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VAUDREUIL-DORION, QUEBEC -- (Marketwire) -- 02/07/13 -- Immunotec Inc. (TSX VENTURE: IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today released its Year End 2012 financial results for the period ended October 31, 2012.
"Over the last twelve months, our Company has recruited 43,000 new distributors, a 41% increase over the prior year. This strong recruitment performance has improved our profitability and strengthens our balance sheet", said Bob Henry, Immunotec's Chairman and CEO. "Our product line is creating significant opportunities for distributors and we are as confident as ever in the future of Immunotec."
Highlights for the year
-- Total Revenue reached $49.2M, an increase of 15% as compared to the previous year.-- Network sales reached $44.2M, an increase of 18% as compared to the same period in the previous year.-- Selected expenses(1), defined as administrative, marketing and selling, quality and development expenses amounted to $11.9M and measured favorably, as a percentage of total revenues by improving to 24% as compared to 28% of total revenues last year.-- Adjusted EBITDA(1) improved to $1.9M or 3.8% of total revenues, compared to $0.6M or 1.4% of total revenues over last year, a major improvement.-- Net profit of $125 thousand, a significant improvement over last year (net loss of $1.4M).
(1) Refers to adjusted EBITDA in non-GAAP financial measures section of the Management Discussion and Analysis.
Modifications to the Corporation's Stock Option Plan
The Board of Directors has also approved a modification to the Company's Stock Option Plan, whereby it removed the 2-month hold period which applied to shares issued following the exercise of options under such Plan.
About Immunotec Inc.
Immunotec is a world class business opportunity supported by unique scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and the Caribbean.
The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
SUPPLEMENTAL INFORMATIONConsolidated Statements of Financial Position(Stated in Canadian dollars) October 31, October 31, November 1, 2012 2011 2010 $ $ $--------------------------------------------------------------------------------------------------------------------------------------------------------ASSETSCurrent assets Cash 3,779,089 2,561,969 2,936,456 Trade and other receivables 1,688,279 659,004 782,557 Inventories 2,601,079 3,324,740 2,612,670 Prepaid expenses 374,774 393,119 381,717---------------------------------------------------------------------------- 8,443,221 6,938,832 6,713,400Non-current assets Property, plant and equipment 5,931,470 5,931,411 6,218,352 Intangible assets 1,621,830 2,000,217 2,446,675 Goodwill 833,559 833,559 833,559 Deferred income tax assets 2,736,460 2,725,367 2,313,920 Non-refundable research and development tax credits 365,691 337,971 484,349---------------------------------------------------------------------------- 11,489,010 11,828,525 12,296,855---------------------------------------------------------------------------- 19,932,231 18,767,357 19,010,255--------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIESCurrent liabilities Bank indebtedness 5,000 - - Demand loan - - 1,000,000 Payables 1,545,310 935,800 1,593,697 Accrued liabilities 3,151,212 2,464,967 2,182,517 Provisions 491,776 671,201 524,559 Customer deposits 630,240 288,192 274,051 Income taxes 54,859 58,576 2,041 Current portion of long-term debt 117,120 312,320 147,218---------------------------------------------------------------------------- 5,995,517 4,731,056 5,724,083Long-term debt 1,964,336 2,077,787 239,622---------------------------------------------------------------------------- 7,959,853 6,808,843 5,963,705----------------------------------------------------------------------------EQUITY Share capital 3,462,503 3,465,548 3,465,548 Contributed surplus 13,259,401 13,240,835 13,231,836 Accumulated other comprehensive income 179,531 306,595 - Deficit (4,929,057) (5,054,464) (3,650,834)---------------------------------------------------------------------------- 11,972,378 11,958,514 13,046,550---------------------------------------------------------------------------- 19,932,231 18,767,357 19,010,255--------------------------------------------------------------------------------------------------------------------------------------------------------Immunotec Inc.Consolidated Statements of Changes in Equity(Stated in Canadian dollars) Accumulated other Contributed comprehensive Share capital surplus income ------------------------ Number $ $ $----------------------------------------------------------------------------Balance at November 1, 2010 69,994,300 3,465,548 13,231,836 - Net loss - - - - Foreign currency translation adjustments - - - 306,595----------------------------------------------------------------------------Total comprehensive loss - - - 306,595Share-based compensation - - 8,999 -----------------------------------------------------------------------------Balance at October 31, 2011 69,994,300 3,465,548 13,240,835 306,595-------------------------------------------------------------------------------------------------------------------------------------------------------- Net profit - - - - Foreign currency translation adjustments - - - (127,064)----------------------------------------------------------------------------Total comprehensive loss - - - (127,064)Repurchase of shares (61,745) (3,045) (11,623) -Share-based compensation - - 30,189 -----------------------------------------------------------------------------Balance at October 31, 2012 69,932,555 3,462,503 13,259,401 179,531-------------------------------------------------------------------------------------------------------------------------------------------------------- Deficit Total $ $--------------------------------------------------Balance at November 1, 2010 (3,650,834) 13,046,550 Net loss (1,403,630) (1,403,630) Foreign currency translation adjustments - 306,595--------------------------------------------------Total comprehensive loss (1,403,630) (1,097,035)Share-based compensation - 8,999--------------------------------------------------Balance at October 31, 2011 (5,054,464) 11,958,514---------------------------------------------------------------------------------------------------- Net profit 125,407 125,407 Foreign currency translation adjustments - (127,064)--------------------------------------------------Total comprehensive loss 125,407 (1,657)Repurchase of shares - (14,668)Share-based compensation - 30,189--------------------------------------------------Balance at October 31, 2012 (4,929,057) 