01 Communique Reports First Quarter Fiscal 2012 Results
TORONTO, March 15, 2012 /CNW/ - 01 Communique Laboratory Inc. (ONE:TSX) today announced results for its first quarter fiscal 2012, which ended January 31st. This is the first quarter of reporting for the Company under the new IFRS accounting rules and as a result certain comparative numbers for 2011 have been restated to comply with IFRS.
"Fiscal 2012 is turning out to be a very exciting time for our company," said Andrew Cheung. "In the LogMeIn case a hearing on our appeal took place on February 6th and we are now waiting for the Appeals Court decision, which is anticipated anytime within the next few months. On January 4th, in conjunction with our partner WiLAN (WIN:TSX; WILN:Q), we commenced patent litigation against Bomgar Corporation with an anticipated court date in June or July this year. The decision on lifting the stay is expected at some point in the Citrix case and then hopefully a court date will be scheduled. The re-examination with the USPTO is continuing and we remain confident in the merits of our case. In addition to our intellectual property endeavors we have an exciting lineup of new developments under way with respect to our I'm InTouch product offerings."
Financial Highlights include -
- The IFRS loss for the quarter was $705,835 which compared to $971,778 for 2011.
- The adjusted loss for the quarter was $419,838 ($795,948 in 2011) which is the IFRS loss excluding non-cash expenses of $282,642 ($172,092 for 2011) for stock based compensation and $3,355 for depreciation and amortization ($3,738 for 2011).
- There were no patent enforcement and re-examination expenses recorded for first quarter 2012 compared to $442,953 recorded for same period in 2011 (primarily expenses related to the LogMeIn patent infringement lawsuit). The Company is responsible for third party costs related to the LogMeIn litigation, which are expected to be minimal while the case is under appeal.
- Operating expenses for first quarter 2012 were $773,782 ($1,106,851 in 2011). Cash operating expenses net of stock based compensation, depreciation and amortization, and patent enforcement and re-examination expenses were $487,785 for the first quarter 2012 ($488,068 in 2011).
- Revenue for the first quarter 2012 was $68,088 compared to $135,265 in 2011, the major difference being intellectual property licensing revenue was recognized in 2011 with no corresponding amount in 2012.
- We completed the quarter with $2,623,391 of cash and cash equivalents.
- For the second quarter 2012 we expect our expenses excluding non-cash expenses and patent enforcement and re-examination expenses noted above to be approximately $500,000.
Update on Patent Litigation -
- On January 4, 2012 together with WiLAN and as part of our agreement with WiLAN we filed a patent infringement lawsuit in the Eastern District of Virginia, against Bomgar Corporation. The Court has issued a Scheduling Order with dates as follows:
a. A pretrial conference on March 14, 2012
b. Discovery to be completed by May 11, 2012
c. Final pretrial conference on May 17, 2012 with a trial to commence within 4 to 8 weeks following the conference.
- On February 6, 2012 a hearing in the LogMeIn appeal took place at the United States Court of Appeals for the Federal Circuit. We are now waiting for the Court of Appeals decision on the appeal. We anticipate receiving that decision at any time within the next few months.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
About 01 Communique
Established in 1992, 01 Communique (TSX: ONE) offers a suite of remote access services designed for small-medium sized business, mobile professionals and IT service providers. 01's software as a service offerings are deployed on-demand and include functionality enabling on-line meetings, remote computing and IT support. 01's suite of products includes its remote access offering I'm InTouch (www.imintouch.com , its online meeting offering www.imintouchmeeting.com) and its remote support offering I'm OnCall (www.imoncall.com ) products are protected in the U.S.A. by its patents #6928479 / #6938076. For more information, visit www.01com.com or call (905) 795-2888 or (800) 668-2185 (North America only).
Cautionary Note Regarding Forward-looking Statements.
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use such words as "may", "will", "expect", "believe", "plan", "intend", "are confident" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the company's Annual Information Form filed on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update or revise them to reflect new events or circumstances.
