its competitors; possible disruptive effects of
organizational or personnel changes; technological change, new products and
standards; risks related to international expansion; concentration of sales;
international operations and sales; dependence upon key personnel and hiring;
reliance on a limited number of suppliers; industry growth; competition;
intellectual property; product defects and product liability; currency exchange
rate risk; and other factors described in the Company's reports filed on SEDAR,
including its Annual Information Form and financial report for the year ended
December 31, 2009. This list is not exhaustive of the factors that may affect
the Company's forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on such
forward-looking information. All forward-looking statements made in this press
release are qualified by this cautionary statement and there can be no assurance
that actual results or developments anticipated by the Company will be realized.
The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise, except as required by law.
About Intrinsyc Software International, Inc.
Intrinsyc empowers device makers, mobile operators, and silicon vendors to
deliver compelling, next generation mobile devices faster with higher quality,
and differentiating innovation. We help our customers deliver compelling
products using our unmatched expertise with the leading OS platforms including
Android, Apple, Blackberry, Linux, Symbian, Windows(R) CE and Windows Phone.
Intrinsyc delivers Destinator, the most feature rich navigation application with
the best integration for leading smart phones, including from OEMs like Motorola
and LG Electronics. Destinator is also available through leading application
stores and Intrinsyc's own navigation store www.destinatornavstore.com.
Intrinsyc is publicly traded (TSX:ICS) and headquartered in Vancouver, Canada,
with offices in China and the United States.
www.intrinsyc.com
INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Balance Sheets
---------------------------------------------------------------------------
As at September 30, 2010 December 31, 2009
---------------------------------------------------------------------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 10,372,175 $ 11,710,227
Accounts receivable 3,415,153 3,401,467
Inventory 2,379 14,269
Prepaid expenses - current 224,100 313,528
---------------------------------------------------------------------------
Total current assets 14,013,807 15,439,491
Restricted cash - 95,147
Prepaid expenses 43,612 47,063
Equipment 625,496 735,807
Intangible assets 3,287,678 3,880,481
---------------------------------------------------------------------------
Total assets $ 17,970,593 $ 20,197,989
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Accounts payable and accrued
liabilities $ 2,279,161 $ 3,574,134
Current portion of long-term
payable to Technology
Partnerships Canada 72,885 -
Capital lease obligation -
current 14,995 45,179
Deferred revenue 440,980 526,169
---------------------------------------------------------------------------
Total current liabilities 2,808,021 4,145,482
Long-term payable to Technology
Partnerships Canada 238,671 -
Long-term capital lease obligation - 7,388
---------------------------------------------------------------------------
Total liabilities 3,046,692 4,152,870
---------------------------------------------------------------------------
Shareholders' equity
Share capital 108,288,585 108,288,585
Warrants and underwriters'
options 270,046 4,029,953
Contributed surplus 9,171,914 5,230,217
Accumulated other comprehensive
(loss) income 2,398,558 2,068,103
Deficit (105,205,202) (103,571,739)
---------------------------------------------------------------------------
Total shareholders' equity 14,923,901 16,045,119
---------------------------------------------------------------------------
Total liabilities and shareholders'
equity $ 17,970,593 $ 20,197,989
---------------------------------------------------------------------------
INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statements of Operations and Deficit
(Unaudited and expressed in U.S. dollars)
---------------------------------------------------------------------------
Three months Three months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
For the 2010 2009 2010 2009
---------------------------------------------------------------------------
Revenues $ 3,244,199 $ 4,355,340 $ 9,775,654 $ 13,630,768
Cost of sales 1,461,819 1,770,971 4,350,542 6,196,334
---------------------------------------------------------------------------
1,782,380 2,584,369 5,425,112 7,434,434
---------------------------------------------------------------------------
Expenses
Sales and
marketing 484,480 750,233 1,498,812 2,638,750
Research and
development 478,510 939,057 1,958,297 3,443,139
Administration 756,679 623,317 1,791,286 1,960,943
Amortization 286,716 305,797 866,461 964,543
Stock-based
compensation 64,998 167,903 181,790 361,282
Technology
Partnerships
Canada Funding
Investment - 63,986 287,192 342,055
Restructuring - - 485,478 -
Loss (gain)
on disposal
of equipment - (39,810) (2,150) 180,535
---------------------------------------------------------------------------
2,071,383 2,810,483 7,067,166 9,891,247
---------------------------------------------------------------------------
Loss before other
expense (earnings)
and income taxes 289,003 226,114 1,642,054 2,456,813
Other expense
(earnings)
Foreign
exchange
(gain) loss 129,586 304,694 98,083 501,772
Interest
expense
(income) (19,462) (12,904) (36,258) (46,835)
Extraordinary
expense
(income) - (166,171) - (166,171)
---------------------------------------------------------------------------
Loss before income
taxes 399,127 351,733 1,703,879 2,745,579
Income tax recovery
Current (1,187) (135,990) (70,416) (196,704)
---------------------------------------------------------------------------
Net loss for the
period 397,940 215,743 1,633,463 2,548,875
Deficit, beginning
of period 104,807,262 102,974,766 103,571,739 100,641,634
