LAB International revenues increase by more than 20% in first quarter15 May 2006
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March 31, December 31,
2006 2005
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(Audited)
Assets
Current assets:
Cash and cash equivalents $ 11,293 $ 16,914
Cash held in escrow - 541
Accounts receivable 10,106 8,469
Work in progress 1,944 2,314
Research tax credits receivable 358 1,333
Prepaid expenses 2,535 1,262
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26,236 30,833
Property and equipment 23,092 22,748
Intangible assets 11,592 11,831
Other assets 1,570 1,577
Future income taxes 7,052 6,957
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$ 69,542 $ 73,946
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Liabilities and Shareholders' Equity
Current liabilities:
Bank loan $ - $ 432
Accounts payable and accrued liabilities 10,803 11,046
Deferred revenue 7,060 6,059
Due to Scantox selling shareholders - 541
Current portion of long-term debt 2,065 2,328
Current portion of debenture 1,130 1,509
Deferred gain on sale of property 68 68
Future income taxes 819 688
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21,945 22,671
Deferred rent liability 90 37
Deferred gain on sale of property 1,580 1,603
Long-term debt 13,212 12,496
Debt component of convertible debenture 2,096 2,510
Future income taxes 3,910 4,021
Shareholders' equity:
Share capital 55,389 54,380
Warrants 794 794
Holder conversion options 943 1,099
Additional paid-in capital 8,384 8,083
Cumulative translation adjustment (1,553) (1,662)
Deficit (37,248) (32,086)
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26,709 30,608
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$ 69,542 $ 73,946
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Approved on behalf of the Board of Directors:
______________________ Director ______________________ Director
LAB INTERNATIONAL INC.
Consolidated Statements of Operations
Periods ended March 31, 2006 and 2005
(in thousands of Canadian dollars)
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Three months ended
March 31,
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2006 2005
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Revenues $ 11,216 $ 9,328
Expenses:
Direct costs 6,633 4,908
Selling, general and administrative 4,216 3,877
Research and development 2,698 2,109
Stock-based compensation 225 183
Amortization of property and equipment 792 664
Amortization of intangible assets 393 342
Interest on long-term debt and loss on
settlement of convertible debenture 717 229
Foreign exchange 370 (204)
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16,044 12,108
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Loss before income taxes (4,828) (2,780)
(Provision for) recovery of income taxes:
Current (386) (775)
Future 173 331
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(213) (444)
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Net loss $ (5,041) $ (3,224)
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Loss per share
Basic $ (0.07) $ (0.06)
Diluted (0.07) (0.06)
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Weighted average number of shares outstanding:
Basic 70,100,391 53,277,242
Effect of convertible debentures 4,840,441 -
Effect of dilutive options and warrants 1,469,956 32,377
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Diluted 76,410,788 53,309,619
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LAB INTERNATIONAL INC.
Consolidated Statements of Deficit
Periods ended March 31, 2006 and 2005
(in thousands of Canadian dollars)
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Three months ended
March 31,
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2006 2005
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Deficit, beginning of period $ (32,086) $ (17,572)
Net loss (5,041) (3,224)
Settlement of convertible debentures (121) -
Share issue costs - (207)
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Deficit, end of period $ (37,248) $ (21,003)
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LAB INTERNATIONAL INC.
Consolidated Statements of Cash Flows
Periods ended March 31, 2006 and 2005
(in thousands of Canadian dollars)
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Three months ended
March 31,
2006 2005
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Cash flows from operating activities:
Net loss $ (5,041) $ (3,224)
Adjustments for:
Amortization and write-off of property
and equipment 792 664
Amortization of intangible assets 393 342
Amortization of deferred financing fees 35 2
Stock-based compensation 225 183
Loss on settlement of convertible debenture 294 -
Accretion expense on convertible debenture 310 -
Unrealized foreign exchange loss 293 -
Amortization of deferred gain of property (23) -
Deferred rent liability 53 -
Future income taxes (173) (331)
Net changes in operating assets and liabilities (807) (446)
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(3,649) (2,810)
Cash flows from financing activities:
Proceeds from private placements - 2,366
Repayment of convertible debenture (585) -
Share issue costs - (198)
Proceeds from bank credit facilities - 112
Proceeds from issuance of long-term debt 702 465
Repayment of long-term debt (698) (236)
Repayment of bank loan (432) -
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(1,013) 2,509
Cash flows from investing activities:
Business acquisition - (6,137)
Payment of holdback payable - (65)
Acquisition of property and equipment (757) (461)
Addition to license and patents (85) (2)
Other advances and investments (28) 6
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(870) (6,659)
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Net decrease in cash and cash equivalents (5,532) (6,960)
Cash and cash equivalents, beginning of period 16,914 12,049
Effect of exchange rate changes (89) 75
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Cash and cash equivalents, end of period $ 11,293 $ 5,164
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Cash and cash equivalents are comprised of:
Cash $ 2,293 $ 3,876
Term deposit, bearing interest at 2%,
matured in April 2005 - 1,288
Money market fund 9,000 -
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$ 11,293 $ 5,164
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>>
Source: prnewswire
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