Logibec Groupe Informatique Ltd.
TSX : LGI

Logibec Groupe Informatique Ltd.

November 28, 2008 07:00 ET

Logibec Groupe Informatique Ltd.: Strong Revenue and Earnings Growth

MONTREAL, QUEBEC--(Marketwire - Nov. 28, 2008) - Logibec Groupe Informatique Ltd. (TSX:LGI) announced today the results of its fiscal year and quarter ended September 30, 2008. All monetary amounts are expressed in Canadian dollars.

HIGHLIGHTS OF FISCAL YEAR 2008

- Revenue for fiscal year 2008 increased 49% to stand at $67.6 million compared to $45.3 million for the previous year.

- Revenue from American activities increased 191% to $34.5 million compared to $11.8 million for the previous year.

- Recurring revenue for the fiscal year increased 57% to stand at $57.7 million or 85% of total revenue.

- Operating earnings for the fiscal year increased 25% to $23.1 million compared to $18.4 million for the previous year.

- Net earnings of $7.7 million, or $0.80 per share ($0.79 per fully-diluted share) for the fiscal year compared to net earnings of $7.5 million, or $0.85 per share ($0.84 per fully-diluted share) for the previous year.

- Results for the fiscal year meet Management's expectations following the successful integration of the business activities of Achieve and QuickCare.

- Advance repayment of US$8.0 million on promissory notes issued for the Achieve acquisition.

HIGHLIGHTS OF FOURTH QUARTER OF 2008

- Revenue increased 51% for the fourth quarter ended September 30, 2008, to stand at $17.4 million compared to $11.6 million for the same period in the previous fiscal year.

- Recurring revenue increased 63% for the quarter to stand at $15.8 million or 90% of total revenue.

- Operating earnings increased 28% to $6.1 million compared to $4.7 million for the same period in the previous fiscal year.

- Net earnings of $2.4 million, or $0.24 per share ($0.24 per fully-diluted share) compared to net earnings of $1.7 million, or $0.19 per share ($0.19 per fully-diluted share) for the same period in the previous fiscal year.

OPERATING RESULTS

REVENUE

In 2008, revenue reached a new high at $67.6 million compared to $45.3 million in 2007, representing an increase of 49% or $22.3 million. This significant increase is due to the fact that revenue from American activities increased by $22.7 million, almost tripling from 2007 to 2008 following the acquisitions of the assets of Achieve and QuickCare.

For fiscal year 2008, revenue from American activities represented 51% of consolidated revenue compared to 26% of consolidated revenue for the previous fiscal year. This significant increase in revenue from the American segment is due to the previously described increase in revenue in the United States.

In line with the Company's geographic diversification strategy, the acquisitions of Achieve and QuickCare strengthen the Company's American presence and will 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 business activities and assets 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.



Revenue and Recurring Revenue(1)

in thousands of dollars 2008 2007 Variance
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Revenue
Canada 33,145 33,407 -1%
United States 34,504 11,846 191%
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Consolidated Revenue 67,649 45,253 49%
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Recurring Revenue
Canada 26,999 25,538 6%
United States 30,710 11,220 174%
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Consolidated Revenue 57,709 36,758 57%
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(1) Based on the accounting policy for revenue recognition,
Management considers that revenue generated through right to use
licenses, support and maintenance agreements, hosting fees,
processing fees as well as through perpetual licenses and
implementation professional services recognized over the term of
the related agreements, is recurring revenue. Accordingly, all
other revenue is considered to be non-recurring.


Revenue from Canadian Activities

Revenue from Canadian activities stood at $33.1 million, representing a decrease of less than 1% compared to the previous fiscal year. Revenue from Canadian activities of the previous fiscal year was characterized by significant non-recurring special work associated with the processing of pay equity measures ordered by the Quebec government. Recurring revenue from Canadian activities increased by 6%, or $1.5 million. 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 for our Business Intelligence solutions. Management is satisfied with the revenue from Canadian activities recorded in 2008 since a significant portion of the non-recurring revenue from 2007 associated with the processing of pay equity measures was replaced by a significant increase in recurring revenue in 2008.

