Logibec Groupe Informatique Ltd.
TSX : LGI

Logibec Groupe Informatique Ltd.

August 12, 2008 17:49 ET

Logibec Continues its Growth

MONTREAL, QUEBEC--(Marketwire - Aug. 12, 2008) - Logibec Groupe Informatique Ltd. (TSX:LGI) announced today the results of its quarter ended June 30, 2008. All monetary amounts are expressed in Canadian dollars.

HIGHLIGHTS

- Revenue up 63% for the third quarter ended June 30, 2008, to stand at $18.6 million compared to $11.4 million for the same period in the previous fiscal year.

- Revenue up 49% for the nine months ended June 30, 2008, to stand at $50.2 million compared to $33.7 million for the same period in the previous fiscal year.

- Recurring revenue up 67% for the quarter to stand at $15.5 million or 83% of total revenue.

- Recurring revenue up 55% for the nine months ended June 30, 2008, to stand at $42.0 million compared to $27.1 million for the same period in the previous fiscal year.

- Operating earnings up 48% or $6.5 million compared to $4.4 million for the same period in the previous fiscal year.

- For the third quarter of the fiscal year, the operating margin rose to 35% of total revenue compared to 33% for the second quarter.

- For the first nine months of the fiscal year, operating earnings rose 24% to stand at $17.0 million compared to $13.7 million for the same period in the previous fiscal year and represented a 34% margin of total revenue.

- Net earnings of $2.0 million, or $0.21 per share ($0.21 per fully-diluted share) compared to net earnings of $1.8 million, or $0.21 per share ($0.21 per fully-diluted share) for the same period in the previous fiscal year.

- For the third quarter of the fiscal year, net earnings margin rose to 11% compared to 10% for the second quarter.

OPERATING RESULTS

REVENUE

Revenue for the third quarter of fiscal year 2008 stood at $18.6 million, an increase of 63%, compared to $11.4 million for the same period in the previous fiscal year. Revenue for the nine months ended June 30, 2008 stood at $50.2 million, representing an increase of 49%, compared to $33.7 million for the same period in 2007.

A graphic of the "Segment Revenue" can be found here: http://media3.marketwire.com/docs/SegmentRevenue.jpg

For the quarter ended June 30, 2008, revenue from American activities represented 52% of consolidated revenue compared to 27% of consolidated revenue for the same period in the previous fiscal year. This significant increase in revenue from the American segment is due to the inclusion of two major acquisitions, namely Achieve and QuickCARE.

Segment revenue for the first nine months of fiscal year 2008, is as follows:

- 50% for Canadian activities

- 50% for American activities

In line with the Company's geographic diversification strategy, the acquisitions of Achieve and QuickCARE strengthen the Company's American presence and sustain its revenue growth.

With the Achieve and QuickCARE acquisitions, MDI Achieve, Logibec's American subsidiary, has become the leading supplier of software designed for the eldercare sector in the United States serving over 7,000 facilities and communities. The Company is currently focusing on integrating the activities and companies acquired over the last year by improving the quality of customer support and honoring commitments made to acquired clients by previous management teams. It is also upgrading the various software packages acquired to create an integrated solution that meets the needs of its customers.




2008 2007 2008 2007
3 months 3 months Variance 9 months 9 months Variance
--------------------------------------------------------------------------
(in thousands of dollars, except for percentages)
Revenue
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Canada 8,986 8,276 9% 25,323 25,330 0%
United States 9,612 3,129 207% 24,911 8,354 198%
--------------------------------------------------------------------------

Consolidated Revenue 18,598 11,405 63% 50,234 33,684 49%
--------------------------------------------------------------------------

Recurring Revenue
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Canada 6,912 6,341 9% 20,056 19,059 5%
United States 8,564 2,904 195% 21,897 8,008 173%
--------------------------------------------------------------------------

Consolidated Revenue 15,476 9,245 67% 41,953 27,067 55%
--------------------------------------------------------------------------



Revenue from Canadian activities

Revenue from Canadian activities for the third quarter of 2008 increased by 9% compared to the same quarter in the previous fiscal year. Recurring revenue from Canadian activities for the third quarter of 2008 also increased by 9% compared to the same quarter in the previous fiscal year. This increase is mainly due to new contracts that became effective during the fiscal year for our software package families eClinibase, Espresso, Med-Echo Plus and our Business Intelligence solutions.

