Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the
wellness industry (the "Company"), today released its 2012 first quarter results
for the period ended January 31, 2012.


First Quarter 2012 Highlights:

(All amounts are in CAD dollars.)



--  Revenue growth of 6% over the previous year to reach $11.0 million. 
    
--  Revenues in Mexico were up 107% over previous year to reach $3.4
    million. 
    
--  Adjusted EBITDA of $272 thousand or 2% of revenues, an improvement over
    negative EBITDA of ($757) thousand as compared to prior year. 
    
--  Net profit for the three-month period ended January 31, 2012 totalled $6
    thousand, compared to a loss of ($1.3) million for the same period a
    year earlier. 
    
--  The acquisition of our subsidiary company in Mexico was completed
    subsequent to the quarter end and we opened a new Immunotec corporate
    office in Mexico City to support our growth plans. 



"We are showing a positive EBITDA in the first quarter of fiscal 2012, this
represents a net improvement over the previous year", said Bob Henry,
Immunotec's Chairman and CEO. "We are pleased to have opened our new corporate
offices in Mexico City and completed the amended agreement relating to the
acquisition in Mexico".


Condensed financial results for the Quarter ended January 31, 2012 are as follows:



--  Network sales, reached $10.0 million in 2012 compared to $9.1 million
    for the same period in 2011, an increase of 10% or $897 thousand. Other
    revenues which include revenues of products sold to licensees, freight
    and shipping, charge backs and educational material purchased by our
    network, were $1.1 million in 2012, a decrease of $230 thousand as
    compared to $1.3 million for the same period in 2010. 
    
--  Gross margins before expenses, as a percentage of net sales, improved in
    2012 to 30% compared to 26% for 2011. The improvement is primarily
    attributed to high Sales Incentives paid in 2011 averaging a payout rate
    of 52.6%, compared to the 49.8% in 2012. The 2011payout rate was the
    result of strong recruitment of new distributors and rank advancement of
    existing distributors in the Mexican territory. 
    
--  Operating expenses were $3.0 million, an improvement over $3.4 million
    for the prior year. As a percentage of revenues, this represented 27.2%
    in 2012 compared with 33.1% in 2011. 
    
--  Net profit for the three-month period ended January 31, 2012 totalled
    $6.0 thousand, compared to a loss of $1.3 million for the same period a
    year earlier. 



Total comprehensive loss was $109 thousand compared to $1.3 million for the same
period of the prior year reflecting the impact of the foreign currency
translation of foreign subsidiaries. The total basic and fully diluted earnings
per share for the three-month period ended January 31, 2012 was $0.00 compared
with fully a diluted loss per share of $0.02 for the same period in 2011.


This variation for the 2012 period resulted primarily from:



i.  Strong revenue growth in Mexico, more than offsetting the decrease in
    both Canada and the US revenues for the same period. 
    
ii. Adjusted product pricing and a reduction in sales incentive payouts
    during the period resulted in improved overall margins. 
    
iii.Reduced corporate expenses were realized in the first quarter of 2012. 
    
iv. No restructuring costs this year, as opposed to $665 thousand in 2011. 



New NCIB Program

Subsequent to the end of the Quarter on April 30 The Company also announced
today that it has received approval from the TSX Venture Exchange (the
"Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for
cancellation, from time to time, as it considers advisable, up to 1,000,000 of
its issued and outstanding Common Shares (being approximately 1.43% of the
70,026,313 Common Shares outstanding at April 18, 2012). Purchases will be made
on the open market through the facilities of the Exchange. National Bank
Financial will conduct the Bid on behalf of Immunotec. The price which Immunotec
will pay for any shares purchased will be the prevailing market price of such
shares on the Exchange at the time of such purchase.


The Bid will commence on May 4, 2012 and will terminate on April 30, 2013, or
such earlier time as the applicable Bid is completed or at the option of
Immunotec. Any shares acquired by Immunotec pursuant to the bid will be
cancelled.


The Board of Directors of Immunotec believe that the current and recent market
prices of Immunotec's shares do not give full effect to their underlying value
and that, accordingly, the purchase of shares will increase the proportionate
share interest of, and be potentially advantageous to, all remaining
shareholders. The normal course purchases will also provide easier access to
liquidity to Immunotec shareholders who would like to dispose of their shares.


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.


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.




