OMT Reports Annual Results for 2008
Market Wire, April, 2009
Consolidated Financial Statements of
OMT INC.
Years ended December 31, 2008 and 2007
AUDITORS' REPORT
To the Shareholders of
OMT Inc.
We have audited the consolidated balance sheets of OMT Inc. as at December
31, 2008 and 2007 and the consolidated statements of operations,
comprehensive loss and deficit, and cash flows for the years then ended.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted
auditing standards. Those standards require that we plan and perform an
audit to obtain reasonable assurance whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in
all material respects, the financial position of the Company as at December
31, 2008 and 2007 and the results of its operations and its cash flows for
the years then ended in accordance with Canadian generally accepted
accounting principles.
Ernst & Young LLP
Winnipeg, Canada,
March 13, 2009 (except as to notes 5 and 16,
which are as of April 28, 2009) Chartered Accountants
OMT INC.
Consolidated Balance Sheets
December 31, 2008 and December 31, 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2008 2007
----------------------------------------------------------------------------
Assets (notes 4, 5 and 12b)
Current assets:
Cash $ 31,815 $ 42,047
Accounts receivable 260,057 257,514
Contracts in progress (note 12a) 141,581 60,132
Inventory 88,413 72,467
Prepaid expenses 52,421 48,556
Current portion of lease receivable - 7,000
---------------------------------------------------------------------------
Total current assets 574,287 487,716
Long-term receivable - 8,637
Property and equipment (note 2) 6,796 17,671
Software and other intangible assets (note 3) 1,455 4,518
----------------------------------------------------------------------------
Total assets $ 582,538 $ 518,542
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Shareholders' Deficiency
Current liabilities:
Bank demand loan (note 4) $ 220,000 $ -
Accounts payable and accrued liabilities 351,263 337,759
Deferred revenue 276,173 313,830
---------------------------------------------------------------------------
Total current liabilities 847,436 651,589
Long-term debt (notes 5 and 16) 4,071,940 3,571,430
----------------------------------------------------------------------------
Total liabilities 4,919,376 4,223,019
----------------------------------------------------------------------------
Commitments and contingencies (notes 6, 12 and 14)
Shareholders' deficiency:
Capital stock (note 8) 1,278,458 1,278,458
Other paid-in capital (note 9) 693,579 693,579
Contributed surplus (note 8) 216,427 216,427
Deficit (6,525,302) (5,892,941)
---------------------------------------------------------------------------
Total shareholders' deficiency (4,336,838) (3,704,477)
----------------------------------------------------------------------------
Total liabilities and shareholders' deficiency $ 582,538 $ 518,542
----------------------------------------------------------------------------
----------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
On behalf of the Board:
"Bill Baines" Director "Murray Bamforth" Director
OMT INC.
Consolidated Statements of Operations, Comprehensive Loss and Deficit
Years Ended December 31, 2008 and 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2008 2007 (note 7)
----------------------------------------------------------------------------
Sales (note 10) $ 3,148,216 $ 3,219,941
Cost of sales 1,165,603 1,285,854
----------------------------------------------------------------------------
Gross profit 1,982,613 1,934,087
Selling and administrative 1,746,458 1,931,145
Research and development 207,813 216,825
----------------------------------------------------------------------------
1,954,271 2,147,970
----------------------------------------------------------------------------
Income (loss) before the undernoted 28,342 (213,883)
----------------------------------------------------------------------------
Other expenses:
Amortization 16,416 31,358
Interest on long-term debt (note 5) 580,110 671,385
Interest on short-term debt 5,028 473
Foreign exchange loss 59,149 13,921
---------------------------------------------------------------------------
660,703 717,137
----------------------------------------------------------------------------
Loss for the year, before discontinued
operations (632,361) (931,020)
Discontinued operations, net of tax of
nil (2007- nil) (note 7) - 359,498
----------------------------------------------------------------------------
Net loss and comprehensive loss for
the year (632,361) (571,522)
Deficit, beginning of year (5,892,941) (5,444,345)
Transitional amount (note 1c) - 122,926
----------------------------------------------------------------------------
Deficit, end of year $ (6,525,302) $ (5,892,941)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss per share before discontinued
operations (note 8f) $ (0.022) $ (0.032)
Earnings per share from discontinued
operations (note 8f) $ - $ 0.012
Total loss per share (notes 1n and 8f) $ (0.022) $ (0.020)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
OMT INC.
Consolidated Statements of Cash Flows
December 31, 2008 and 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2008 2007
----------------------------------------------------------------------------
Cash provided by (used in):
Operations:
Net loss and comprehensive loss for the year $ (632,361) $ (571,522)
Items not involving cash:
Amortization 16,416 31,358
Non-cash interest accretion (note 5) 260,510 351,796
Deferred interest on long-term debt (note 5) 240,000 -
Gain on sale of discontinued operations (note 7) - (181,412)
Stock-based compensation (note 8) - 19,101
Change in non-cash operating working capital (112,319) (165,647)
---------------------------------------------------------------------------
(227,754) (516,326)
---------------------------------------------------------------------------
Financing:
Increase in bank demand loan 220,000 -
Principal payments on capital lease - (3,560)
---------------------------------------------------------------------------
220,000 (3,560)
---------------------------------------------------------------------------
Investments:
Proceeds on sale of discontinued operations
(note 7) - 210,415
Additions to capital property and equipment (1,986) (12,870)
Additions to software and intangible assets (490) (2,559)
---------------------------------------------------------------------------
(2,476) 194,986
----------------------------------------------------------------------------
Decrease in cash (10,232) (324,900)
Cash, beginning of year 42,047 366,947
----------------------------------------------------------------------------
Cash, end of year $ 31,815 $ 42,047
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Supplementary information:
Interest paid $ 84,628 $ 320,062
----------------------------------------------------------------------------
----------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
OMT INC.
Notes to Consolidated Financial Statements
Years ended December 31, 2008 and 2007
----------------------------------------------------------------------------
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
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
Most Popular Business Publications
Content provided in partnership with