Non-recurring Canadian revenue decreased by $1.7 million, mainly due to special projects carried out in 2007 associated with the processing of pay equity measures.

As at September 30, 2008, the Canadian segment had $13.2 million in current deferred revenue and $4.3 million in long-term deferred revenue. This revenue, as well as the related costs, will be recognized over the term of the related agreements, which is generally three years.

Revenue from American Activities

For fiscal year 2008, revenue from the American segment increased by $22.7 million, or 191%. This increase 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. The increase in revenue from the American segment is due to an increase of $19.5 million in recurring revenue, reflecting the importance of recurring revenue in the business model used in the United States.

As at September 30, 2008, the American segment had $4.7 million in current deferred revenue and $2.8 million in long-term deferred revenue. This revenue, as well as the related costs, will be recognized over the term of the related agreements, which is generally five years.

OPERATING EXPENSES

Operating expenses, which are composed of service costs and selling and administrative expenses, increased 66%, representing 66% of revenue for fiscal year 2008 compared to 59% for fiscal year 2007. This significant increase is due to the inclusion of activities acquired over the last year from Achieve and QuickCare. A detailed explanation of the increase in the operating expenses components is provided below.

It should be noted that the American operating expenses for 2008 include non-recurring expenses in the amount of $0.9 million. Of this amount, $0.7 million represents annual savings realized following decisions made and implemented by management to reduce operating costs, such as optimizing staff in the five American offices, reducing dependency on activities acquired from third party products and services and reducing office space. The balance of this amount of $0.9 million represents professional services incurred for the analysis of two acquisition opportunities that management decided not to pursue. In addition, during the fiscal year, management decided to terminate certain product and service agreements with third parties that will result in additional savings in the Company's operating expenses for 2009.

Service costs and gross margin. Service costs increased by $12.0 million, or 65%, representing 45% of revenue, compared to 41% of revenue for this item in 2007. The gross margin for fiscal year 2008 increased by 39% to stand at $37.2 million compared to $26.8 million for the previous fiscal year. An analysis of service costs and gross margin is presented in the following table.



Service Costs and Gross Margin

in thousands of dollars 2008 2007 Variance
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Service Costs
Canada 12,881 13,502 -5%
United States 17,578 4,962 254%
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Consolidated Service Costs 30,459 18,464 65%
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Gross Margin
Canada 20,264 19,905 2%
61% 60%
United States 16,926 6,884 146%
49% 58%
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Consolidated Gross Margin 37,190 26,789 39%
55% 59%
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Canadian service costs decreased from $13.5 million in 2007 to $12.9 million in 2008. This decrease is due primarily to a decrease in the resale of third party products, especially computer equipment and operating software, as well as to a decrease in recognized professional services costs. Considering the low margins generated by the resale of third party products, this increase led to an improvement in the gross margin as well as in the ratio of gross margin to revenue. This ratio for the Canadian segment stood at 61% in 2008 compared to 60% in 2007.

The significant increase of 254% in American service costs in 2008 is attributable to the inclusion of previously mentioned activities since the beginning of the fiscal year. The American gross margin represented 49% of revenue from American activities for 2008 compared to 58% of revenue for the same period last year. This decrease in the gross margin as a percentage of revenue was emphasized by the non-recurring expenses described above.

Selling, general and administrative expenses. Selling and administrative expenses for fiscal year 2008 increased by $5.7 million to stand at $14.1 million compared to $8.4 million for fiscal year 2007. Selling and administrative expenses stood at 21 % of revenue for 2008 compared to 18 % in 2007.