For the nine-month period ended June 30, 2008, revenue from Canadian activities stood at $25.3 million, representing a zero variance compared to the same period in the previous fiscal year. Recurring revenue for this nine-month period increased 5% to stand at $20.1 million. It should be noted that the first nine months of the previous fiscal year was characterized by significant non recurring special work associated with the processing of pay equity measures. The decrease in non recurring revenue in 2008 was therefore compensated by an equivalent increase in recurring revenue.

As at June 30, 2008, the Company had $1.8 million in current deferred professional services revenue and $4.2 million in Iong-term deferred professional services revenue in accordance with its revenue recognition policy. This revenue as well as the related costs will be recognized over the average term of the related agreements which is generally three years.

Revenue from American activities

During the third quarter of 2008, revenue from American activities tripled to stand at $9.6 million compared to $3.1 million last year. The increase of $6.5 million or 207% is mainly due to the business activities added during the fiscal year following the acquisitions of Achieve and QuickCARE on November 19, 2007 and January 1, 2008, respectively. It should be noted that the Company has decided not to renew certain support agreements that expired during the fiscal year for infrastructure, technology and services for which the Company acted as a reseller or that were not directly related to the operation of the Company's software. This decision is explained by the low margins shown for these services. The non-renewed support agreements contributed less than $0.1 million to operating earnings.

For the first nine months of fiscal year 2008, revenue from American activities stood at $24.9 million, or an increase of 198% compared to the same period in 2007. Recurring revenue for the first nine months of fiscal year 2008 increased by 173% to stand at $21.9 million.

As at June 30, 2008, the Company had $1.0 million in current deferred software license revenue and $2.1 million in Iong-term deferred software license revenue in accordance with its revenue recognition policy. This revenue as well as the related costs, namely commissions granted to representatives and agents, will be recognized over the term of the related agreements which is generally three or five years.

OPERATING EXPENSES

Operating expenses for the quarter, which are composed of service costs, selling and administrative expenses and stock-based compensation stood at $12.1 million, representing an increase of $5.1 million, or 72%, compared to the expenses recorded during the same period in the previous fiscal year. Operating expenses for the fiscal half year stood at $33.2 million compared to $20.0 million recorded for same period in the previous fiscal year. These significant increases are due to the inclusion of activities acquired over the last year from Achieve and QuickCARE.

Service costs and gross margin. Service costs for the quarter increased by $3.4 million or 69%. The gross margin for the quarter increased 58% to stand at $10.3 million compared to $6.5 million for the gross margin recorded for the same period in the previous fiscal year. Service costs for the first nine months of fiscal year 2008 increased by $9.1 million, or 66%. The gross margin for the first nine months increased by 37% to stand at $27.4 million compared to $19.9 million recorded for the same period in the previous fiscal year. The variance in service costs and gross margin is presented in the following table:




2008 2007 2008 2007
3 months 3 months Variance 9 months 9 months Variance
------------------------------------------------------
(in thousands of dollars, except for percentages)
Service Costs
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Canada 3,589 3,590 0% 10,116 10,352 -2%
United States 4,705 1,305 261% 12,709 3,367 277%
---------------------------------------------------------------------------
Consolidated Service
Costs 8,294 4,895 69% 22,825 13,719 66%
---------------------------------------------------------------------------

Gross Margin
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Canada 5,397 4,686 15% 15,206 14,978 2%
60% 57% 60% 59%
United States 4,907 1,824 169% 12,203 4,987 145%
51% 58% 49% 60%
---------------------------------------------------------------------------
Consolidated Gross 10,304 6,510 58% 27,409 19,965 37%
Margin 55% 57% 55% 59%
---------------------------------------------------------------------------



Canadian service costs remained stable for the third quarter of 2008 compared to the same period in the previous year. The annual increase in for Canadian salaries on April 1st was counterbalanced by a decrease in recognized professional services costs during the quarter compared to the third quarter of 2007. Since the Canadian service costs were stable, the previously mentioned 9% increase in revenue from Canadian activities caused the gross margin for this revenue to increase to 60% for the third quarter of 2008 compared to 57% for the same period last year. For the first nine months of fiscal year 2008, service costs for Canadian activities decreased by 2% compared to the same period in the previous fiscal year.

