Intrinsyc Software International, Inc.
TSX : ICS

Intrinsyc Software International, Inc.

March 12, 2009 16:03 ET

Intrinsyc Reports 2008 Full-Year and Fourth Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2009) - Intrinsyc Software International, Inc. (TSX:ICS), a leading provider of software solutions for mobile devices, today announced its financial results for the full year and fourth quarter ended December 31, 2008, reported in United States dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP). Resulting from the implementation in 2008 of the change in the Company's fiscal year end, management believes a comparison of twelve-month results ended December 31, 2008 to four-month results ended December 31, 2007 would provide little insight regarding the relative performance of the Company, due to the disproportionate duration of the two periods, and therefore will not be provided herein. As such, the twelve-month results ended December 31, 2008 will only be compared to the twelve-month results ended August 31, 2007. As well, a comparison of the three months ended December 31, 2008, four months ended December 31, 2007 and three months ended August 31, 2007 is also provided.

Fiscal 2008 Comparative Results

The Company reported revenue of $24.7 million for the twelve-month period ended December 31, 2008 as compared to $17.6 million for the twelve-month period ended August 31, 2007. The year-over-year revenue improvement of forty-one percent was primarily attributable to the addition of navigation software revenues from the acquisition of assets of Destinator Technologies Inc. Revenue attributable to the Company's software solutions increased to thirty-one percent of revenues, including software licensing, maintenance/support and software-related services, as compared to ten percent in the respective comparative period, while revenue attributable to engineering services marginally increased, contributing sixty-four percent of total revenue. Overall gross margin was fifty-three percent for the twelve-month period ended December 31, 2008, up from forty-nine percent in the twelve months ended August 31, 2007.

During the twelve months ended December 31, 2008, the Company recorded a non-cash expense of $19.3 million due to the write-off of goodwill of approximately $12.8 million primarily attributable to two acquisitions executed in 2002 and 2003 and $6.5 million due to the write down of intangible assets acquired in 2008. In addition, the Company incurred total restructuring charges during this period of $3.8 million resulting from the cost reduction initiatives previously announced by the Company in September and December 2008, including an $800,000 non-cash write-off of redundant assets.

Loss before restructuring, asset impairment, interest, amortization, stock-based compensation expense and income tax ("EBITDA") for the twelve months ended December 31, 2008 was $13.3 million, compared to $13.0 million the twelve months ended August 31, 2007. Total operating expenses, excluding amortization and stock-based compensation, for the twelve months ended December 31, 2008 were $26.3 million, compared to $21.7 million for the twelve months ended August 31, 2007. See further discussion on EBITDA under the heading, "Supplemental Information", later in this press release.

Q4 2008 Comparative Results

The Company reported revenue of $5.7 million for the three months ended December 31, 2008, as compared to $5.3 million for the four months ended December 31, 2007 and $4.3 million for the three months ended August 31, 2007. The revenue improvement of thirty-three percent over the three months ended August 31, 2007 was primarily attributable to the addition of navigation software revenues from the acquisition of assets of Destinator Technologies Inc. Total revenue attributable to the Company's software solutions increased to forty-three percent of revenues, including software licensing, maintenance/support and software-related services, as compared to ten percent and thirteen percent in the respective comparative periods.

Gross margin was fifty-four percent for the three months ended December 31, 2008, up from thirty-six percent in the four months ended December 31, 2007. When compared to the three months ended August 31, 2007, the total gross margin of $3.1 million increased by forty-seven percent from $2.2 million. The gross margin of fifty-four percent for the three months ended December 31, 2008 was higher than the forty-nine percent achieved in the three months ended August 31, 2007 due to increased revenue from the Company's software offerings, which have higher margins than engineering services.

During the three months ended December 31, 2008, the Company recorded a non-cash expense of $19.3 million due to the write-off of goodwill of approximately $12.8 million primarily attributable to two acquisitions executed in 2002 and 2003 and $6.5 million due to the write down of intangible assets acquired in 2008. In addition, the Company incurred total restructuring charges during this period of $3.8 million resulting from the cost reduction initiatives previously announced by the Company in September and December 2008, including an $800,000 non-cash write-off of redundant assets.