Interim Consolidated Statements of Financial Position                       
(Unaudited)                                                                 
(Stated in Canadian dollars)                                                
                                                                            
                                                 January 31,    October 31, 
                                                        2012           2011 
                                                           $              $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
Current assets                                                              
  Cash                                             2,166,292      2,561,969 
  Trade and other receivables                        684,920        659,004 
  Inventories                                      3,424,237      3,324,740 
  Prepaid expenses                                   571,784        393,119 
----------------------------------------------------------------------------
                                                   6,847,233      6,938,832 
Non-current assets                                                          
  Property, plant and equipment                    5,998,340      5,931,411 
  Intangible assets                                1,887,683      2,000,217 
  Goodwill                                           833,559        833,559 
  Deferred income tax assets                       2,674,425      2,725,367 
  Non-refundable research and development tax                               
   credits                                           337,971        337,971 
----------------------------------------------------------------------------
                                                  11,731,978     11,828,525 
----------------------------------------------------------------------------
                                                  18,579,211     18,767,357 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES                                                                 
Current liabilities                                                         
  Bank indebtedness                                  215,000              - 
  Demand loan                                              -              - 
  Payables                                         1,038,797        935,800 
  Accrued liabilities                              2,451,274      2,464,967 
  Provisions                                         348,018        671,201 
  Customer deposits                                  275,718        288,192 
  Income taxes                                        52,092         58,576 
  Current portion of long- term debt                 292,610        312,320 
----------------------------------------------------------------------------
                                                   4,673,509      4,731,056 
                                                                            
Long-term debt                                     2,045,782      2,077,787 
----------------------------------------------------------------------------
                                                   6,719,291      6,808,843 
----------------------------------------------------------------------------
                                                                            
EQUITY                                                                      
  Share capital                                    3,465,548      3,465,548 
  Other equity - Stock options                     1,913,180      1,903,039 
  Contributed surplus                             11,337,796     11,337,796 
  Accumulated other comprehensive income             192,281        306,595 
  Deficit                                         (5,048,885)    (5,054,464)
----------------------------------------------------------------------------
                                                  11,859,920     11,958,514 
----------------------------------------------------------------------------
                                                                            
                                                  18,579,211     18,767,357 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Interim Consolidated Statements of Changes in Equity                        
(Unaudited)                                                                 
Three-month periods ended January 31,                                       
(Stated in Canadian dollars except for number of shares)                    
                                                                            
                                                          Other             
                                                         equity             
                                                        - Stock  Contributed
                                     Share capital      options      surplus
                        --------------------------                          
                               Number            $            $            $
----------------------------------------------------------------------------
                                                                            
Balance at November 1,                                                      
 2010                      69,994,300    3,465,548    1,894,040   11,337,796
                                                                            
  Net loss for the                                                          
   period                           -            -            -            -
                                                                            
  Foreign currency                                                          
   translation                                                              
   adjustments                      -            -            -            -
----------------------------------------------------------------------------
Total comprehensive loss                                                    
 of the period:                     -            -            -            -
                                                                            
Share-based compensation            -            -       15,957            -
----------------------------------------------------------------------------
                                                                            
Balance at January 31,                                                      
 2011                      69,994,300    3,465,548    1,909,997   11,337,796
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Balance at November 1,                                                      
 2011                      69,994,300    3,465,548    1,903,039   11,337,796
                                                                            
  Net profit for the                                                        
   period                           -            -            -            -
                                                                            
  Foreign currency                                                          
   translation                                                              
   adjustments                      -            -            -            -
----------------------------------------------------------------------------
Total comprehensive loss                                                    
 of the period:                     -            -            -            -
                                                                            
Share-based compensation            -            -       10,141            -
----------------------------------------------------------------------------
                                                                            
Balance at January 31,                                                      
 2012                      69,994,300    3,465,548    1,913,180   11,337,796
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                             Accumulated                                   
                                   other                                   
                           comprehensive                                   
                                  income          Deficit            Total 
                                                                           
                                       $                $                $ 
---------------------------------------------------------------------------
                                                                           
Balance at November 1,                                                     
 2010                                  -       (3,650,834)      13,046,550 
                                                                           
  Net loss for the                                                         
   period                              -       (1,337,626)      (1,337,626)
                                                                           
  Foreign currency                                                         
   translation                                                             
   adjustments                    33,843                -           33,843 
---------------------------------------------------------------------------
Total comprehensive loss                                                   
 of the period:                   33,843       (1,337,626)      (1,303,783)
                                                                           
Share-based compensation               -                -           15,957 
---------------------------------------------------------------------------
                                                                           
Balance at January 31,                                                     
 2011                             33,843       (4,988,460)      11,758,724 
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
Balance at November 1,                                                     
 2011                            306,595       (5,054,464)      11,958,514 
                                                                           
  Net profit for the                                                       
   period                              -            5,579            5,579 
                                                                           
