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Hemisphere GPS Reports Q3 2009 Results

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  Published in House and Home on Friday, November 13th 2009 at 3:07 GMT by Market Wire
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 Measurement FX Reporting Currency Rate Currency Mar 31, 2009 Cdn$22.6 million $1.2602 US$17.9 million Jun 30, 2009 Cdn$21.6 million $1.1625 US$18.6 million Sep 30, 2009 Cdn$20.7 million $1.0722 US$19.3 million 

 Hemisphere GPS Inc. Consolidated Balance Sheets (unaudited - expressed in U.S. dollars) ------------------------------------------------------------------------- September 30, December 31, 2009 2008 ------------------------------------------------------------------------- Assets Current assets: Cash and cash equivalents $ 7,890,268 $ 16,288,684 Accounts receivable 6,071,270 7,409,108 Inventories 19,309,039 14,016,645 Deferred commissions 202,645 215,402 Prepaid expenses and deposits 732,235 679,863 ----------------------------------------------------------------------- 34,205,457 38,609,702 Deferred commissions 140,068 171,852 Property and equipment 7,796,143 6,871,801 Intangible assets 7,495,383 7,029,627 Goodwill 39,942,946 34,972,095 ------------------------------------------------------------------------- $ 89,579,997 $ 87,655,077 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 3,911,128 $ 6,634,059 Foreign exchange contract - 3,270,210 Deferred revenue 1,355,946 1,484,166 Current portion of capital lease 42,910 - ----------------------------------------------------------------------- 5,309,984 11,388,435 Deferred revenue 932,505 1,035,220 Capital lease 87,060 - Shareholders' equity: Share capital 107,708,468 108,162,136 Share capital purchased for cancellation under Normal Course Issuer Bid - (450,633) Contributed surplus 3,775,434 3,134,045 Deficit (37,664,027) (34,232,193) Accumulated other comprehensive income 9,430,573 (1,381,933) ------------------------------------------------------------------------- 83,250,448 75,231,422 ------------------------------------------------------------------------- $ 89,579,997 $ 87,655,077 ------------------------------------------------------------------------- ------------------------------------------------------------------------- HEMISPHERE GPS INC. Consolidated Statements of Operations and Deficit (unaudited - expressed in U.S. dollars) ------------------------------------------------------------------------- Three months ended Nine months ended September 30, September 30, --------------------------- --------------------------- 2009 2008 2009 2008 ------------------------------------------------------------------------- Sales $ 9,068,537 $ 13,200,562 $ 41,488,850 $ 62,146,093 Cost of sales 5,167,702 6,385,168 20,898,199 30,168,245 ------------------------------------------------------------------------- 3,900,835 6,815,394 20,590,651 31,977,848 Expenses: Research and development 2,344,818 1,942,851 6,441,726 5,773,259 Sales and marketing 2,514,406 2,728,792 8,571,404 9,326,253 General and administrative 1,684,214 1,657,301 5,022,275 5,790,951 Stock-based compensation 218,699 190,056 641,205 538,847 Amortization 830,972 860,883 2,307,422 2,699,949 ------------------------------------------------------------------------- 7,593,109 7,379,883 22,984,032 24,129,259 ------------------------------------------------------------------------- Earnings (loss) before undernoted items (3,692,274) (564,489) (2,393,381) 7,848,589 Foreign exchange loss (gain) 76,320 (242,180) 245,110 (513,973) Net interest income (2,163) (88,978) (18,843) (296,252) Restructuring costs - - 812,186 - Other income - - - (263,036) ------------------------------------------------------------------------- Earnings (loss) before income taxes (3,766,431) (233,331) (3,431,834) 8,921,850 Current income taxes - - - 175,903 ------------------------------------------------------------------------- Net earnings (loss) (3,766,431) (233,331) (3,431,834) 8,745,947 Deficit, beginning of period (33,897,596) (31,340,301) (34,232,193) (40,469,714) Adjustment due to adoption of new accounting policy - - - 150,135 Adjustment Due to Normal Course Issuer Bid - (8,623) - (8,623) ------------------------------------------------------------------------- Deficit, end of period $(37,664,027) $(31,582,255) $(37,664,027) $(31,582,255) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Earnings (loss) per common share from continuing operations: Basic and diluted $ (0.07) $ - $ (0.06) $ 0.16 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Earnings (loss) per common share: Basic and diluted $ (0.07) $ - $ (0.06) $ 0.16 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average shares outstanding: Basic 55,561,676 56,223,363 55,561,676 54,482,290 Diluted 55,561,676 56,484,373 55,561,676 54,898,548 HEMISPHERE GPS INC. Consolidated Statements of Cash Flows (unaudited - expressed in U.S. dollars) ------------------------------------------------------------------------- Three months ended Nine months ended September 30, September 30, --------------------------- --------------------------- 2009 2008 2009 2008 ------------------------------------------------------------------------- Cash flows from (used in) operating activities: Earnings (loss) $ (3,766,431) $ (233,331) $ (3,431,834) $ 8,745,947 Items not involving cash: Amortization 895,748 930,553 2,486,938 2,919,311 Stock-based compensation 218,699 190,056 641,205 538,847 Unrealized foreign exchange loss 602,991 793,022 1,197,062 77,257 ----------------------------------------------------------------------- (2,048,993) 1,680,300 893,371 12,281,362 Change in non-cash operating working capital: Accounts receivable 2,064,062 347,111 2,509,540 (851,777) Inventories 813,500 (499,020) (2,662,571) 7,583 Prepaid expenses and deposits (14,151) (711,953) 40,597 (508,795) Deferred commissions 47,685 42,318 92,267 436 Accounts payable and accrued liabilities (1,045,652) 1,122,323 (3,561,365) (504,883) Settlement of foreign currency contract 844,861 (871,780) (1,478,678) (856,072) Notes payable - - - (322,680) Deferred revenue (322,232) (292,776) (557,097) 43,331 ----------------------------------------------------------------------- 339,080 816,523 (4,723,936) 9,288,505 Cash flows from (used in) financing activities: Capital lease obligations - - - (101,003) Issue of share capital, net - 40,992 - 980,932 Purchased and cancelled common shares - (428,854) - (428,854) ----------------------------------------------------------------------- - (387,862) - 451,075 Cash flows used in investing activities: Purchase of property and equipment (290,169) (705,127) (951,817) (1,718,607) Intangible asset additions (205,014) - (902,314) - Business acquisition, net - - - (92,654) ------------------------------------------------------------------------- (495,183) (705,127) (1,854,131) (1,811,261) ------------------------------------------------------------------------- Increase (decrease) in cash position (156,103) (276,466) (6,578,067) 7,928,319 Effect of currency translation on cash balances and cash flows (744,535) (769,505) (1,820,349) (574,032) Cash and cash equivalents, beginning of period 8,790,906 21,856,037 16,288,684 13,455,779 ------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 7,890,268 $ 20,810,066 $ 7,890,268 $ 20,810,066 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cash and cash equivalents consist of: Cash $ 3,890,268 $ 3,884,666 $ 3,890,268 $ 3,884,666 Term deposits 4,000,000 16,925,400 4,000,000 16,925,400 Supplemental disclosure: Interest paid $ 1,038 $ 7,687 $ 19,538 $ 22,122