Loss before restructuring, asset impairment, interest, amortization, stock-based compensation expense and income tax ("EBITDA") for the three months ended December 31, 2008 was $2.0 million, compared to $6.3 million in the four month period ended December 31, 2007, and $3.7 million for the three months ended August 31, 2007. Total operating expenses, excluding amortization and stock-based compensation, for the three months ended December 31, 2008 were $5.1 million, compared to $8.2 million in the four months ended December 31, 2007 and $5.8 million for the three months ended August 31, 2007. See further discussion on EBITDA under the heading, "Supplemental Information", later in this press release.

Cash and cash equivalents at December 31, 2008 were $12.4 million, compared to $12.2 million as at December 31, 2007 and $18.6 million as at August 31, 2007.

"In 2009, we are committed to continuing to reduce our operating expense levels and preserve cash, while maintaining our investments in sales and development activities most essential to drive long-term growth and profitability," said Tracy Rees, Interim Chief Executive Officer of Intrinsyc. "We believe that our navigation solutions and location-aware content services will be key contributors to our future growth as these markets are expected to expand over the next several years."

Q4 2008 Business Highlights

- Licensed Soleus Transit, Navigation Edition, to Supa Technology Co., Ltd for a personal navigation device (PND) that connects to the Internet via GSM cellular networks. Soleus Transit, Navigation Edition provides data connectivity and user interface framework, plus Destinator turn-by-turn navigation software.

- Licensed Soleus to one of the world's largest ODMs of computers and consumer electronics. The ODM will create two distinctly different devices - a handheld barcode-reading payment device, and a mobile phone capable of delivering location-based services. The ODM will employ the company's Solutions Engineering services to aid in product development.

- Licensed Soleus and signed a Solutions Engineering agreement with Elitegroup Computer Systems (ECS). ECS chose the Soleus software platform and Solutions Engineering group to speed the development of a dual-function external dongle that will support high-speed wireless data communications over Mobile WiMAX and voice over Quad-Band EDGE networks.

- Provided Unitech Electronics with Windows Mobile and Windows Embedded CE systems integration for a data collection terminal with data-only wireless connectivity. Intrinsyc's Taipei office developed Windows Mobile and Windows Embedded CE 6.0 board support package targeting a Marvell PXA320 and Siemens Wireless Module HC25 platform; the Company also delivered on-site support for board bring-up, application porting, driver debugging, and training.

- Became an accredited S60 Competence Center.

- Announced "Symbian Ready" validation for Destinator navigation software. Destinator was one of the first LBS applications to be certified as "Symbian Ready" under the Symbian Ready for Location Aware Applications program.

- Licensed Destinator navigation software to a leading mobile phone and consumer device manufacturer for a touch-screen Windows Mobile Device for select Asian and Latin American markets. The Company will leverage its technology and Solutions Engineering expertise to customize and integrate its Destinator software to provide a complete navigation solution for a GPS-enabled Windows Mobile handset.

- Licensed Destinator navigation software to a leading mobile phone and consumer device manufacturer for a Windows Mobile 6.1 handset aimed at the Latin American consumer smartphone market. The GPS-enabled handset is currently shipping in Brazil with additional phones to be released at a later date in additional Latin American markets.

- Implemented cost reduction initiatives resulting in the reduction of the Company's annual operating expenses to a range of $18 - $19 million.

- Recorded a non-cash expense of $19.3 million due to the write-off of goodwill of approximately $12.8 million primarily attributable to two acquisitions executed in 2002 and 2003 and $6.5 million due to the write down of intangible assets acquired in 2008.

Supplemental Information

In addition to results disclosed in accordance with Canadian GAAP, Intrinsyc disclosed a non-GAAP measure of EBITDA as a method to evaluate the Company's operating performance. This non-GAAP measure should not be considered a substitute for measurements required by accounting principles generally accepted in Canada such as loss and loss per share. Management believes that this non-GAAP metric provides additional information allowing comparability regarding the Company's ongoing operating performance and the items excluded are considered to be non-operational and/or non-recurring. EBITDA is defined as earnings before restructuring, asset impairment, interest, tax, depreciation and amortization. This non-GAAP measure is not necessarily comparable to non-GAAP information provided by other issuers. A reconciliation of the Company's EBITDA loss to the loss under Canadian GAAP is provided in the table attached.