The significant increase of 261% in American service costs during the third quarter of 2008 is mainly attributable to the inclusion of previously mentioned activities acquired over the last twelve months. The American gross margin represented 51% of revenue from American activities for the third quarter of 2008 compared to 58% of revenue for the same period last year. However, this same 51% margin represents an improvement compared to the gross margin of 47% shown during the previous quarter. The increase in service costs is 277% for the nine months ended June 30, 2008.

Selling, general and administrative expenses. Selling, general and administrative expenses were $3.8 million or 21% of revenue for the quarter, compared to $2.1 million or 19% of revenue for the same period last year. For the first nine months of fiscal year 2008, selling, general and administrative expenses were $10.4 million or 21% of revenue compared to $6.3 million or 19% of revenue. The increase of $1.7 million for the quarter is explained by an increase of $0.4 million in selling, general and administrative expenses in Canada and an increase of $1.3 million in these expenses in the United States. The variance in the selling and administrative expenses as well as the percentage of these expenses in the corresponding revenue are presented in the following table:




2008 2007 2008 2007
3 months 3 months Variance 9 months 9 months Variance
------------------------------------------------------
(in thousands of dollars, except for percentages)
Selling and Administrative Expenses
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Canada 1,703 1,307 30% 4,389 3,929 12%
United States 2,124 836 154% 5,992 2,336 156%
---------------------------------------------------------------------------
Consolidated Selling
and Administrative
Expenses 3,827 2,143 79% 10,381 6,265 66%
---------------------------------------------------------------------------

Selling and Administrative Expenses
in Percentage of Revenue
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Canada 19% 16% 17% 16%
Unites States 22% 27% 24% 28%
---------------------------------------------------------------------------
Consolidated Selling
and Administrative
Expenses 21% 19% 21% 19%
---------------------------------------------------------------------------



In Canada, the increase of $0.4 million in selling and administrative expenses during the third quarter is explained by an increase in the provision for professional services and other services as well as by the payment of certain performance bonuses.

In the United States, the increase in selling and administrative expenses is explained by the inclusion of the Achieve and QuickCARE activities. However, it should be noted that selling and administrative expenses in United States represented 27% of revenue for the third quarter of 2007 and represented 22% of revenue for the third quarter of 2008. Since the acquisitions of Achieve and QuickCARE, the selling and administrative expenses have decreased as a percentage of revenue from 26% in the first quarter of 2008, to 24% of revenue in the second quarter and 22% of revenue in the third quarter. Management believes that the current level of selling and administrative expenses in the United States is normalized and will remain higher than these expenses in Canada as a percentage of revenue considering that selling and marketing expenses are higher in the highly competitive American market.

Stock-based compensation. There are no expenses related to stock-based compensation for the third quarter and the first nine months of fiscal year 2008 compared to zero and $59,296 respectively for the same periods in the previous fiscal year. These expenses were related to stock options granted on April 1, 2005. Since that date, all these stock options can be exercised and therefore no expenses remain to be recognized. As of the date of this MD&A, Management does not intend to grant any additional stock options.

OPERATING EARNINGS

Operating earnings before amortization, loss on disposal of fixed assets, income from temporary investments, financial expenses and income taxes for the quarter ended June 30, 2008 stood at $6.5 million, representing an increase of $2.1 million or 48% compared to the same period last year. For the first nine months of fiscal year 2008, operating earnings before amortization, loss on disposal of fixed assets, income on temporary investments, financial expenses and income taxes stood at $17.0 million, representing an increase of $3.3 million or 24% compared to the same period last year.

In the course of the due diligence review conducted for the acquisition of Achieve's assets and business activities, the Company determined a need for a restructuring of that company's financial situation. The restructuring plan implemented by the Company allowed these activities to show positive operating earnings during the second and third quarters of 2008. Management of the Company believes that the operating earnings margin of these activities will continue to improve over the upcoming quarters considering the measures that were implemented following the acquisition.

