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VAUDREUIL-DORION, QUEBEC -- (Marketwire) -- 03/21/13 -- Immunotec Inc. (TSX VENTURE: IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its first quarter 2013 financial results for the three-month period ended 31 January 2013.
"As the Company continues to execute against our business plan, we have delivered a strong quarter with net profit of $528 thousand. These results represent the best quarter we have seen in six years. Our profitability has improved and we continue to lay the groundwork for a strong future." said Bob Henry, Immunotec's Chairman and CEO.
Highlights for the first quarter of fiscal 2013
-- Total Revenue reached $12.2M, an increase of 10.3% as compared to the same period in the previous year.-- Network sales reached $11.2M, an increase of 12.4% 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 $2.9M or 23.9% of total revenues, which compares favorably to 27.2% for the same period in the previous year.-- Adjusted EBITDA(1) improved to $0.8M or 6.8% of total revenues, compared to $0.3M or 2.5% of total revenues for the same period in the previous year, a significant improvement.-- Net profit of $528 thousand; a significant improvement over a net profit of $6 thousand for the same period in the previous year.
(1) Refer to "Adjusted EBITDA" in the non-GAAP financial measures section of Management's Discussion and Analysis for the three-month period ended 31 January 2013.
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.
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.
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 INFORMATIONInterim Consolidated Statements of Financial Position January 31, October 31, 2013 2012(Canadian dollars) $ $----------------------------------------------------------------------------ASSETSCurrent assets Cash 2,745,757 3,779,089 Trade and other receivables 905,426 1,688,279 Inventories 3,491,914 2,601,079 Prepaid expenses 573,008 374,774---------------------------------------------------------------------------- 7,716,105 8,443,221Non-current assets Property, plant and equipment 5,867,767 5,931,470 Intangible assets 1,520,052 1,621,830 Goodwill 833,559 833,559 Other non- current assets 3,822,576 3,102,151---------------------------------------------------------------------------- 12,043,954 11,489,010---------------------------------------------------------------------------- 19,760,059 19,932,231--------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIESCurrent liabilities Bank indebtedness - 5,000 Payables 1,696,173 1,545,310 Accrued liabilities 2,944,334 3,151,212 Provisions 319,324 491,776 Deferred revenue and customer deposits 325,217 630,240 Income taxes 47,815 54,859 Current portion of long- term debt 118,533 117,120---------------------------------------------------------------------------- 5,451,396 5,995,517Long-term debt 1,932,602 1,964,336---------------------------------------------------------------------------- 7,383,998 7,959,853----------------------------------------------------------------------------EQUITY Share capital 3,454,845 3,462,503 Contributed surplus 13,233,270 13,259,401 Accumulated other comprehensive income 88,750 179,531 Deficit (4,400,804) (4,929,057)---------------------------------------------------------------------------- 12,376,061 11,972,378---------------------------------------------------------------------------- 19,760,059 19,932,231--------------------------------------------------------------------------------------------------------------------------------------------------------
