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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Visual Defence | LSE:VDI | London | Ordinary Share | CA92842R1091 | COM SHS NPV |
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% | 7.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number : 4561D Visual Defence Inc. 15 September 2008 Visual Defence Inc ("Visual Defence", the "Company" or the "Group") Interim Results for Six Months Ended 30 June 2008 RICHMOND HILL, ONTARIO - September 15, 2008 - Visual Defence, the security convergence company, today announces its interim results for the six months ended 30 June 2008. All Dollar amounts are in Canadian Dollars. Financial Highlights * Revenues declined by 16 per cent. against the comparative period last year to $8.5 million (six months 30 June 2007: $10.2 million). * Gross Profit increased by $0.2 Million against the comparative period to $3.4 million as gross margins increased to 40.2% (six months 30 June 2007: $3.2 million and 31.7%) * Net loss was reduced by $1.3 million against the comparative period to $2.5 million (six months 30 June 2007: $3.8 million) Operating Highlights * Significant contract wins included: * The Norwegian State Railway to supply advanced mobile digital video storage solutions ($1.5M CAD) * The Societe de Transport de Montreal to provide Video Analytics integration ($0.9M CAD) * Euromaint of Stockholm to provide advanced mobile digital video recording storage and management solutions ($1.9M CAD) * Zurich Airport ($0.13 M CAD) to add to our existing applications a map based Command and Control Centre (3C) solution * Commencement of collection and ramp up of operations in Cote D'Ivore of our 50% owned subsidiary Avisecure * Development of partnership and representation agreement with Taldor of Israel and associated closure of our Israel office Barry Tal, CEO for Visual Defence, Inc. said: "The results for the first 6 months of the year, while below our expectations, do demonstrate the effects of our cost cutting measures reflected in our improved gross profit and reduced operating loss versus the comparable period of 2007. Continued development of our sales channels is underway and expected to yield benefits in 2009 and beyond. Recently the Company was awarded the contract to provide Command and Control applications to Zurich airport. This win represents the continuing development of our presence in the control centre market. In addition, I am pleased with the progress of our subsidiary operation in Cote D'Ivoire where the company will deploy its newly developed Door Management System as part of our comprehensive 25 year BOT airport security management program. "As announced earlier this year, for the remainder of 2008 the Company will be impacted by decisions by key customers to delay the delivery and implementation of projects and solutions from 2008 to 2009. These delays will impact the full year results for 2008 and as a result the Company expects full year (to 31 December 2008) revenue at $20 million CAD, with Operating Earnings below the Board's previous expectations. With the encouragement of the Board, the Company is engaging in appropriate cost reduction and mitigation activities throughout its operations. As a result of these measures and the Company's continued investment in new technologies and its sales infrastructure I am confident that the Company is well positioned for future growth and success." Enquiries: Visual Defence Inc +(1) 905 731 1254 Barry (Oved) Tal, Chairman and Chief Executive Officer Bill Watson, Chief Financial Officer KBC Peel Hunt Ltd (Nominated Adviser and Broker) +44 (0) 20 7418 8900 David Anderson Oliver Stratton About Visual Defence Visual Defence prides itself on mastering the "Art of Integration" and providing customized solutions. The Company provides advanced security solutions for leading government, airport, mass transit and commercial clients around the world. Leveraging 3C®, its proven Security Management Software Platform, and suite of modular Integration, Video, VoIP Communication, and Situational Awareness applications, Visual Defence delivers solutions that meet exact business objectives. Visual Defence turns functionality and interoperability requirements into intelligent, scalable and easy-to-manage solutions that provide end-users with the security insight they need to improve operations and effectively prevent and mitigate risk. Additional information