Selling and Administrative Expenses

in thousands of dollars 2008 2007 Variance
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Selling and Administrative Expenses
Canada 5,793 4,993 16%
United States 8,312 3,379 146%
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Consolidated Selling and
Administrative Expenses 14,105 8,372 68%
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Selling and Administrative Expenses
as a Percentage of Revenue
Canada 17% 15%
United States 24% 29%
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Consolidated 21% 18%
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In Canada, the increase of $0.8 million in selling and administrative expenses for fiscal year 2008 is explained mainly by an increase in the provision for professional services and other services as well as by the payment of 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 the United States represented 29% of revenue for 2007 and represented 24% of revenue for 2008. Management believes that the current level of selling and administrative expenses in the United States is normalized and will remain higher than in Canada as a percentage of revenue considering the commission-based compensation for sales representatives and the higher sales and marketing expenses in the American market.

OPERATING EARNINGS

Operating earnings before amortization, loss on disposal of fixed assets, income from temporary investments, financial expenses and income taxes stood at $23.1 million for the fiscal year 2008, up 25% compared to the previous year, and yielded a margin of 34% of revenue. This margin was 41% in 2007. As previously mentioned, Management believes that this margin will improve over the upcoming quarters due to cost savings in the American operations.

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

Amortization of fixed assets, intangible assets and other long-term assets for the fiscal year ended September 30, 2008 rose to $10.7 million, representing an increase of 69 % compared to $6.3 million for 2007.

The amortization of fixed assets is similar to the amount recorded in 2007.

The amortization of intangible assets and other long-lived assets rose by $3.8 million or 72% following the inclusion of intangible assets acquired from Achieve and QuickCare, namely technology and customer relationships. Amortization of Canadian intangible assets and other Canadian long-lived assets increased by $0.1 million in 2008. This increase is due primarily to an increase in the amortization of developed technology.

FINANCIAL EXPENSES

Financial expenses increased by $1.4 million and are mainly composed of interest charges on the Company's revolving reducing term loans, stand-by fees for the unused portion of these credit facilities and interest charges on the promissory notes issued for the acquisitions of the assets of Achieve and QuickCare. The Company reimbursed a significant portion of its long-term debt during the fiscal year and expects to reimburse another significant amount during the next fiscal year. Management therefore anticipates lower interest charges in 2009.

INCOME TAXES

For fiscal year 2008, the Company provisioned income tax expenses at a rate of 26% of its earnings before income taxes, that is, $2.7 million, compared to a provision of 34.6% for the previous year. The decrease in the percentage provisioned is due to a decrease in Canadian tax rates as well as to the difference with the U.S. income tax rate.

NET EARNINGS

Net earnings for the fiscal year ended September 30, 2008 increased by 3% to stand at $7.7 million or $0.80 per share ($0.79 on a diluted basis), compared to $7.5 million or $0.85 per share ($0.84 on a diluted basis) for fiscal year 2007.

LIQUIDITY AND SOURCES OF FINANCING

OPERATING ACTIVITIES

For the year ended September 30, 2008, cash flow from operating activities stood at $16.2 million compared to $12.3 million for 2007. The increase of $3.9 million is mainly explained by an increase of $4.7 million in operating earnings, resulting from the increase in revenue as a result of acquisitions, as well as by controlled operating costs.

INVESTING ACTIVITIES

The Company's main investing activities were the acquisitions of the business activities and assets of Achieve and QuickCare, the acquisition of fixed assets and the capitalization of technology development costs.

On November 19, 2007, the Company acquired the business activities and assets of Achieve for cash consideration of $19.7 million and three promissory notes totaling $13.1 million. As at September 30, 2008, only one promissory note of US$5.2 million remains to be paid, maturing on June 30, 2010. The Company incurred acquisition costs of US$291,000 for this acquisition.

On January 1, 2008, the Company acquired the business activities and assets of QuickCare for cash consideration of $19.4 million and a promissory note of $2.2 million, maturing on March 31, 2009. The Company incurred acquisition costs of US$165,000 for this acquisition.

