BRAMPTON, ONTARIO -- (Marketwire) -- 05/30/12 -- Atlantis Systems Corp. -
This news release may contain forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release. All amounts are stated in Canadian dollars except where otherwise noted.
Atlantis Systems Corp. (NEX: AIQ.H), a globally recognized training integrator in the military and commercial aviation markets, today announced its unaudited financial and operating results for the first quarter ended March 31, 2012. Full results are available on www.sedar.com.
The financial statements have not been reviewed by an auditor. The unaudited condensed interim financial statements of Atlantis Systems Corp. have been prepared by and are the responsibility of management acting on behalf of Atlantis Systems Corp. The Company's independent auditors, Deloitte & Touche LLP have not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed consolidated interim financial statements by an entity's auditor.
About Atlantis Systems Corp.
Atlantis Systems Corp (NEX: AIQ.H) uses its core capabilities in simulation-aided design, engineering and e-learning, combined with various technology tools, to help customers in military and civil aviation ensure the feasibility, capability, and effective utilization of their complex assets. In more than 30 years of operation, Atlantis has developed a solid reputation for its creative workforce and innovative solutions in supporting global OEM customers and defence organizations. To learn more, please visit the Company's web site at www.atlantissi.com.
Forward-Looking Statements
Atlantis assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or for any other reason. Additional information regarding risks and uncertainties that could affect Atlantis' business is contained in the Business Risk Factors section of Atlantis's Annual MD&A available on SEDAR at www.sedar.com.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Operations and Comprehensive
Income (Loss)
For the three months ended March 31, 2012 and 2011
(Expressed in thousands of Canadian dollars except per share amounts)
(Unaudited)
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For the three months
ended March 31
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2012 2011
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Revenue $ 3,014 $ 4,721
Cost of revenue 1,880 3,495
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Gross margin 1,134 1,226
Other income (Note 15) 120 -
Expenses
General and administrative 1,009 674
Selling and marketing 111 154
Restructuring costs 25 55
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1,145 883
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Operating income 109 343
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Depreciation and amortization 40 41
Finance costs (Note 5) 378 307
Accretion expense 17 -
Foreign currency gain (180) (195)
Loss on disposal of capital assets - 6
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Net and comprehensive income (loss) $ (146) $ 184
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Loss (earnings) per share
Basic $ (0.01) $ 0.02
Diluted $ (0.01) $ 0.02
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Weighted average number of shares:
Basic 10,233,683 10,233,683
Diluted 10,233,683 10,258,683
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The accompanying notes are an integral part of these consolidated financial
statements.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Financial Position
As at March 31, 2012 and December 31, 2011
(Expressed in thousands of Canadian dollars)
(Unaudited)
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March 31 December 31
2012 2011
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ASSETS
Current assets
Cash and cash equivalents $ 1,629 $ 1,610
Note receivable (Note 7) - 100
Trade and other receivables (Note 6) 2,616 2,624
Unbilled revenue 2,417 2,736
Inventory 12 -
Prepaid expenses 262 299
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6,936 7,369
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Capital assets, net (Note 8) 481 521
Long-term prepaid expenses 1 1
Other long-term assets 68 67
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550 589
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$ 7,486 $ 7,958
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LIABILITIES
Current liabilities
Accounts payable and accrued liabilities $ 1,873 $ 2,396
Deferred revenue 1,531 1,420
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3,404 3,816
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Term note (Note 9) 6,521 6,648
Convertible note (Note 9) 6,110 5,897
Derivative liability (Note 9) 554 554
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13,185 13,099
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16,589 16,915
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SHAREHOLDERS' DEFICIENCY
Share capital and warrants (Note 10) 92,837 92,837
Share-based payments reserve 9,338 9,338
Deficit (111,278) (111,132)
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(9,103) (8,957)
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$ 7,486 $ 7,958
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Going concern (Note 1); Commitments (Note 12)
The accompanying notes are an integral part of these consolidated financial
statements.
Approved on behalf of the Board of Directors:
signed David Williams, Director signed Ken Howard, Director
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Changes in Shareholders'
Deficiency
For the three months ended March 31, 2012 and 2011
(Expressed in thousands of Canadian dollars, except number of shares)
(Unaudited)
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Share- Total
Number based Accum- share-
of Common payments ulated holders'
shares stock Warrants reserve deficit deficiency
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Balance,
January 1,
2011 10,233,683 $ 92,810 $ 27 $ 9,338 $(108,467) $ (6,292)
Comprehensive
income (loss) - - - - 184 184
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Balance, March
31, 2011 10,233,683 92,810 27 9,338 (108,283) (6,108)
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Comprehensive
income (loss) - - - - (2,849) (2,849)
Warrants
exercised - - - - - -
Granted - term
debt
conversion - - - - - -
Share-based
payments
reserve - - - - - -
Balance,
December 31,
2011 10,233,683 92,810 27 9,338 (111,132) $ (8,957)
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Comprehensive
income (loss) - - - - (146) (146)
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Balance, March
31, 2012 10,233,683 $ 92,810 $ 27 $ 9,338 $(111,278) $ (9,103)
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The accompanying notes are an integral part of these consolidated financial
statements.
ATLANTIS SYSTEMS CORP.
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended March 31, 2012 and 2011
(Expressed in thousands of Canadian dollars)
(Unaudited)
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For the three months ended March 31
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2012 2011
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Cash flows provided by (used in):
Operating activities:
Net income (loss) $ (146) $ 184
Items not affecting cash:
Depreciation and amortization 40 41
Loss (gain) on disposal of capital
assets - 6
Foreign currency loss (gain) (243) (195)
Finance costs 389 307
Accretion on term debt 17 -
Long-term prepaid expense - 1
Other long-term assets (1) -
Net change in non-cash working capital
(Note 13) 162 (1,480)
Interest paid (199) (598)
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Net cash provided (used) in operating
activities 19 (1,734)
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Investing activities:
Investment in capital assets - (77)
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Net cash provided by (used) in
investing activities - (77)
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Financing activities:
Bridge loan proceeds, net - (996)
Operating line proceeds - 1,952
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Net cash provided by financing
activities - 956
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Net increase (decrease) in cash and
cash equivalents 19 (855)
Cash and cash equivalents, beginning of
period 1,610 1,110
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Cash and cash equivalents, end of
period $ 1,629 $ 255
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Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.
Contacts:
Atlantis Systems Corp.
Ellie Landale
Corporate Secretary
(905) 759-1041
elandale@atlantissc.com