about Visual Defence is available at: http://www.visualdefence.com Visual Defence Inc. Condensed Consolidated Balance Sheets Canadian dollars in thousands 30 June 30 June 31 December 2008 2007 2007 ASSETS (Unaudited) (Unaudited) (Audited) CURRENT ASSETS: Cash and cash equivalents $1,261 $3,478 $5,274 Available for sale securities 7,103 8,560 7,592 Trade receivables 7,928 8,763 9,564 Other accounts receivable and 1,532 659 813 prepaid expenses Inventories 1,291 1,402 1,149 19,115 22,862 24,392 NON-CURRENT ASSETS: Restricted cash 2,370 2,423 2,325 Property and equipment 1,224 1,559 1,355 Other intangible assets 2,788 3,151 2,821 Goodwill 7,835 7,835 7,835 14,217 14,968 14,336 Total assets $33,332 $37,830 $38,728 LIABILITIES AND EQUITY CURRENT LIABILITIES: Trade payables $1,194 $2,645 $3,589 Other accounts payable and 1,730 2,007 2,425 accrued expenses 2,924 4,652 6,014 EQUITY: Share capital - - - Additional paid-in capital 51,766 51,325 51,609 Foreign currency translation (427) 345 (462) adjustments Accumulated deficit (20,931) (18,492) (18,433) 30,408 33,178 32,714 Total liabilities and equity $33,332 $37,830 $38,728 The accompanying notes are an integral part of the condensed consolidated financial statements. The financial statements were approved and authorized for issue by Board of directors on 10 September 2008 and were signed on its behalf by: Bill Watson Barry (Oved) Tal Chief Financial Officer Chief Executive Officer and Chairman of the Board of Directors Visual Defence Inc. Condensed Consolidated Statements of Income (Loss) Canadian dollars in thousands (except share and per share data) Six months ended 30 June Year ended 31 December 2008 2007 2007 (Unaudited) (Unaudited) (Audited) Revenues $8,530 $10,195 $28,368 Cost of revenues 5,098 6,955 18,966 Gross profit 3,432 3,240 9,402 Operating expenses: Research and development 977 1,208 2,227 Selling and marketing 2,307 2,518 5,442 General and administrative 2,907 2,526 5,285 Totaloperating expenses 6,191 6,252 12,954 Operating (Loss) (2,759) (3,012) (3,552) Interest Income 184 311 562 Financial expenses (26) 16 (39) Foreign exchange gain (loss) 103 (1,076) (673) Net (loss) ($2,498) ($3,761) ($3,702) Basic and diluted (loss) per ($0.04) ($0.05) ($0.05) share The accompanying notes are an integral part of the condensed consolidated financial statements. Visual Defence Inc. Condensed Consolidated Statements of Changes in Equity Canadian dollars in thousands (except share data) Common shares Additional paid-in Foreign currency Retained earnings Total equity capital translation (accumulated adjustments deficit) Number of shares Share capital Balance as of 31 December 2006 70,556,095 $- $50,886 ($42) ($14,731) $36,113 (Audited) Net profit (loss) - - - - (3,761) (3,761) Foreign currency translation - - - 387 - 387 adjustments Total recognized profit (loss) 387 (3,761) (3,374) for the period Issuance of Common shares upon 90,000 - 1 - - 1 exercise of share options Share-based compensation - - 438 - - 438 Balance as of 30 June 2007 70,646,095 - 51,325 345 (18,492) 33,178 (Unaudited) Net profit (loss) - - - - 59 59 Foreign currency translation - - - (807) - (807) adjustments Total recognized profit (loss) (807) 59 (748) for the period Issuance of Common shares upon - - - - - - exercise of share options Share-based compensation - - 284 - - 284 Balance as of 31 December 2007 70,646,095 - 51,609 (462) (18,433) 32,714 (Audited) Net profit (loss) - - - - (2,498) (2,498) Foreign currency translation - - - 35 - 35 adjustments Total recognized profit (loss) 35 (2,498) (2,463) for the period Issuance of Common shares upon - - - - - - exercise of share options- Share-based compensation - - 157 - - 157 Balance as of 30 June 2008 70,646,095 $- $51,766 ($427) ($20,931) $30,408 (Unaudited) The accompanying notes are an integral part of thecondensedconsolidated financial statements. Visual Defence Inc. Condensed Consolidated Statements of Cash Flows Canadian dollars in thousands Six months ended Year ended 31 30 June December 2008 2007 2007 (Unaudited) (Unaudited) (Audited) Cash flows from operating activities: Net (loss) ($2,498) ($3,761) ($3,702) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 592 579 1,155 Share-based compensation 157 438 722 expenses Decrease in accounts 1,636 3,737 2,936 receivable Decrease (increase) in other (719) 96 (58) accounts receivable and prepaid expenses Decrease (increase) in (142) 96 349 inventories (Decrease) increase