Conference Call

Consolidated unaudited financial statements are attached and a conference call to discuss these results will be held at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), today. To listen to the conference call live by telephone, dial +1-866-400-2280 toll free for participants in North America, and +1-416-850-9143 for Toronto area and international participants, approximately 10 minutes before the start time. The conference call will also be broadcast live over the Internet and available for replay on the company's Conference Calls web page (www.intrinsyc.com/investors/conference_calls.aspx). Analysts and investors are invited to participate on the call. Questions may be submitted to invest@intrinsyc.com prior to the call.

Forward-Looking Statements

This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information may include financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the company's underlying assumptions. The words "may", "would", "could", "will", "likely", "expect", "anticipate", "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Company's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the Company's ability to continue to earn the revenue from Destinator products after the acquisition, and to integrate the acquired business into its own operations; the need to develop, integrate and deploy software solutions to meet our customer's requirements; the possibility of development or deployment difficulties or delays; the dependence on our customer's satisfaction; the timing of entering into significant contracts; our customers' continued commitment to the deployment of our solutions; the risks involved in developing integrated software solutions and integrating them with third-party products and services; the performance of the global economy and growth in software industry sales; market acceptance of the Company's products and services; customer and industry analyst perception of the Company and its technology vision and future prospects; the success of certain business combinations engaged in by the Company or by its competitors; political unrest or acts of war; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; concentration of sales; international operations and sales; management of growth and expansion; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; and including but not limited to other factors described in the Company's reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2007.
In drawing a conclusion or making a forecast or projection set out in the forward-looking information, the Company takes into account the following material factors and assumptions in addition to the above factors: the Company's ability to execute on its business plan; the acceptance of the Company's products and services by its customers; the timing of execution of outstanding or potential customer contracts by the Company; the sales opportunities available to the Company; the Company's subjective assessment of the likelihood of success of a sales lead or opportunity; the Company's historic ability to generate sales leads or opportunities; and that sales will be completed at or above the Company's estimated margins. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required.

About Intrinsyc Software International, Inc.

Intrinsyc provides software solutions that enable next-generation handheld products, including mobile handsets, smart phones, and embedded devices. The company's products include Destinator® navigation and Location Based Services platform, the Soleus® Transit platform for connected personal navigation devices and Soleus for converged device development. Combined with award winning Solutions Engineering and 12 years of expertise, Intrinsyc helps device makers, and silicon vendors deliver compelling mobile products with faster time-to-market and higher quality. Intrinsyc is a Microsoft Windows Embedded Gold Partner and a winner of Windows Embedded Excellence Awards in 2007 and 2008, and S60 and Symbian Competence Centers. Intrinsyc is publicly traded (TSX:ICS) and headquartered in Vancouver, Canada, with offices in China, Israel, Taiwan, and the United States. www.intrinsyc.com.

(C) 2009 Intrinsyc Software International, Inc. All rights reserved.

Intrinsyc, Soleus, Destinator and their respective logos are trademarks, registered and otherwise, of Intrinsyc Software International, Inc. in Canada, European Union, Taiwan, United States of America and other jurisdictions. Other products and services mentioned in this document are identified by the trademarks or service marks of their respective companies or organizations.



INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statements of EBITDA and Loss
(Expressed in U.S. dollars)

Three months Three months
ended Four months ended Twelve months Twelve months
December 31, ended August 31, ended ended
2008 December 31, 2007 December 31, August 31,
For the (unaudited) 2007 (unaudited) 2008 2007
---------------------------------------------------------------------------

Revenues $ 5,727,564 $ 5,259,571 $ 4,288,236 $ 24,719,235 $ 17,574,483
Cost of
sales 2,639,255 3,343,590 2,183,970 11,707,991 8,949,350
---------------------------------------------------------------------------
3,088,309 1,915,981 2,104,266 13,011,244 8,625,133