  Foreign currency                                                         
   translation                                                             
   adjustments                  (114,314)               -         (114,314)
---------------------------------------------------------------------------
Total comprehensive loss                                                   
 of the period:                 (114,314)           5,579         (108,735)
                                                                           
Share-based compensation               -                -           10,141 
---------------------------------------------------------------------------
                                                                           
Balance at January 31,                                                     
 2012                            192,281       (5,048,885)      11,859,920 
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Interim Consolidated Statements of Comprehensive Loss                       
(Unaudited)                                                                 
Three-month periods ended January 31,                                       
(Stated in Canadian dollars except for number of shares)                    
                                                                            
                                                                            
                                                        2012           2011 
                                                           $              $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Revenues                                                                    
  Network sales                                    9,961,042      9,064,019 
  Other revenue                                    1,082,126      1,311,628 
----------------------------------------------------------------------------
                                                  11,043,168     10,375,647 
Variable costs                                                              
  Cost of goods sold                               1,856,122      1,985,818 
  Sales incentives - Network                       4,964,247      4,769,801 
  Other variable costs                               949,011        941,804 
----------------------------------------------------------------------------
Margin before expenses                             3,273,788      2,678,224 
----------------------------------------------------------------------------
Expenses                                                                    
  Administrative                                   1,622,154      1,739,429 
  Marketing and selling                            1,157,264      1,441,758 
  Quality and development costs                      222,673        254,226 
  Depreciation and amortization                      239,604        263,489 
  Other expenses                                      10,141        680,494 
----------------------------------------------------------------------------
Operating income (loss)                               21,952     (1,701,172)
----------------------------------------------------------------------------
                                                                            
Net finance expenses                                 (44,484)        69,147 
----------------------------------------------------------------------------
Profit (loss) before income taxes                     66,436     (1,770,319)
                                                                            
Income taxes (recovery)                                                     
  Current                                              2,157          4,703 
  Future                                              58,700       (437,396)
----------------------------------------------------------------------------
                                                                            
Net profit (loss)                                      5,579     (1,337,626)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Other comprehensive income (loss), net of                                   
 income tax                                                                 
Foreign currency translation adjustments             114,314        (33,843)
----------------------------------------------------------------------------
Total comprehensive loss for the period             (108,735)    (1,303,783)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total basic and diluted net profit (loss) per                               
 share                                                  0.00          (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Weighted average number of common shares                                    
 outstanding during the period                                              
Basic and diluted                                 69,994,300     69,994,300 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       
                                                       
                                                       
Interim Consolidated Statements of Cash Flows          
(Unaudited)                                            
Three-month periods ended January 31,                  
(Stated in Canadian dollars)                           
                                                       
                                                        2012           2011 
                                                           $              $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating activities                                                        
Net profit (loss)                                      5,579     (1,337,626)
Adjustments for:                                                            
    Depreciation of property, plant and                                     
     equipment                                       101,292        117,510 
    Amortization of intangible assets                138,312        145,979 
    Unrealized foreign exchange                     (153,257)         3,917 
    Interest expense measured at amortized                                  
     cost                                             20,240         19,797 
    Future income taxes                               58,700       (437,396)
    Share-based compensation                          10,141         15,957 
Interest paid                                        (21,806)       (19,797)
Interest received                                      1,556              - 
----------------------------------------------------------------------------
Cash received prior to working capital                                      
 variation                                           160,757     (1,491,659)
Net change in non-cash working capital              (518,088)       602,665 
----------------------------------------------------------------------------
Net cash used in operating activities               (357,331)      (888,994)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Additions to property, plant and equipment        (163,574)       (44,325)
  Additions to intangible assets                     (27,515)       (71,812)
----------------------------------------------------------------------------
                                                                            
Net cash used in investing activities               (191,089)      (116,137)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Bank indebtedness                                  215,000              - 
  Reimbursement of long-term debt                    (27,865)             - 
  Reimbursement of demand loan                             -        (50,000)
  Reimbursement of other liability                   (25,508)             - 
----------------------------------------------------------------------------
                                                                            
Net cash provided by (used in) financing                                    
 activities                                          161,627        (50,000)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net decrease in cash during the period              (386,793)    (1,055,131)
Cash at the beginning of the period                2,561,969      2,936,456 
Effect of foreign exchange rate fluctuations                                
 on cash                                              (8,884)        22,513 
----------------------------------------------------------------------------
Cash at the end of the period                      2,166,292      1,903,838 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

International Metals Min... (TSXV:IMM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024 Plus de graphiques de la Bourse International Metals Min...
International Metals Min... (TSXV:IMM)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024 Plus de graphiques de la Bourse International Metals Min...