in trade (2,395) (943) 1 payables (Decrease) increase in other (695) (254) 164 accounts payable and accrued expenses Net cash provided by (used in) (4,064) (12) 1,567 operating activities Cash flows from investing activities: Purchase of property and (150) (604) (659) equipment Proceeds from disposal of 30 39 16 property and equipment Development of intangible (254) - - property Increase in restricted cash (45) (2,423) (1,575) Proceeds from available for 489 4,941 5,909 sale securities Net cash provided by investing 70 1,953 3,691 activities Cash flows from financing activities: Proceeds from issuance of - - 1 Common shares upon exercise of options Net cash provided by financing - - 1 activities Effect of exchange rate (19) 388 (384) differences on cash and cash equivalents (Decrease) Increase in cash (4,013) 2,329 4,875 and cash equivalents Cash and cash equivalents at 5,274 1,149 399 the beginning of the period Cash and cash equivalents at $1,261 $3,478 $5,274 the end of the period The accompanying notes are an integral part of the condensed consolidated financial statements. Visual Defence Inc. Notes to the Condensed Consolidated Financial Statements Canadian dollars in thousands (except share and per share data) Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007 NOTE 1: NATURE OF BUSINESS Visual Defence Inc ("VDI" or "the Company") having its principal place of business at 9225 Leslie Street, Suite 7, Richmond Hill, ON L4B3H6, Canada was incorporated on 22 February 2005 in Ontario Canada. The Company provides security systems using digital Audio-Visual (AV) signals transmitted over wireless and physical IP networks, enabling digital AV and data to be captured from a variety of sources, such as fixed or mobile cameras, microphones, infra-red sensors, access controls and burglar alarms, and delivered to local or remote locations where it can be managed and monitored. NOTE 2: BASIS OF PREPARATION The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB"), applicable to interim consolidated financial statements as described in International Accounting Standard (IAS) 34 Interim Financial Reporting. The Company's unaudited condensed consolidated financial statements do not conform in all respects to the requirements of International Financial Reporting Standards for annual financial statements. The Company's condensed consolidated financial statements should be read in conjunction with the 31 December, 2007 audited consolidated financial statements and notes thereto. The preparation of these unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from these estimates and the operating results for the six month period presented are not necessarily indicative of the results expected for the full year. In the opinion of management, these unaudited condensed consolidated financial statements reflect adjustments necessary to state fairly the results for the periods presented. Visual Defence Inc. Notes to the Condensed Consolidated Financial Statements Canadian dollars in thousands (except share and per share data) Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007 NOTE 3: PROPERTY AND EQUIPMENT Computers and Office furniture and Leasehold Motor vehicles Total peripheral equipment equipment improvements Cost: Balance at 31 December 2006 $1,075 $490 $262 $230 $2,057 (Audited) Additions 99 244 5 260 608 Disposals - - - (39) (39) Foreign currency translation adjustments - (12) - - (12) Balance at 30 June 2007 1,174 722 267 451 2,614 (Unaudited) Additions 34 19 7 - 60 Disposals - - - - - Foreign currency translation - - - - - adjustments Balance at 31 December 2007 1,208 741 274 451 2,674 (Audited) Additions 81 50 19 - 150 Disposals - - - (104) (104) Foreign currency translation (34) 17 2 - (15) adjustments Balance at 30 June 2008 1,255 808 295 347 2,705 (Unaudited) Accumulated depreciation Balance at 31 December 2006 450 173 80 133 836 (Audited) Additions 120 73 20 39 252 Disposals - - - (33) (33) Foreign currency translation - - - - - adjustments Balance at 30 June 2007 570 246 100 139 1,055 (Unaudited) Additions 163 44 24 36 267 Disposals - - - - - Foreign currency translation (3) - - - (3) adjustments Balance at 31 December 2007 730 290 124 175 1,319 (Audited) Additions 157 72 24 46 299 Disposals - - - (104) (104) Foreign currency translation adjustments - (33) - - (33) Balance at 30 June 2008 887 329 148 117 1,481 (Unaudited) Balance at 30 June 2008 (Unaudited) $368 $479 $147 $230 $1,224 Balance at 30 June 2007 (Unaudited) $604 $476 $167 $312 $1,559 Balance at 31 December 2007 (Audited) $478 $451 $150 $276 $1,355 Visual Defence Inc. Notes to the Condensed Consolidated Financial Statements Canadian dollars in thousands (except share and per share data) Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007 NOTE 4: OTHER INTANGIBLE ASSETS Customer Technology and licensing agreements Total relationships Cost Balance at 31 December 2006 $2,681 $822 $3,503 (Audited) Additions - - - Amortization (183) (139) (322) Impairment loss - - - Foreign currency translation - (30) (30) adjustments Balance at 30 June 2007 2,498 653 3,151 (Unaudited) Additions - - - Amortization (184) (133) (317) Impairment loss - - - Foreign currency translation (6) (7) (13) adjustments Balance at 31 December 2007 2,308 513 2,821 (Audited) Additions - 254 254 Amortization (159) (133) (292) Impairment loss - - - Foreign currency translation - 5 5 adjustments Balance at 30 June 2008 $2,149 $639 $2,788 (Unaudited) Visual Defence Inc. Notes to the Condensed Consolidated Financial Statements Canadian dollars in thousands (except share and per share data) Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007 NOTE 5: EQUITY * A summary of the Company's share option activity and related information is as follows: Number Weighted average exercise price in Dollars Outstanding as of 31 December 2,124,500 $1.01 2006 (Audited) Granted - - Exercised (90,000) (0.01) Forfeited (313,500) 0.67 Outstanding as of 30 June 2007 1,721,000 1.10 (Unaudited) Granted 200,000 0.41 Exercised - - Forfeited (165,500) (0.41) Outstanding as of 31 December 1,755,500 0.61 2007 (Audited) Granted 88,000 0.40 Exercised - - Forfeited (186,000) (0.45) Outstanding as of 30 June 2008 1,657,500 $0.60 (Unaudited) b. The following table summarizes share-based compensation expense recorded in the income statements: Six months ended Year ended 31 December 30 June 2008 2007 2007 (Unaudited) (Unaudited) (Audited) Cost of revenues $11 $2 $6 Research and development 5 23 8 Selling and marketing 5 177 446 General and administrative 136 236 262 $157 $438 $722 Visual Defence Inc. Notes to the Condensed Consolidated Financial Statements Canadian dollars in thousands (except share and per share data) Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007 NOTE 6: DEPRECIATION AND AMORTIZATION The following table summarizes depreciation and amortization expenses and impairment losses recorded in the income statements: Six months ended Year ended 31 December 30 June 2008 2007 2007 (Unaudited) (Unaudited) (Audited) Research and development $134 $141 $272 Selling and marketing 159 185 367 General and administrative 299 253 516 $592 $579 $1,155 NOTE 7: JOINT VENTURE The following amounts have been recognized in the Company's condensed consolidated financial statements representing its 50% share in joint venture "Avisecure": Six months ended Year ended 31 December 30 June 2008 2007 2007 (Unaudited) (Unaudited) (Audited) Current assets $729 $- $396 Current liabilities - - - Net current assets $729 $- $396 Revenue $310 $- $- Expenses 234 - 34 Profit (Loss) after tax $76 $- ($34) Visual Defence Inc. Notes to the Condensed Consolidated Financial Statements Canadian dollars in thousands (except share and per share data) Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007 NOTE 8: SEGMENTAL INFORMATION The company manages its business on the basis of one business segment. All revenues are derived from customers located in North America and Middle East, Europe and Africa however a substantial portion of the Company's assets are situated in North America. The following table presents information by the Company's geographical segment for the six month period ended 30 June 2008 and 2007 and the year ended 31 December 2007 North America Europe Other Total Six month ended 30 June 2008 External revenue $2,802 $4,954 $774 $8,530 Total assets $32,789 $- $543 $33,332 Capital expenditure $404 $- $- $404 North America Europe Other Total Six month ended 30 June 2007 External revenue $4,253 $5,573 $369 $10,195 Total assets $37,460 $- $370 $37,830 Capital expenditure $604 $- $- $604 North America Europe Other Total Year ended 31 December 2007 External revenue $10,276 $17,315 $777 $28,368 Total assets $38,236 $17 $475 $38,728 Capital expenditure $648 $3 $8 $659 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLVADIELIT
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