Marketing
and sales 1,181,411 2,379,539 1,727,331 7,149,756 5,895,425
Research
and
develop-
ment 3,437,036 3,370,646 2,642,128 12,775,487 10,720,643
Admini-
stration 1,577,367 2,178,201 1,199,420 7,659,316 4,656,207
Technology
Partnerships
Canada
Funding
Investment 24,338 - 128,648 323,502 265,542
Foreign
exchange
loss
(gain) (1,097,138) 290,782 58,035 (1,570,634) 118,433
---------------------------------------------------------------------------
EBITDA
Loss (2,034,705) (6,303,187) (3,651,296) (13,326,183) (13,031,117)

Amortization 697,810 285,886 213,350 1,858,002 734,537
Stock-based
compensa-
tion 214,509 232,059 154,148 1,061,761 595,988
Interest
income (54,195) (195,969) (186,339) (606,605) (481,894)
Asset
impair-
ment 19,278,706 - - 19,278,706 -
Loss on
disposal
of
equipment - - 2,457 - 2,457
Accretion
and
amortization-
long-term
debt - - - - 823,217
Interest
expense-
long-term
debt - - - - 189,515
Restruc-
turing 3,011,947 663,807 - 3,826,615 -
Income tax
expense
(recovery)
Current (129,159) 95,218 39,368 163,770 345,089
Future (18,628) (37,077) 10,485 (48,550) (65,835)
---------------------------------------------------------------------------

Loss under
Canadian
GAAP $(25,035,695) $(7,347,111) $(3,884,765) $(38,859,882)$ (15,174,191)
---------------------------------------------------------------------------
---------------------------------------------------------------------------


INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Balance Sheets
(Expressed in U.S. dollars)


December 31, December 31, August 31,
As at 2008 2007 2007
--------------------------------------------------------------------------

ASSETS
Current assets
Cash and cash equivalents $ 12,391,452 $ 12,153,601 $ 18,585,054
Restricted cash 207,755 - -
Accounts receivable 6,083,190 3,595,124 2,917,066
Inventory 14,649 103,812 15,028
Prepaid expenses - current 523,916 699,247 511,845
--------------------------------------------------------------------------
Total current assets 19,220,962 16,551,784 22,028,993

Prepaid expenses 18,998 277,580 148,294
Equipment 1,567,464 1,410,663 1,400,703
Goodwill - 14,314,345 13,434,598
Intangible assets 4,034,000 136,874 227,980
--------------------------------------------------------------------------
Total assets $ 24,841,424 $ 32,691,246 $ 37,240,568
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and
accrued liabilities $ 6,793,444 $ 3,368,653 $ 3,373,523
Taxes payable 934,053 246,243 400,345
Capital lease obligation
- current 82,911 15,885 14,577
Deferred revenue 754,301 1,174,587 665,552
--------------------------------------------------------------------------
Total current liabilities 8,564,709 4,805,368 4,453,997

Long-term capital
lease obligation 39,483 27,442 30,837
Future income taxes - 111,163 143,739
--------------------------------------------------------------------------
Total liabilities 8,604,192 4,943,973 4,628,573
--------------------------------------------------------------------------

Shareholders' equity
Share capital 108,288,133 72,257,965 72,101,429
Warrants and
underwriters' options 4,489,508 4,895,966 4,927,148
Contributed surplus 4,260,625 3,152,145 2,920,258
Accumulated other
comprehensive income (159,400) 9,222,949 7,097,801
Deficit (100,641,634) (61,781,752) (54,434,641)
--------------------------------------------------------------------------
Total shareholders' equity 16,237,232 27,747,273 32,611,995
--------------------------------------------------------------------------
Total liabilities and
shareholders' equity $ 24,841,424 $ 32,691,246 $ 37,240,568
--------------------------------------------------------------------------
--------------------------------------------------------------------------


INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statements of Operations and Deficit
(Expressed in U.S. dollars)

Three months Three months
ended Four months ended Twelve months Twelve months
December 31, ended August 31, ended ended
2008 December 31, 2007 December 31, August 31,
For the (unaudited) 2007 (unaudited) 2008 2007
---------------------------------------------------------------------------