The Company invested $1.7 million in fixed assets during fiscal year 2008 compared to an investment of $0.7 million in 2007. The investment in 2008 includes $0.4 million for the Canadian segment and $1.3 million for the U.S. segment. In the United States, the investment was primarily to prepare the Company's hosting center in St. Louis for migration of our software packages previously hosted by third parties.

Furthermore, Logibec invested $4.1 million in intangible assets, $3.5 million of which was in the form of capitalized technology development costs. The Company maintains in effect its policy for the capitalization of technology development costs to ensure that only the software packages with the greatest potential for generating future revenue are capitalized in Canada as well as in the United States.

FINANCING ACTIVITIES

During the fiscal year, the Company borrowed a total amount of $63.7 million and repaid $42.7 million through its new Canadian secured credit facilities of $40.0 million. The Company repaid two promissory notes related to the Achieve acquisition totaling US$8.0 million. The Company also repaid US$6.5 million related to an American credit facility that was not renewed.

Under a normal course issuer bid, the Company repurchased 360,800 common shares for cash consideration of $6.8 million, of which $3.5 million remained payable as at September 30, 2008.

On December 11, 2007, the Company issued, pursuant to a private placement, 1,204,700 common shares for cash consideration of $23.5 million ($22.9 million, net of issuance costs and related income tax). This placement was done at a time when the Company was completing two major acquisitions and allowed the Company to maintain its total net debt to total capitalization ratio well below 3.00:1.

As of September 30, 2008, the Company had cash and cash equivalents of $3.2 million. Of the $35.6 million available in accordance with Canadian credit facilities as at September 30, 2008, an amount of $21.0 million was drawn and $0.4 million was used for letters of guarantee.

Management believes that it is able to continue to grow the Company while remaining in compliance with the covenants of its credit facilities. The Company's cash position and its ability to generate operating cash flow from its activities in Canada as well as in the United States provide Logibec with the cash required to integrate the recent acquisitions of Achieve and QuickCare.

OPERATING RESULTS OF THE FOURTH QUARTER

REVENUE

For the fourth quarter of 2008, the Company's revenue reached $17.4 million compared to $11.6 million in 2007, representing an increase of $5.8 million, or 51%. Revenue from Canadian activities represented 45% of total revenue for the fourth quarter and revenue from American activities represented 55%. For the fourth quarter of 2007, the segmentation was 70% for Canada and 30% for the United States.



Revenue and Recurring Revenue

in thousands of dollars Q4 2008 Q4 2007 Variance
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Revenue
Canada 7,823 8,076 -3%
United States 9,592 3,492 175%
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Consolidated Revenue 17,415 11,569 51%
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Recurring Revenue
Canada 6,943 6,479 7%
United States 8,812 3,212 174%
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Consolidated Revenue 15,755 9,691 63%
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Total revenue from Canadian activities decreased by 3%, or approximately $0.3 million. However, recurring revenue from Canadian activities increased by 7%, or $0.5 million, during the fourth quarter, resulting primarily from new contracts that became effective during fiscal year 2008 for our software package families eClinibase, Espresso, Med-Echo Plus and for our Business Intelligence solutions. The decrease in total revenue is therefore due primarily to a decrease in non-recurring revenue from Canadian activities. This revenue decreased by 45%, or $0.7 million, during the fourth quarter, due to a lower sales of equipment and third party operating software.

Revenue from American activities increased by 175%, or $6.1 million, during the fourth quarter of 2008 compared to the same quarter in 2007, to stand at $9.6 million. The Achieve and QuickCare acquisition transactions closed during the 2008 fiscal year. The fourth quarter of 2007 therefore did not include revenue from these entities and, as a result, the increase in revenue for the fourth quarter of 2008 is very significant. The proportion of recurring revenue from American activities is strong, representing 92% of total revenue. The increase in total revenue of 174% is also very significant.

