Business Services Industry
Inscape Corporation Announces Third Quarter Results
Business Wire, March 10, 2005
Consolidated Balance Sheets
Unaudited (all amounts in thousands of dollars)
January 31, 2005 April 30, 2004
---------------------------------------------------------------------
(As restated - Note 2)
Assets
Current
Cash and cash equivalents $21,737 $24,174
Accounts receivable 11,385 10,763
Inventory 6,844 6,884
Prepaid expenses 952 946
Income taxes receivable 1,913 2,004
---------------- ---------------
42,831 44,771
Capital assets 36,863 47,387
Other assets (Note 3) 1,379 4,745
Future income tax asset 4,154 3,927
---------------- ---------------
$85,227 $100,830
---------------- ---------------
---------------- ---------------
Liabilities
Current
Accounts payable and accrued
liabilities $12,757 $12,767
Income taxes payable 1,358 1,119
---------------- ---------------
14,115 13,886
Asset retirement obligations (Note 2) 337 325
Future income tax liability 5,722 6,040
---------------- ---------------
20,174 20,251
Shareholders' Equity
Share capital (Note 4) 57,059 57,059
Contributed surplus (Note 2) 76 -
Retained earnings 7,918 23,520
---------------- ---------------
$85,227 $100,830
---------------- ---------------
---------------- ---------------
Consolidated Statements of Income and Retained Earnings
Unaudited (all amounts in thousands of dollars,
except per share amounts)
Three months ended Nine months ended
January 31, January 31,
2005 2004 2005 2004
---------------------------------------------- -------------------
(As restated (As restated
- Note 2) - Note 2)
Sales $30,350 $27,545 $76,404 $91,436
Cost of goods sold 21,695 19,121 57,032 60,969
Gross margin 8,655 8,424 19,372 30,467
Expenses
Selling, general and
administrative 7,598 7,463 22,529 24,786
Restructuring costs
and asset impairment
(Note 7) 9,900 - 9,900 2,171
Net interest income (211) (166) (516) (605)
--------- -------- -------- -------
17,287 7,297 31,913 26,352
--------- -------- -------- -------
(Loss) income before taxes (8,632) 1,127 (12,541) 4,115
Income taxes (736) 902 (2,025) 1,802
--------- -------- -------- -------
Net (loss) income (7,896) 225 (10,516) 2,313
Retained earnings,
beginning of period
As originally stated 17,475 28,753 23,592 29,987
Impact of changes in
accounting policies:
Asset retirement
obligations (Note 2) - 137 (72) 137
--------- -------- -------- -------
Retained earnings
as restated 17,475 28,890 23,520 30,124
Stock options (Note 2) - - (103) -
Dividends (Note 4) (1,661) (1,661) (4,983) (4,983)
--------- -------- -------- -------
Retained earnings,
end of period $7,918 $27,454 $7,918 $27,454
--------- -------- -------- -------
--------- -------- -------- -------
Basic (loss) earnings
per share (Note 4) ($0.52) $0.02 ($0.70) $0.15
Diluted (loss) earnings
per share (Note 4) ($0.52) $0.02 ($0.69) $0.15
Consolidated Statements of Cash Flows
Unaudited (all amounts in thousands of dollars)
Three months ended Nine months ended
January 31, January 31,
2005 2004 2005 2004
--------------------------------------------- ------------------
(As restated (As restated
- Note 2) - Note 2)
Net inflow (outflow)
of cash related
to the following activities:
OPERATING
Net income (loss) ($7,896) $225 ($10,516) $2,313
Items not affecting cash:
Amortization 2,187 2,022 5,784 5,913
Future income taxes (389) 1,506 (545) 1,735
Deferred expenses and
other expense 340 36 407 348
Stock based compensation (62) - (27) -
Restructuring costs
and asset impairment 9,900 - 9,900 -
Gain on sale of
capital assets (1) - (13) -
---------- ------- --------- -------
4,079 3,789 4,990 10,309
Changes in non-cash
operating working
capital items 3,929 3,283 (898) (4,031)
--------- ------- --------- -------
8,008 7,072 4,092 6,278
--------- ------- --------- -------
FINANCING
Dividends paid (1,661) (1,661) (4,983) (4,983)
--------- ------- --------- -------
(1,661) (1,661) (4,983) (4,983)
--------- ------- --------- -------
INVESTING
Additions to capital
assets (435) (930) (1,559) (2,879)
Proceeds from sale of
capital assets 1 - 13 -
--------- ------- --------- -------
(434) (930) (1,546) (2,879)
--------- ------- --------- -------
--------- ------- --------- -------
Net cash inflow (outflow) 5,913 4,481 (2,437) (1,584)
Cash and cash equivalents,
beginning of period 15,824 19,001 24,174 25,066
--------- ------- --------- -------
Cash and cash equivalents,
end of period $21,737 $23,482 $21,737 $23,482
--------- ------- --------- -------
--------- ------- --------- -------
SUPPLEMENTAL INFORMATION
Interest paid - - - -
Income taxes paid $109 $786 $460 $3,794
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
Most Popular Business Publications
Content provided in partnership with
Presented by American Express