Immunotec Inc.
TSX VENTURE : IMM

Immunotec Inc.

March 21, 2013 14:00 ET

Immunotec Announces First Quarter 2013 Financial Results

Revenue increases by 10% and strong net profit

VAUDREUIL-DORION, QUEBEC--(Marketwire - March 21, 2013) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company" or "Immunotec"), today released its first quarter 2013 financial results for the three-month period ended 31 January 2013.

"As the Company continues to execute against our business plan, we have delivered a strong quarter with net profit of $528 thousand. These results represent the best quarter we have seen in six years. Our profitability has improved and we continue to lay the groundwork for a strong future." said Bob Henry, Immunotec's Chairman and CEO.

Highlights for the first quarter of fiscal 2013

  • Total Revenue reached $12.2M, an increase of 10.3% as compared to the same period in the previous year.
  • Network sales reached $11.2M, an increase of 12.4% as compared to the same period in the previous year.
  • Selected expenses1 defined as administrative, marketing and selling, quality and development expenses amounted to $2.9M or 23.9% of total revenues, which compares favorably to 27.2% for the same period in the previous year.
  • Adjusted EBITDA1 improved to $0.8M or 6.8% of total revenues, compared to $0.3M or 2.5% of total revenues for the same period in the previous year, a significant improvement.
  • Net profit of $528 thousand; a significant improvement over a net profit of $6 thousand for the same period in the previous year.

1 Refer to "Adjusted EBITDA" in the non-GAAP financial measures section of Management's Discussion and Analysis for the three-month period ended 31 January 2013.

About Immunotec Inc.

Immunotec is a world-class business opportunity supported by unique, scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and the Caribbean.

The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

SUPPLEMENTAL INFORMATION
Interim Consolidated Statements of Financial Position
January 31, October 31,
2013 2012
(Canadian dollars) $ $
ASSETS
Current assets
Cash 2,745,757 3,779,089
Trade and other receivables 905,426 1,688,279
Inventories 3,491,914 2,601,079
Prepaid expenses 573,008 374,774
7,716,105 8,443,221
Non-current assets
Property, plant and equipment 5,867,767 5,931,470
Intangible assets 1,520,052 1,621,830
Goodwill 833,559 833,559
Other non- current assets 3,822,576 3,102,151
12,043,954 11,489,010
19,760,059 19,932,231
LIABILITIES
Current liabilities
Bank indebtedness - 5,000
Payables 1,696,173 1,545,310
Accrued liabilities 2,944,334 3,151,212
Provisions 319,324 491,776
Deferred revenue and customer deposits 325,217 630,240
Income taxes 47,815 54,859
Current portion of long- term debt 118,533 117,120
5,451,396 5,995,517
Long-term debt 1,932,602 1,964,336
7,383,998 7,959,853
EQUITY
Share capital 3,454,845 3,462,503
Contributed surplus 13,233,270 13,259,401
Accumulated other comprehensive income 88,750 179,531
Deficit (4,400,804 ) (4,929,057 )
12,376,061 11,972,378
19,760,059 19,932,231

Interim Consolidated Statements of Income
2013 2012
(Canadian dollars except for the number of shares) $ $
Revenues
Network sales 11,200,494 9,961,042
Other revenue 978,865 1,082,126
12,179,359 11,043,168
Cost of sales
Cost of goods sold 1,988,452 1,856,122
Sales incentives - Network 5,381,975 4,964,247
Other variable costs 1,075,242 949,011
Margin before expenses 3,733,690 3,273,788
Expenses
Administrative 1,439,546 1,622,154
Marketing and selling 1,239,074 1,157,264
Quality and development costs 227,035 222,673
Depreciation and amortization 220,672 239,604
Other expenses 4,451 10,141
Operating income 602,912 21,952
Net finance expenses (67,874 ) (44,484 )
Profit before income taxes 670,786 66,436
Income taxes
Current 1,092 2,157
Deferred 141,441 58,700
Net profit 528,253 5,579
Total basic and diluted net profit common per share
0.01

0.00
Weighted average number ofcommon shares outstanding during the period
Basic and diluted 69,845,360 69,994,300
Interim Consolidated Statements of Comprehensive Income (Loss)
2013 2012
(Canadian dollars) $ $
Net profit 528,253 5,579
Other comprehensive income (loss),net of income tax
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments (90,781 ) (114,314 )
Total comprehensive income (loss) 437,472 (108,735 )
Interim Consolidated Statements of Cash Flows
2013 2012
(Canadian dollars) $ $
Operating activities
Net profit 528,253 5,579
Adjustments for:
Depreciation 99,076 101,292
Amortization 121,596 138,312
Foreign exchange gain on items denominated in foreign currencies (134,680 ) (153,257 )
Net interest expense 18,198 20,240
Deferred income taxes 141,441 58,700
Share- based compensation 4,451 10,141
Interest paid (18,198 ) (21,806 )
Interest received - 1,556
Cash prior to working capital variation 760,137 160,757
Net change in non- cash working capital (1,655,171 ) (518,088 )
Net cash used in operating activities (895,034 ) (357,331 )
Investing activities
Additions to property, plant and equipment (28,113 ) (163,574 )
Additions to intangible assets (18,921 ) (27,515 )
Net cash used in investing activities (47,034 ) (191,089 )
Financing activities
Bank indebtedness (5,000 ) 215,000
Reimbursement of long- term debt (30,321 ) (27,865 )
Repurchase of shares (38,240 ) -
Reimbursment of other liability - (25,508 )
Net cash provided by (used in) financing activities (73,561 ) 161,627
Net decrease in cash during the period (1,015,629 ) (386,793 )
Cash -Beginning of the period 3,779,089 2,561,969
Effect of foreign exchange rate fluctuations on cash (17,703 ) (8,884 )
Cash -End of the period 2,745,757 2,166,292

Contact Information

  • Patrick Montpetit
    Chief Financial Officer
    (450) 510-4527