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Detailed financial statements along with Management Discussion and Analysis have been filed with SEDAR (www.sedar.com).
Financial information will be mailed to entitled security holders on February 22, 2013. Or, upon notice to the Company, entitled security holders may request a copy of financials in advance.
Summary Financial Information
-------------------------------------------------------------------------------------------------------------------------------------------------------- December 31, December 31, 2012 2011 (unaudited) (unaudited)----------------------------------------------------------------------------Revenue $ 1,096,167 $ 786,737Cost of sales 546,081 420,835---------------------------------------------------------------------------- 550,086 365,902Expenses 424,482 451,894----------------------------------------------------------------------------Income (loss) before the following items 125,604 (85,992)Other income (expense): 6,099 18,167----------------------------------------------------------------------------Income / (loss) for the period $ 131,703 $ (67,825)--------------------------------------------------------------------------------------------------------------------------------------------------------
Non-IFRS Measure
For the three months ended December 31, 2012, we are disclosing Adjusted EBITDA, a non-IFRS financial measure, as a supplementary indicator of operating performance. We define Adjusted EBITDA as net income before, interest, income taxes, amortization, stock based compensation and currency gains or losses including derivative foreign exchange differences. We are presenting the non-IFRS financial measure in our filings because we use it internally to make strategic decisions, forecast future results and to evaluate our performance and because we believe that our current and potential investors and analysts use the measure to assess current and future operating results and to make investment decisions. It is a non-IFRS measure, may not be comparable to other companies and it is not intended as a substitute for IFRS measures.
Adjusted EBITDA Reconciliation
-------------------------------------------------------------------------------------------------------------------------------------------------------- Three months ended Nine months ended December 31, December 31, December 31, December 31, 2012 2011 2012 2011----------------------------------------------------------------------------Income / (loss) for the period $ 131,703 (67,825) 102,570 (374,676)Add / (deduct) Foreign exchange (9,970) 14,168 (16,731) (9,902) Derivative exchange 79 (34,337) 5,721 (5,287) Interest 3,792 2,002 11,977 12,129 Stock based compensation 13,458 1,529 26,812 6,030 Amortization 3,814 5,245 12,043 17,759---------------------------------------------------------------------------- 11,173 (11,393) 39,822 21,429----------------------------------------------------------------------------Adjusted EBITDA $ 142,876 (79,218) 142,393 (353,247)--------------------------------------------------------------------------------------------------------------------------------------------------------