---------------------------------------------------------------------------
Deficit, end of
period $105,205,202 $103,190,509 $105,205,202 $103,190,509
---------------------------------------------------------------------------
Loss per share
(basic and
diluted) $0.00 $0.01 $0.01 $0.02
---------------------------------------------------------------------------
Weighted average
number of shares
outstanding 163,259,070 163,259,025 163,259,070 163,256,969
---------------------------------------------------------------------------
INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statements of Comprehensive Loss
(Unaudited and expressed in U.S. dollars)
---------------------------------------------------------------------------
Three months Three months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
For the 2010 2009 2010 2009
---------------------------------------------------------------------------
Net loss for the
period ($ 397,940) ($ 215,743) ($1,633,463) ($2,548,875)
Other comprehensive
gain (loss):
Unrealized gains
(losses) on
translating
financial
statements from
functional
currency to
reporting currency 506,902 1,271,508 330,455 1,929,331
---------------------------------------------------------------------------
Comprehensive
income (loss) $ 108,962 $ 1,055,765 ($1,303,008) ($ 619,544)
---------------------------------------------------------------------------
INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statements of EBITDA and Loss
(Unaudited and expressed in U.S. dollars)
---------------------------------------------------------------------------
Three months Three months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
For the 2010 2009 2010 2009
---------------------------------------------------------------------------
Revenues $ 3,244,199 $ 4,355,340 $ 9,775,654 $ 13,630,768
Cost of sales 1,461,819 1,770,971 4,350,542 6,196,334
---------------------------------------------------------------------------
1,782,380 2,584,369 5,425,112 7,434,434
---------------------------------------------------------------------------
Expenses
Sales and
marketing 484,480 750,233 1,498,812 2,638,750
Research and
development 478,510 939,057 1,958,297 3,443,139
Administration 756,679 623,317 1,791,286 1,960,943
---------------------------------------------------------------------------
1,719,669 2,312,607 5,248,395 8,042,832
---------------------------------------------------------------------------
EBITDA Income
(Loss) 62,711 271,762 176,717 (608,398)
Amortization 286,716 305,797 866,461 964,543
Stock-based
compensation 64,998 167,903 181,790 361,282
Technology
Partnerships
Canada Funding
Investment - 63,986 287,192 342,055
Restructuring - - 485,478 -
Loss (gain) on
disposal of
equipment - (39,810) (2,150) 180,535
Foreign exchange
(gain) loss 129,586 304,694 98,083 501,772
Interest expense
(income) (19,462) (12,904) (36,258) (46,835)
Extraordinary
expense (income) - (166,171) - (166,171)
Income tax recovery
Current (1,187) (135,990) (70,416) (196,704)
---------------------------------------------------------------------------
460,651 487,505 1,810,180 1,940,477
---------------------------------------------------------------------------
Net loss for the
period under
Canadian GAAP ($ 397,940) ($ 215,743) ($ 1,633,463) ($ 2,548,875)
---------------------------------------------------------------------------
INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statements of Cash Flows
(Unaudited and expressed in U.S. dollars)
---------------------------------------------------------------------------
Three months Three months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
For the 2010 2009 2010 2009
---------------------------------------------------------------------------
OPERATING ACTIVITIES
Net loss for the
period ($ 397,940) ($ 215,743) ($1,633,463) ($2,548,875)
Items not involving
cash:
Amortization 286,716 305,797 866,461 964,543
Future income
taxes - - - (2,603)
Stock-based
compensation 64,998 167,903 181,790 361,282
Loss on
disposal of
equipment - - - 220,345
Changes in non-
cash operating
working capital:
Accounts
receivable (191,769) 377,622 48,742 2,316,640
Inventory 24,042 (27,603) 11,864 (13,267)
Prepaid
expenses (69,449) (67,382) 100,804 160,527
Accounts
payable and
accrued
liabilities 140,273 (802,194) (1,368,422) (3,918,209)
Current portion
of long-term
payable to
Technology
Partnerships
Canada - - 72,936 -
Deferred
revenue 1,900 (270,003) (95,391) (277,831)
---------------------------------------------------------------------------
Cash used in
operating
activities (141,229) (531,603) (1,814,679) (2,737,448)
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Purchase of equipment (69,783) (32,658) (69,783) (58,599)
---------------------------------------------------------------------------
Cash used in investing
activities (69,783) (32,658) (69,783) (58,599)
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Issuance of Common - 251 - 251
Shares
Repayment
of capital lease
obligation (24,109) (7,897) (38,381) (72,215)
Long-term payable to
Technology
Partnerships
Canada 4,502 - 238,784 -
Restricted cash - 127,621 97,248 139,725
---------------------------------------------------------------------------
Cash provided by
(used in) financing
activities (19,607) 119,975 297,651 68,761
---------------------------------------------------------------------------
Effect of exchange
rate changes on
cash and cash
equivalents 352,281 909,536 248,759 1,405,158
---------------------------------------------------------------------------
Increase (decrease)
in cash and cash
equivalents 121,662 465,250 (1,338,052) (1,322,128)
Cash and cash
equivalents,
beginning
of period 10,250,513 10,604,324 11,710,227 12,391,452
---------------------------------------------------------------------------
Cash and cash
equivalents, end
of period $10,372,175 $11,069,324 $10,372,175 $11,069,324
---------------------------------------------------------------------------
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