Anzeige
Mehr »
Login
Freitag, 29.03.2024 Börsentäglich über 12.000 News von 687 internationalen Medien
Spezial am Donnerstag: Rallye II. - Neuer Anstoß, News und was die Börsencommunity jetzt nicht verpassen will…
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
Marketwired
156 Leser
Artikel bewerten:
(0)

Northcore Technologies Reports Second Quarter 2011 Financial Results

TORONTO, ONTARIO -- (Marketwire) -- 08/11/11 -- Northcore Technologies Inc. (TSX: NTI)(OTCBB: NTLNF), a global provider of asset management and social commerce solutions, announced today its interim financial results for the second quarter ended June 30, 2011. All figures are reported in Canadian dollars.

Northcore reported consolidated revenues of $187,000 for the second quarter, representing an increase of 51 percent over the $124,000 reported in the same quarter of 2010. Northcore also reported year-to-date consolidated revenues of $370,000, an increase of 35 percent over the $274,000 reported for the same period of 2010. The growth in revenues was attributed primarily to higher social commerce services revenues in connection with development of a group purchase platform.

Northcore derives its revenues from application hosting activities provided to customers, the sale of software licenses, and the delivery of technology services, such as application development and software customization.

Northcore reported an Operational EBITDA loss for the second quarter of $409,000, an improvement of 10 percent from the Operational EBITDA loss of $452,000 reported for the second quarter of 2010. Northcore reported year-to-date Operational EBITDA loss of $848,000, an improvement of nine percent from the operational EBITDA loss of $932,000 reported for the same period of 2010. An increase in revenues contributed to the reduction in Operational EBITDA loss during the period.

Operational EBITDA is defined as the loss before interest, taxes, depreciation, stock-based compensation, non-cash and non-recurring items. The Company considers Operational EBITDA to be a meaningful performance measure as it provides an approximation of operating cash flows.

For the quarter and six months ended June 30, 2011, Northcore reported a net loss per share of $0.009 and $0.013 respectively, basic and diluted. This compares to a loss per share of $0.004 and $0.008 respectively, basic and diluted, in the same period of 2010. The increase in loss was attributed primarily to non-cash, non-recurring stock-based compensation and professional fees incurred in connection with the recruitment of new Board members and senior management.

As at June 30, 2011, Northcore held cash of $1,124,000, and accounts receivable of $206,000.

Operating Highlights

We accomplished the following activities in the period:

--  Retained a new CEO, Chairman and two board of directors members to
    assist in corporate realignment and growth;
--  Entered the testing phase with an initial Social Commerce product
    offering;
--  Launched a strategic initiative with Pellegrino and Associates to
    position Northcore to take advantage of high growth domains with its
    proprietary Working Capital Engine and Dutch Auction IP portfolio;
--  Deployed a social commerce micro site for DiscountThis.com;
--  Implemented an "Intelligent Agent" data extraction and analysis platform
    for a major strategic partner; and
--  Secured $1,594,000 proceeds through the exercise of warrants by current
    holders.

Subsequent to the quarter ended June 30, 2011, we realized proceeds of $320,000 in connection with warrants exercised by current holders.

Outlook

"These are very exciting times for Northcore. We are entering into a new phase of growth with product offerings that address high value strategic areas such as social commerce," said Amit Monga, CEO of Northcore Technologies. "In addition, we have a renewed focus on selling our asset management platform in new markets and verticals through partnerships. We are also aggressively working to monetize our intellectual property portfolio by targeting high affinity domains. We believe that our efforts will serve to deliver maximum value for Northcore shareholders."

Northcore will hold a conference call at 10:00 a.m. (Eastern Time) on Friday August 12 to discuss its financial results and review operational activities. Investors and followers of the Company can listen to a live broadcast of the call from the investor relations section of the Company's website, http://www.northcore.com/events.html.

About Northcore Technologies Inc.

Northcore Technologies provides a Working Capital Engine™ that helps organizations source, manage, appraise and sell their capital equipment. Additionally, Northcore has launched a Social Commerce Group to deliver holistic enterprise technology solutions that help businesses leverage social media to accelerate buying and selling.

Northcore offers its software solutions and support services to a growing number of customers in a variety of sectors including financial services, manufacturing, oil and gas and government.

Northcore owns 50 percent of GE Asset Manager, LLC, a joint business venture with GE and holds a substantial intellectual property portfolio.

Additional information about Northcore can be obtained at www.northcore.com.

