Medical Intelligence announces 2006 results



    QUEBEC CITY, April 27 /CNW/ - Medical Intelligence Inc. (TSX-V: MIZ)
today announced its operational and financial results for the fourth quarter
and fiscal year ended on December 31, 2006.

    Financials

    Total revenue for the fiscal year ended December 31, 2006 was $13,000
compared to $0 for the corresponding period in 2005. This results from the
first subscriptions to the telesecurity service in France.
    Total expenditures for the year ended December 31, 2006 were $5,012,936
compared to $1,914,361 for the year ended December 31, 2005. These
expenditures are in line with the targets set out by the Company at the
beginning of the year.
    Research and development expenses for the fiscal year ended December 31,
2006 were $914,062, an increase of $236,420 from the 2005 fiscal year. This
increase mainly results from an intensification in R&D to finalize the Columba
product, for which commercialization has started during the year, and the
beginning of work on the Urgentys product.
    Investment tax credits were at $239,065 for the year ended December 31,
2006, $74,091 higher than the year ended December 31, 2005. The increase is
directly linked to the Company's increased efforts in R&D.
    General and administrative expenses totalled $2,339,086 for the year
ended December 31, 2006, an increase of $1,397,854 compared to 2005. This
increase is mainly attributable to additional staff and higher consultant fees
due to the beginning of the operations in France and Spain.
    Sales expenses totalled $1,862,033 for the year ended December 31, 2006,
an increase of $1,464,475 compared to 2005. This increase is attributable to
the start of the commercialization efforts in both France and Spain.
    Consolidated loss for the year ended December 31, 2006 was $5,017,000 or
$0.11 per basic and diluted share compared to a loss of $1,914,000 or $0.065
per basic and diluted share in 2005.
    The Company had cash and cash equivalents, and term deposits totalling
$1,432,000 on December 31, 2006, a decrease of $495,000 from December 31,
2005. The Company had working capital of $4,925,000 as of December 31, 2006.
    Total consolidated assets were $5,232,000 as of December 31, 2006, an
increase of $2,443,000 compared to December 31, 2005. Long-term debt totalled
$281,000, the result of an interest-free loan granted by Canada Economic
Development.

    
                     CONSOLIDATED STATEMENT OF EARNINGS
    -------------------------------------------------------------------------
    (in thousands of dollars,                   2006       2005       2004
     except amounts per share)               --------------------------------
                                              12-month   12-month   12-month
                                               period     period     period
    -------------------------------------------------------------------------
    Revenue                                         13          0          0

    Cost of goods                                   17          0          0

    Gross loss                                      -4          0          0

    Sales expenses                               1,862        397         77

    General and administrative expenses,
     before stock-based compensation charges     1,923        768         44

    Research and development costs,
     less tax credits                              675        513        121

    Stock-based compensation charges               416        173          -

    Interest income                               -135        -47          -

    Foreign exchange loss                           22          -          -

    EBITDA(1) before stock-based
     compensation charges                       -4,767     -1,804       -242

    EBITDA (adjusted)                           -4,351     -1,631       -242

    Net loss                                    -5,017     -1,914       -315

    Basic and diluted loss per share            -0.110     -0.065     -0.021

    -------------------------------------------------------------------------
    

    "2006 has been a year of advancement in every aspect of our business",
said Louis Massicotte, President and Chief Executive Officer of Medical
intelligence. "Our Company signed key partnerships with major European telecom
companies which generated strong interest for our products in these targeted
markets. We successfully implemented our operational platform in France and
Spain. We now possess a turnkey technical system, easily installed and
adaptable to every country. In 2007, we will continue building on last year's
operational and strategic advancements and we are optimistic in meeting the
next objectives set out for the Company."
    Additional information about the Company, including the MD&A and
financial results may be found on SEDAR at www.sedar.com.

    About Medical Intelligence Technologies

    Medical Intelligence is the leader in the personal telesecurity industry,
integrating information and telecommunications technologies to the healthcare
sector. The firm designs portable medical devices for the benefit of people
having health or safety concerns. Based in Quebec City, the Company also has
subsidiaries in France, Spain and the United Kingdom (Medical Mobile) where it
commercializes the Columba, a GPS bracelet designed to prevent Alzheimer
wandering. For further information, visit www.medicalintelligence.ca or
www.medicalmobile.com.

    Forward-looking statements

    Any statement in this press release that does not relate directly and
exclusively to historical facts can be considered a forward-looking statement.
Such statements reflect the intentions, plans, expectations and beliefs of
Medical Intelligence Technologies, and are subject to risks, uncertainties and
other factors that are largely beyond the Company's control, to the extent
that actual results may differ significantly from those contemplated by such
statements. Medical Intelligence Technologies neither intends nor is required
to update or revise such forward-looking statements based on new information
or future events, or for any other reason.

    -------------------------------------------------------------------------
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00020559EF




For further information:

For further information: Quebec: Jean Brouillard Communications, (418)
682-6111, jbcom@videotron.ca; Montreal: Johanne Lépine, Media Relations,
Torchia Communications, (514) 288-8290, ext. 234, jlepine@torchiacom.com;
Investor relations: Eric Bouchard, The Equicom Group Inc., (514) 844-7997,
ebouchard@equicomgroup.com

Organization Profile

Medical Intelligence Technologies Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890