AMORTIZATION OF FIXED ASSETS, INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS

Amortization of fixed assets, intangible assets and other long-term assets for the quarter ended June 30, 2008 rose to $3.0 million, representing an increase of 87% compared to the same period in the previous fiscal year. For the first nine months of fiscal year 2008, the amortization of fixed assets, intangible assets and other long-term assets stood at $7.8 million, or an increase of 62% compared to the same period in the previous fiscal year. These increases are mainly attributable to the amortization of the customer relationships and technologies acquired from Achieve and QuickCARE.

FINANCIAL EXPENSES

Financial expenses for the quarter increased by $0.4 million compared to financial expenses for the same period last year. For the first nine months of fiscal year 2008, financial expenses were $1.6 million. Financial expenses for the third quarter and first nine months of fiscal year 2008 were mainly composed of interest charges related to Canadian credit facilities obtained to finance the acquisitions of Achieve and QuickCARE, interest charges on the balance of purchase price for these acquisitions and amortization of deferred financing charges.

NET EARNINGS

Net earnings for the third quarter ended June 30, 2008 stood at $2.0 million, or $0.21 per share ($0.21 per fully-diluted share), compared to $1.8 million, or $0.21 per share ($0.21 per fully-diluted share), for the same period in the previous fiscal year. For the first nine months of fiscal year 2008, net earnings stood at $5.3 million, or $0.55 per share ($0.55 per fully-diluted share), compared to $5.6 million, or $0.63 per share ($0.63 per fully-diluted share), for the same period in the previous fiscal year.

LIQUIDITY AND SOURCES OF FINANCING

OPERATING ACTIVITIES

For the third quarter ended June 30, 2008, operating activities generated cash flows of $17.5 million, whereas these activities, for the same period in the previous fiscal year, generated cash flows of $15.0 million. This increase is mainly explained by an increase in net earnings and the changes in non-cash working capital items.

INVESTING ACTIVITIES

The Company used $1.4 million for investing activities during the quarter ended June 30, 2008. Of this amount, $0.9 million corresponds to capitalized software development costs of which $0.5 million is in Canada and $0.4 million in the United States. The difference, $0.5 million, was used for capital expenditures for both the Canadian and American operations.

FINANCING ACTIVITIES

The Company borrowed $6.5 million through its new Canadian secured credit facilities of $40.0 million. Of this amount, $4.0 million was used to repay a promissory note bearing interest at 8% and maturing on June 30, 2009 and $2.5 million was used to finance the short-term working capital. The Company's Canadian service contracts are invoiced annually on April 1st so as to correspond to the fiscal year of the Quebec Health and Services Network. As of April 1, 2008, a total amount of over $21.0 million was invoiced under these contracts. The third quarter is therefore characterized by high operating cash flow. During the quarter, the Company also made repayments of $19.2 million on its Canadian credit facilities.

During the third quarter, the Company repurchased 8,600 common shares through a normal course issuer bid announced on February 13, 2008. These shares were repurchased for cash consideration of $0.2 million at an average price per share of $20.42.

ABOUT LOGIBEC

Logibec is among the fastest-growing North American companies specializing in the development, marketing, implementation and support of information systems for the health and social services sector. Since its acquisition of MDI Technologies, Inc. (MDI), in June 2005, Logibec has continued to expand its American activities with the recent acquisition of the assets of Achieve Healthcare Technologies and QuickCARE Software Services and is now a leader in the U.S. with a customer base of approximately 7,000 facilities and communities. Its American activities are now managed under the name MDI Achieve. Logibec's services are delivered by an experienced team of approximately 420 employees. The Company has its head office in Montreal as well as offices in Quebec City, Edmonton, St. Louis, Minneapolis, Dallas, Tampa and Smithfield, Virginia.

This news release contains forward-looking statements reflecting Logibec Groupe Informatique Ltd. objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe", "anticipate", "estimate" and "expect" as well as the use of the future or conditional tense. By their very nature, such statements involve risks and uncertainty. Actual results may differ significantly from the Company's forecasts or expectations.





LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)

Three months ended Nine months ended
June 30 June 30
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
--------------------------------------------------------------------------
$ $ $ $
(As restated)

Revenue 18,598,687 11,405,226 50,234,042 33,684,235
--------------------------------------------------------------------------

Operating expenses
Service costs 8,293,873 4,895,378 22,824,692 13,719,338
Selling and administrative
expenses 3,827,241 2,143,485 10,380,360 6,206,205
Stock-based compensation - - - 59,296
--------------------------------------------------------------------------
12,121,114 7,038,863 33,205,052 19,984,839
--------------------------------------------------------------------------

Earnings before the
following items 6,477,573 4,366,363 17,028,990 13,699,396

Amortization of fixed
assets 458,762 261,582 1,177,484 791,665
Amortization of intangible
assets and other
long-term assets 2,513,010 1,330,712 6,573,596 3,985,132
Loss on disposal of fixed
assets 7,117 956 18,376 125,647
Income on temporary
investments (3,802) (61,122) (55,137) (94,671)
Financial expenses 615,618 247,547 1,827,850 280,425
--------------------------------------------------------------------------
Earnings before income
taxes 2,886,868 2,586,688 7,486,821 8,611,198

Income taxes 851,000 753,000 2,196,000 3,005,000
--------------------------------------------------------------------------
Net earnings 2,035,868 1,833,688 5,290,821 5,606,198
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Net earnings per share
Basic 0.21 0.21 0.55 0.63
Diluted 0.21 0.21 0.55 0.63
--------------------------------------------------------------------------

Weighted average number of
common shares outstanding
Basic 9,854,333 8,808,024 9,579,930 8,883,189
Diluted 9,919,433 8,885,747 9,650,627 8,950,642
--------------------------------------------------------------------------



LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

Three months ended Nine months ended
June 30 June 30
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
--------------------------------------------------------------------------
$ $ $ $
(As restated)

Net earnings 2,035,868 1,833,688 5,290,821 5,606,198
Net change in unrealized
losses on translation
of financial statements
of self-sustaining
subsidiaries (575,067) (2,411,135) 1,919,391 (1,400,458)
--------------------------------------------------------------------------
Comprehensive income 1,460,801 (577,447) 7,210,212 4,205,740
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Accumulated other
comprehensive
income (loss),
beginning of period (4,005,243) (2,343,469) (6,499,701) (3,354,146)
Net change in unrealized
losses on translation
of financial statements
of self-sustaining
subsidiaries (575,067) (2,411,135) 1,919,391 (1,400,458)
--------------------------------------------------------------------------
Accumulated other
comprehensive
income (loss), end of
period (4,580,310) (4,754,604) (4,580,310) (4,754,604)
--------------------------------------------------------------------------
--------------------------------------------------------------------------



LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(unaudited)

Three months ended Nine months ended
June 30 June 30
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
--------------------------------------------------------------------------
$ $ $ $
(As restated) (As restated)

Retained earnings,
beginning of year
as previously reported 17,234,404 14,722,042 15,268,966 12,436,490
Restatement - (1,506,000) - (1,303,000)
--------------------------------------------------------------------------
Beginning of year, as
restated 17,234,404 13,216,042 15,268,966 11,133,490

Net earnings 2,035,868 1,833,688 5,290,821 5,606,198
--------------------------------------------------------------------------
19,270,272 15,049,730 20,559,787 16,739,688

Premium on redemption
of common shares (131,797) (1,678,295) (1,421,312) (3,368,253)
--------------------------------------------------------------------------
Retained earnings, end
of year 19,138,475 13,371,435 19,138,475 13,371,435
--------------------------------------------------------------------------
--------------------------------------------------------------------------



LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED BALANCE SHEETS
(unaudited)

June 30, September 30,
2008 2007
------------------------------------------------------------------------
------------------------------------------------------------------------
$ $
(As restated)

Assets
Current assets
Cash and cash equivalents 2,628,655 6,974,398
Accounts receivable 10,812,290 4,820,699
Income tax credits receivable 2,010,760 1,565,451
Income taxes receivable 1,519,069 2,226
Future income taxes 843,995 483,000
Other current assets 2,563,551 1,526,715
------------------------------------------------------------------------
20,378,320 15,372,489

Fixed assets 4,682,174 3,535,084
Goodwill 61,761,155 33,836,280
Intangible assets and other long lived assets 52,306,116 24,336,051
------------------------------------------------------------------------
139,127,765 77,079,904
------------------------------------------------------------------------
------------------------------------------------------------------------