11,972,378----------------------------------------------------------------------------------------------------Immunotec Inc.Consolidated Statements of Income (Loss)(Stated in Canadian dollars) 2012 2011 $ $--------------------------------------------------------------------------------------------------------------------------------------------------------Revenues Network sales 44,237,280 37,396,889 Other revenue 4,968,795 5,523,390---------------------------------------------------------------------------- 49,206,075 42,920,279Cost of sales Cost of goods sold 8,857,853 7,595,870 Sales incentives - Network 22,615,538 19,060,065 Other variable costs 4,260,186 3,810,679----------------------------------------------------------------------------Margin before expenses 13,472,498 12,453,665----------------------------------------------------------------------------Expenses Administrative 5,964,183 6,403,079 Marketing and selling 4,973,514 4,551,532 Quality and development costs 891,006 905,113 Depreciation and amortization 946,059 1,081,496 Other expenses 486,634 765,618----------------------------------------------------------------------------Operating income (loss) 211,102 (1,253,173)---------------------------------------------------------------------------- Net finance expenses 84,992 456,139----------------------------------------------------------------------------Profit (loss) before income taxes 126,110 (1,709,312)Income taxes (recovery) Current 8,462 93,605 Deferred (7,759) (449,287)----------------------------------------------------------------------------Profit (loss) from continuing operations 125,407 (1,353,630)Loss from discontinued operations - (50,000)----------------------------------------------------------------------------Net profit (loss) 125,407 (1,403,630)--------------------------------------------------------------------------------------------------------------------------------------------------------Basic and diluted net profit (loss) per share Continuing operations 0.00 (0.02) Discontinued operations - (0.00)----------------------------------------------------------------------------Total basic and diluted net profit (loss) per share 0.00 (0.02)--------------------------------------------------------------------------------------------------------------------------------------------------------Weighted average number of common shares outstanding during the period Basic and diluted 69,985,287 69,994,300--------------------------------------------------------------------------------------------------------------------------------------------------------Immunotec Inc.Consolidated Statements of Comprehensive Loss(Stated in Canadian dollars) 2012 2011 $ $--------------------------------------------------------------------------------------------------------------------------------------------------------Net profit (loss) 125,407 (1,403,630)Other comprehensive income (loss), net of income taxForeign currency translation adjustments (127,064) 306,595----------------------------------------------------------------------------Total comprehensive loss (1,657) (1,097,035)--------------------------------------------------------------------------------------------------------------------------------------------------------Immunotec Inc.Consolidated Statements of Cash Flows(Stated in Canadian dollars) 2012 2011 $ $--------------------------------------------------------------------------------------------------------------------------------------------------------Operating activitiesProfit (loss) from continuing operations 125,407 (1,403,630)Loss from discontinued operations - (50,000)----------------------------------------------------------------------------Net profit (loss) 125,407 (1,353,630)Adjustments for: Depreciation 386,797 455,668 Amortization 559,263 625,828 Gain on settlement of contingent consideration liability - (64,344) Gain on change in fair value of contingent consideration liability - (56,950) Loss on write- down of intangible assets 4,131 - Gain on disposal of a subsidiary (3,669) - Foreign exchange loss (gain) on items denominated in foreign currencies (156,185) 512,325 Accreted interest on contingent consideration liability - 51,720 Net interest expense on financial liabilities measured at amortized cost 79,860 60,521 Deferred income taxes (7,759) (449,287) Share-based compensation 30,189 8,999Interest paid (84,101) (60,521)Interest received 4,241 -----------------------------------------------------------------------------Cash prior to working capital variation 938,174 (269,671)Net change in non-cash working capital 1,188,265 (878,924)----------------------------------------------------------------------------Net cash provided by (used in) operating activities 2,126,439 (1,148,595)--------------------------------------------------------------------------------------------------------------------------------------------------------Investing activities Business acquisition (200,203) (109,777) Additions to property, plant and equipment (384,050) (171,086) Additions to intangible assets (187,233) (181,022) Non-refundable research and investment tax credits (27,720) 146,378----------------------------------------------------------------------------Net cash used in investing activities (799,206) (315,507)--------------------------------------------------------------------------------------------------------------------------------------------------------Financing activities Long-term debt - 2,200,000 Bank indebtedness 5,000 - Reimbursement of long-term debt (109,311) (9,233) Reimbursement of demand loan - (1,000,000) Repurchase of shares (14,668) -----------------------------------------------------------------------------Net cash used in financing activities (118,979) 1,190,767--------------------------------------------------------------------------------------------------------------------------------------------------------Net decrease in cash from continuing operations 1,208,254 (273,335)Net decrease in cash from discontinued operations Operating activities - (50,000)----------------------------------------------------------------------------Net increase (decrease) in cash during the year 1,208,254 (323,335)Cash - Beginning of the year 2,561,969 2,936,456Effect of foreign exchange rate fluctuations on cash 8,866 (51,152)----------------------------------------------------------------------------Cash - End of the year 3,779,089 2,561,969--------------------------------------------------------------------------------------------------------------------------------------------------------
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Patrick Montpetit
Chief Financial Officer
(450) 510-4527