Revenue $ 5,727,564 $ 5,259,571 $ 4,288,236 $ 24,719,235 $ 17,574,483
Cost of
sales 2,639,255 3,343,590 2,183,970 11,707,991 8,949,350
---------------------------------------------------------------------------
3,088,309 1,915,981 2,104,266 13,011,244 8,625,133

Expenses
Marketing
and
sales 1,181,411 2,379,539 1,727,331 7,149,756 5,895,425
Research
and
develop-
ment 3,437,036 3,370,646 2,642,128 12,775,487 10,720,643
Administra-
tion 1,577,367 2,178,201 1,199,420 7,659,316 4,656,207
Amortiza-
tion 697,810 285,886 213,350 1,858,002 734,537
Stock-based
compensa-
tion 214,509 232,059 154,148 1,061,761 595,988
Technology
Partnerships
Canada
Funding
Investment 24,338 - 128,648 323,502 265,542
---------------------------------------------------------------------------
7,132,471 8,446,331 6,065,025 30,827,824 22,868,342
---------------------------------------------------------------------------

Loss before
other expense
(income) and
income
taxes 4,044,162 6,530,350 3,960,759 17,816,580 14,243,209
Other
expense
(income)
Foreign
exchange
(gain)
loss (1,097,138) 290,782 58,035 (1,570,634) 118,433
Interest
income (54,195) (195,969) (186,339) (606,605) (481,894)
Asset
impair-
ment 19,278,706 - - 19,278,706 -
Loss on
disposal
of
equipment - - 2,457 - 2,457
Accretion
and
amortization-
long-term
debt - - - - 823,217
Interest
expense-
long-term
debt - - - - 189,615
Restructuring
charges 3,011,947 663,807 - 3,826,615 -
---------------------------------------------------------------------------
Loss before
income
taxes 25,183,482 7,288,970 3,834,912 38,744,662 14,895,037
Income
tax expense
(recovery)
Current (129,159) 95,218 39,368 163,770 345,089
Future (18,628) (37,077) 10,485 (48,550) (65,835)
---------------------------------------------------------------------------
(147,787) 58,141 49,853 115,220 279,254
---------------------------------------------------------------------------

Loss for
the
period 25,035,695 7,347,111 3,884,765 38,859,882 15,174,291

Deficit,
beginning
of
period 75,605,938 54,434,641 50,549,876 61,781,752 39,260,350
---------------------------------------------------------------------------

Deficit,
end of
period $100,641,633 $61,781,752 $54,434,641 $100,641,634 $ 54,434,641
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Loss per
share
(basic
and
diluted)$ 0.15 $ 0.06 $ 0.03 $ 0.26 $ 0.16
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Weighted
average
number of
shares
out-
standing 162,480,446 119,534,505 119,261,618 151,546,475 94,181,525
---------------------------------------------------------------------------
---------------------------------------------------------------------------


INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statement of Comprehensive Loss
(Expressed in U.S. dollars)

---------------------------------------------------------------------------
Three months Three months
ended Four months ended Twelve months Twelve months
December 31, ended August 31, ended ended
2008 December 31, 2007 December 31, August 31,
For the (unaudited) 2007 (unaudited) 2008 2007
---------------------------------------------------------------------------

Loss for
the
period $(25,035,695) $(7,347,111) $(3,884,765) $(38,859,882) $(15,174,291)

Other
compre-
hensive
gain
(loss):

Unrealized
gains
(losses)
on
transl-
ating
financial
state-
ments
from
funct-
ional
currency
to
reporting
currency (6,924,850) 2,125,148 2,617,022 (9,382,349) 1,219,777
---------------------------------------------------------------------------

Compre-
hensive
loss $(31,960,545) $(5,221,963) $(1,267,743) $(48,242,231) $(13,954,514)
---------------------------------------------------------------------------
---------------------------------------------------------------------------


INTRINSYC SOFTWARE INTERNATIONAL, INC.
Consolidated Statement of Cash Flows
(Expressed in U.S. dollars)