This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. These include, among others, statements about expectations of future revenues, cash flows, and cash requirements. Forward-looking statements are subject to risks and uncertainties that may cause Northcore's ("the Company") results to differ materially from expectations. These risks include the Company's ability to raise additional funding, develop its business-to-business sales and operations, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the Company's products and services, competitive factors, new products and technological changes, and other such risks as the Company may identify and discuss from time to time, including those risks disclosed in the Company's Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the Company's plans will be achieved. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, on SEDAR (the System for Electronic Document Analysis and Retrieval at www.sedar.com) and the US Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction.

(financial results follow)

Northcore Technologies Inc.
               Consolidated Statements of Financial Position
                (expressed in thousands of Canadian dollars)
                             (IFRS, Unaudited)
----------------------------------------------------------------------------


                                   -----------------------------------------
                                    June 30,      June 30,     December 31,
                                      2011          2011           2010
                                   -----------------------------------------
                                                   (in US$)

                                                  translated
                                                 into US$ at
                                                 Cdn$ 0.9642
                                               for convenience

Cash                                $   1,124 $          1,166  $        51
Other current assets                      244              253          187
Other assets                               27               28           46
                                   -----------------------------------------
 Total assets                       $   1,395 $          1,447  $       284
                                   -----------------------------------------
                                   -----------------------------------------

Accounts payable and accrued
 liabilities                        $     574 $            592  $       619
Deferred revenue                          110              114            2
Current portion of long term debts        520              540        1,032
Non-current portion of long term
 debts                                    133              138          204
Total shareholders' equity                 61               63       (1,573)
                                   -----------------------------------------
 Total liabilities and
  shareholders' equity              $   1,395 $          1,447  $       284
                                   -----------------------------------------
                                   -----------------------------------------



                        Northcore Technologies Inc.
        Consolidated Statements of Operations and Comprehensive Loss
       (expressed in thousands of dollars, except per share amounts)
                             (IFRS, Unaudited)

                ------------------------------------------------------------
                      Three Months Ended             Six Months Ended
                           June 30,                      June 30,
                ------------------------------------------------------------
                    2011        2011     2010     2011        2011     2010
                    ($C)       ($US)     ($C)     ($C)       ($US)     ($C)
                ------------------------------------------------------------

                          translated                    translated
                          into US$                      into US$
                          at                            at
                          Cdn$ 0.9642                   Cdn$ 0.9642
                          for convenience               for convenience

Revenues        $    187 $       194 $    124 $    370 $       384 $    274
                ------------------------------------------------------------

Operating
 expenses:
 General and
  administrative     585         607      351      957         993      738
 Customer
  service and
  technology         181         188      184      362         375      376
 Sales and
  marketing           65          67       41      134         139       92
 Employee stock
  options          1,170       1,213      104    1,253       1,300      297
 Depreciation          6           6        5       12          12       11
                ------------------------------------------------------------
Total operating
 expenses          2,007       2,081      685    2,718       2,819    1,514
                ------------------------------------------------------------

Loss before the
 undernoted       (1,820)     (1,887)    (561)  (2,348)     (2,435)  (1,240)
                ------------------------------------------------------------

Interest
 expense:
 Cash interest
  expense on
  notes payable
  and secured
  subordinated
  notes               28          29       32       73          76       61
 Accretion of
  secured
  subordinated
  notes               33          34       28       69          72       54
                ------------------------------------------------------------
Total interest
 expense              61          63       60      142         147      115
                ------------------------------------------------------------

Other income:
 Income from
  investments          1           1        7       36          37       28
                ------------------------------------------------------------
Loss and
 comprehensive
 loss for the
 period         $ (1,880)$    (1,949)$   (614)$ (2,454)$    (2,545)$ (1,327)
                ------------------------------------------------------------
                ------------------------------------------------------------

Loss per share,
 basic and
 diluted        $ (0.009)$    (0.009)$ (0.004)$ (0.013)$    (0.014)$ (0.008)
                ------------------------------------------------------------
                ------------------------------------------------------------

Weighted average
 number of
 shares
 outstanding,
 basic and
 diluted (000's) 188,796     188,796  162,005  183,341     183,341  161,523
                ------------------------------------------------------------
                ------------------------------------------------------------


Contacts:
Northcore Technologies Inc.
Investor Relations
(416) 640-0400 ext. 273
(416) 640-0412 (FAX)
InvestorRelations@northcore.com

Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2011 Marketwired
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.