Liabilities
Current liabilities
Bank overdraft 72,905 -
Accounts payable and accrued liabilities 9,591,593 4,907,036
Income taxes 455,440 2,424,369
Future income taxes 63,000 63,000
Current portion of long-term debt 2,192,355 1,066,406
------------------------------------------------------------------------
12,375,293 8,460,811

Deferred revenue 23,984,388 14,428,909
------------------------------------------------------------------------
36,359,681 22,889,720

Long-term deferred revenue 6,863,423 6,072,968
Long-term debt 24,771,214 5,277,742
Future income taxes 5,913,821 5,815,243
------------------------------------------------------------------------
73,908,139 40,055,673
------------------------------------------------------------------------
Commitments and contingencies

Shareholders' equity
Share capital 50,187,095 27,780,598
Contributed surplus 474,368 474,368

Retained earnings 19,138,473 15,268,966
Accumulated other comprehensive loss (4,580,310) (6,499,701)
------------------------------------------------------------------------
14,558,163 8,769,265
------------------------------------------------------------------------
65,219,626 37,024,231
------------------------------------------------------------------------
139,127,765 77,079,904
------------------------------------------------------------------------
------------------------------------------------------------------------



LOGIBEC GROUPE INFORMATIQUE LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Three months ended Nine months ended
June 30 June 30
--------------------------------------------------------------------------
2008 2007 2008 2007
--------------------------------------------------------------------------
--------------------------------------------------------------------------
$ $ $ $
(As restated)

Operating activities
Net earnings 2,035,868 1,833,688 5,290,821 5,606,198
Adjustments for:
Amortization of fixed
assets 458,762 261,582 1,177,484 791,665
Amortization of
intangible assets
and other long-term
assets 2,513,010 1,330,712 6,573,596 3,985,132
Amortization of
deferred
financing costs 21,204 - 309,983 -
Stock-based
compensation - - - 59,296
Loss on disposal of
fixed assets 7,117 956 18,376 125,647
Future income taxes - - (300,115) -
--------------------------------------------------------------------------
5,035,961 3,426,938 13,070,145 10,567,938

Changes in non-cash
operating
working capital items 12,433,013 11,611,388 248,771 1,324,979
--------------------------------------------------------------------------
17,468,974 15,038,326 13,318,916 11,892,917
--------------------------------------------------------------------------

Investing activities
Business acquisition - (6,265,462) (39,471,551) (8,981,842)
Proceeds from disposal
of fixed assets - 8,236 - 25,987
Acquisition of fixed
assets (540,078) (213,367) (1,205,989) (569,724)
Increase in intangible
assets and other
long-term assets,
net of investment tax
credits (895,049) (531,494) (2,717,458) (1,414,856)
---------------------------------------------------------------------------
(1,435,127) (7,002,087) (43,394,998) (10,940,435)
---------------------------------------------------------------------------

Financing activities
Increase in long-term
debt 6,500,000 8,016,130 62,500,000 16,023,692
Repayment of long-term
debt (23,240,000) (6,233,885) (57,200,802) (8,260,339)
Credit facilities
financing costs - - (358,483) -
Redemption of shares (175,626) (1,982,012) (1,893,724) (4,022,485)
Issuance of shares - - 22,878,906 -
--------------------------------------------------------------------------
(16,915,626) (199,767) 25,925,897 3,740,868
--------------------------------------------------------------------------

Effect of exchange rate
changes on cash
denominated in foreign
currency (92,442) 177,531 (268,463) (54,001)

Increase (decrease) in
cash and cash
equivalents (974,221) 8,014,003 (4,418,648) 4,639,349
Cash and cash
equivalents,
beginning of year 3,529,971 (276,221) 6,974,398 3,098,433
--------------------------------------------------------------------------
Cash and cash
equivalents,
end of year 2,555,750 7,737,782 2,555,750 7,737,782
--------------------------------------------------------------------------
--------------------------------------------------------------------------



Contact Information

  • LOGIBEC GROUPE INFORMATIQUE LTD.
    Claude Roy
    President and Chief Executive Officer
    514-766-0134
    or
    LOGIBEC GROUPE INFORMATIQUE LTD.
    Marc P. Brunet
    Chief Financial Officer
    514-762-3833