---------------------------------------------------------------------------
Three months Three months
ended Four months ended Twelve months Twelve months
December 31, ended August 31, ended ended
2008 December 31, 2007 December 31, August 31,
For the (unaudited) 2007 (unaudited) 2008 2007
---------------------------------------------------------------------------

OPERATING
ACTIVITIES
Net loss
for the
period $(25,035,695) $(7,347,111) $(3,884,765) $(38,859,882) $(15,174,291)
Items not
involving
cash
Amortiz-
ation 697,810 285,886 213,350 1,858,002 734,537
Future
income
taxes (10,297) (41,927) 9,947 (43,389) (67,477)
Non-cash
restruct-
uring 799,804 66,502 - 799,804 -
Stock-based
compens-
ation 214,509 232,059 154,148 1,061,761 595,988
Asset
impair-
ment 19,278,706 - - 19,278,706 -
Accretion
and
amortiz-
ation -
long-term
debt - - - - 197,266
Accretion
and
amortiz-
ation
realized
on early
redemption
of
debentures - - - - 625,951
Changes in
non-cash
operating
working
capital
Accounts
receivable (354,903) (486,313) (77,212) (3,723,826) 589,925
Inventory (14,727) (87,669) 69,671 87,716 87,882
Prepaid
expenses (38,327) (273,053) (221,138) (123,422) (236,209)
Accounts
payable and
accrued
liabilities 312,937 (225,444) 407,119 4,786,176 (365,352)
Taxes
payable (29,240) (180,050) 17,609 802,433 177,554
Deferred
revenue (134,343) 464,760 229,662 (209,313) 159,595
---------------------------------------------------------------------------
Cash used in
operating
activi-
ties (4,313,766) (7,592,360) (3,081,609) (14,285,234) (12,674,631)
---------------------------------------------------------------------------

INVESTING
ACTIVITIES
Proceeds from
sale of
equipment - 3,099 - - -
Purchase of
equipment (19,062) (167,968) (196,793) (1,625,908) (516,303)
Loan receivable - - - (62,321) -
Acquisition costs - - - (1,448,982) -
Cash paid on
acquisition of
Destinator, net
of cash
acquired - - - (7,844,264) -
---------------------------------------------------------------------------
Cash used in
investing
activities (19,062) (164,869) (196,793) (10,981,475) (516,303)
---------------------------------------------------------------------------

FINANCING
ACTIVITIES
Issuance of
common shares
and warrants - 125,183 1,756,738 32,119,750 19,819,100
Share issuance
costs - - (145,682) (2,186,676) (1,748,688)
Settlement of
services in
shares 162,219 - (1,431) 162,219 -
Repayment of
capital lease
obligation (12,073) (5,054) - (44,505) (1,431)
Debentures - - - - (6,981,600)
Debentures
issuance
costs - - - - (25,417)
---------------------------------------------------------------------------
Cash provided by
financing
activities 150,146 120,129 1,609,625 30,050,788 11,061,964
---------------------------------------------------------------------------

Effect of
exchange rate
changes on
cash and cash
equival-
ents (2,875,713) 1,205,647 257,193 (4,337,358) 369,966
---------------------------------------------------------------------------

Increase
(decrease)
in cash
and cash
equival-
ents (7,058,395) (6,431,453) (1,411,584) 446,721 (1,759,004)
Cash and cash
equivalents,
beginning of
period 19,658,717 18,585,054 19,996,639 12,153,601 20,344,058
Less:
restricted
cash (208,870) - - (208,870) -
---------------------------------------------------------------------------
Cash and cash
equivalents,
end of
period $ 12,391,452 $12,153,601 $18,585,054 $ 12,391,452 $ 18,585,054
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Contact Information

  • Intrinsyc Software International, Inc.
    Elizabeth Rosenbaum
    Vice President, Corporate Marketing
    (604) 632-3579
    Email: erosenbaum@intrinsyc.com
    or
    Intrinsyc Software International, Inc. - Investor Relations
    Mark Longo
    Vice President, Corporate Development & General Counsel
    (604) 646-6951
    Email: mlongo@intrinsyc.com
    Website: www.intrinsyc.com