OPERATING EARNINGS

Operating earnings before amortization, loss on disposal of fixed assets, income from temporary investments, financial expenses and income taxes stood at $6.1 million for the fourth quarter of 2008, up 28% compared to the previous year and yielding a margin of 35% of revenue. This margin was 41% in 2007. This increase for the fourth quarter of 2008 is due primarily to the following elements: (i) provisions for professional services and performance bonuses in Canada and (ii) operating expenses for the business activities acquired from Achieve and QuickCare. It should be noted that, following the acquisitions of Achieve and QuickCare, the operating earnings margin rose from 33% in the second quarter to 35% in the third and fourth quarters. Management believes that this margin will continue to improve in 2009.

AMORTIZATION, FINANCIAL EXPENSES AND INCOME TAXES

Amortization of fixed assets, intangible assets and other long-term assets for the quarter ended September 30, 2008 rose to $2.9 million, representing an increase of 71% compared to $1.6 million for the same quarter in 2007. This increase is mainly attributable to the amortization of the assets acquired from Achieve and QuickCare.

The financial expenses of $0.3 million are similar to last year and are mainly composed of interest charges on the revolving reducing term loans, stand-by fees for the unused portion of these credit facilities and interest charges on the promissory notes issued for the acquisitions of the Achieve and QuickCare assets. It should be noted that following the repayment of $17.0 million on the Company's credit facilities in the third quarter, financial expenses decreased in the fourth quarter compared to the previous three quarters. During these three quarters, financial expenses stood at $0.6 million per quarter.

The Company provisioned income tax expenses at a rate of 18% of its earnings before income taxes for the fourth quarter of 2008, that is, $0.5 million, compared to a provision of 41% for the same quarter of the previous year. The decrease in the percentage provisioned is due to decreases in Canadian tax rates as well as to the difference with the U.S. income tax rate.

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. In 2008, 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.



CONSOLIDATED STATEMENTS OF EARNINGS
for periods ended September 30

in thousands of Canadian dollars,
except per share amounts
2008 2007 2008 2007
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Quarter Quarter Year Year
(unaudited) (unaudited) (unaudited) (audited)
$ $ $ $

Revenue 17,415 11,569 67,649 45,253
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Operating expenses
Service costs 7,634 4,745 30,459 18,464
Selling and
administrative expenses 3,725 2,107 14,105 8,372
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11,359 6,852 44,564 26,836
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Earnings before the
following items 6,056 4,717 23,085 18,417

Amortization of
fixed assets 451 275 1,628 1,066
Amortization of
intangible assets
and other
long-term assets 2,462 1,351 9,036 5,256
(Gain) loss on disposal
of fixed assets (3) 9 15 135
Income on temporary
investments (15) (71) (70) (166)
Financial expenses 247 283 2,076 645
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Earnings before
income taxes 2,914 2,870 10,400 11,481

Income taxes 510 1,174 2,706 3,976
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Net earnings 2,404 1,696 7,694 7,505
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Net earnings per share
Basic 0.24 0.19 0.80 0.85
Diluted 0.24 0.19 0.79 0.84
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Weighted average number
of common shares
outstanding
Basic 9,834,749 8,726,157 9,643,983 8,843,608
Diluted 9,902,930 8,803,297 9,714,051 8,913,483
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for periods ended September 30

in thousand of Canadian dollars
2008 2007 2008 2007
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Quarter Quarter Year Year
(unaudited) (unaudited) (unaudited) (audited)
$ $ $ $
Net earnings 2,404 1,696 7,694 7,505
Unrealized gains (losses)
on translation of
financial statements
of self-sustaining
foreign subsidiaries 3,502 (1,778) 5,422 (3,178)
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Comprehensive income 5,906 (82) 13,116 4,327
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CONSOLIDATED STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME
for periods ended September 30

in thousand of Canadian dollars
2008 2007 2008 2007
--------------------------------------------------------------------
Quarter Quarter Year Year
(unaudited) (unaudited) (unaudited) (audited)
$ $ $ $
Balance,
beginning of year (4,580) (4,722) (6,500) (3,322)
Unrealized gains (losses)
on translation, of
financial statements
of self-sustaining
foreign subsidiaries 3,502 (1,778) 5,422 (3,178)
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Balance, end of year (1,078) (6,500) (1,078) (6,500)
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CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
for periods ended September 30

in thousand of Canadian dollars
2008 2007 2008 2007
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Quarter Quarter Year Year
(unaudited) (unaudited) (unaudited) (audited)
$ $ $ $

Retained earnings,
beginning of year 19,138 13,575 15,269 11,134
Net earnings 2,404 1,696 7,694 7,505
--------------------------------------------------------------------
21,542 15,271 22,963 18,639
Premium on redemption
of common shares (3,523) (2) (4,944) (3,370)
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Retained earnings,
end of year 18,019 15,269 18,019 15,269
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CONSOLIDATED BALANCE SHEETS
as at September 30

in thousand of Canadian dollars 2008 2007
--------------------------------------------------------------------
(unaudited) (audited)
$ $

Assets
Current assets
Cash 3,184 6,974
Accounts receivable 8,012 4,821
Income tax credits receivable 1,166 1,565
Future income taxes 831 483
Other current assets 2,389 1,527
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15,582 15,370

Fixed assets 4,290 3,535
Goodwill 64,483 33,836
Intangible assets and other long lived assets 53,278 24,336
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137,633 77,077
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 13,304 4,907
Income taxes 1,099 2,422
Future income taxes 27 63
Current portion of long-term debt 2,288 1,066
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16,718 8,458

Deferred revenue 17,921 14,429
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34,639 22,887

Long-term deferred revenue 7,119 6,073
Long-term debt 26,226 5,278
Future income taxes 3,413 5,815
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71,397 40,053
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Commitments and contingencies

Shareholders' equity
Share capital 48,821 27,781
Contributed surplus 474 474

Retained earnings 18,019 15,269
Accumulated other comprehensive income (1,078) (6,500)
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16,941 8,769
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66,236 37,024
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137,633 77,077
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CONSOLIDATED STATEMENTS OF CASH FLOWS
for the years ended September 30

in thousand of Canadian dollars
2008 2007 2008 2007
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Quarter Quarter Year Year
(unaudited) (unaudited) (unaudited) (audited)
$ $ $ $
Operating activities
Net earnings 2,404 1,696 7,694 7,505
Adjustments for:
Amortization of
fixed assets 451 275 1,628 1,066
Amortization of
intangible assets
and other
long-term assets 2,462 1,351 9,036 5,256
Amortization of
deferred
financing costs 26 54 336 113
Stock-based
compensation - 59 - 59
Loss on disposal of
fixed assets (3) 9 15 135
Future income taxes (2,281) (1,970) (2,581) (1,970)
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3,059 1,474 16,128 12,164

Changes in non-cash
operating working
capital items (156) (1,074) 93 129
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2,903 400 16,221 12,293
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Investing activities
Business acquisitions (42) (45) (39,514) (9,026)
Acquisition of fixed assets (489) (158) (1,695) (728)
Write-off or proceeds
from disposal
of fixed assets - 24 - 50
Increase in intangible
assets and other
long-term assets,
net of investment
tax credits (1,354) (660) (4,071) (2,075)
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(1,885) (839) (45,280) (11,779)
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Financing activities
Increase of
long-term debt 1,200 (125) 63,700 15,898
Repayment of
long-term debt (125) (297) (57,325) (8,557)
Redemption of shares (1,463) (2) (3,357) (4,024)
Credit facilities
financing costs 1 (217) (358) (217)
Issuance of shares (325) - 22,554 -
Exercise of stock options 25 - 25 -
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(687) (641) 25,239 3,100

Effect of exchange rate
changes on cash
denominated in foreign
currency 297 316 30 262

(Decrease) increase in cash 628 (764) (3,790) 3,876

Cash, beginning of year 2,556 7,738 6,974 3,098
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Cash, end of year 3,184 6,974 3,184 6,974
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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