01 Communique Laboratory Inc. | |||||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||||
Interim Consolidated Statements of Financial Position | |||||||||||||
(Unaudited) | |||||||||||||
31-Jan-12 | 31-Oct-11 | 01-Nov-10 | |||||||||||
Assets | |||||||||||||
Current assets | |||||||||||||
Cash and cash equivalents | $ | 2,623,391 | $ | 3,121,417 | $ | 4,869,398 | |||||||
Accounts receivable | 136,732 | 148,917 | 191,545 | ||||||||||
Prepaid expenses and other assets | 27,062 | 36,844 | 33,255 | ||||||||||
2,787,185 | 3,307,178 | 5,094,198 | |||||||||||
Property and equipment | 18,110 | 21,324 | 28,758 | ||||||||||
$ | 2,805,295 | $ | 3,328,502 | $ | 5,122,956 | ||||||||
Liabilities & Shareholders' Equity | |||||||||||||
Current liabilities | |||||||||||||
Accounts payable & accrued liabilities | $ | 818,707 | $ | 909,508 | $ | 480,688 | |||||||
Deferred revenue | 36,937 | 46,150 | 68,646 | ||||||||||
855,644 | 955,658 | 549,334 | |||||||||||
Shareholders' equity | |||||||||||||
Share capital | 36,201,686 | 36,201,686 | 35,434,092 | ||||||||||
Contributed surplus | 2,902,068 | 2,619,426 | 1,644,018 | ||||||||||
Share purchase warrants | 58,742 | 58,742 | 70,491 | ||||||||||
Agent options | 95,241 | 95,241 | 380,965 | ||||||||||
Deficit | (37,308,086) | (36,602,251) | (32,955,944) | ||||||||||
1,949,651 | 2,372,844 | 4,573,622 | |||||||||||
$ | 2,805,295 | $ | 3,328,502 | $ | 5,122,956 |
01 Communique Laboratory Inc. | ||||||||
SELECTED FINANCIAL INFORMATION | ||||||||
Interim Consolidated Statements of Operations and Comprehensive Income | ||||||||
(Unaudited) | ||||||||
For the 3 month periods ended January 31, 2012 and 2011 | ||||||||
for the 3 months ending | ||||||||
31-Jan-12 | 31-Jan-11 | |||||||
Revenue | $ | 68,088 | $ | 135,265 | ||||
Cost of revenue | 141 | 192 | ||||||
67,947 | 135,073 | |||||||
Expenses (income): | ||||||||
Selling, general and administrative | 532,783 | 437,847 | ||||||
Patent enforcement and re-examination expenses | - | 442,953 | ||||||
Research and development | 245,674 | 235,354 | ||||||
Interest | (4,675) | (9,303) | ||||||
773,782 | 1,106,851 | |||||||
Loss for the period and comprehensive loss | $ | (705,835) | $ | (971,778) | ||||
Loss per common share | ||||||||
Basic | (0.012) | (0.016) | ||||||
Diluted | (0.012) | (0.016) | ||||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 60,122,045 | 59,565,762 | ||||||
Diluted | 60,122,045 | 59,565,762 |
01 Communique Laboratory Inc. | ||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||
Interim Consolidated Statements of Cash Flows | ||||||||||
(Unaudited) | ||||||||||
For the 3 month periods ended January 31, 2012 and 2011 | ||||||||||
31-Jan-12 | 31-Jan-11 | |||||||||
Cash provided by (used in): | ||||||||||
Operating activities: | ||||||||||
Loss for the period | $ | (705,835) | $ | (971,778) | ||||||
Adjustments to reconcile loss for the period to net cash flows from operating activities: |
||||||||||
Depreciation of property and equipment | 3,355 | 3,738 | ||||||||
Stock-based compensation | 282,642 | 172,092 | ||||||||
Interest income | (4,675) | (9,303) | ||||||||
Change in non-cash working capital | (78,047) | 245,069 | ||||||||
(502,560) | (560,182) | |||||||||
Interest income received | 4,675 | 9,303 | ||||||||
497,885 | (550,879) | |||||||||
Financing activities: | ||||||||||
Issue of common shares | - | 409,171 | ||||||||
Investing activities: | ||||||||||
Purchase of property and equipment | (141) | (809) | ||||||||
Decrease in cash and cash equivalents | (498,026) | (142,517) | ||||||||
Cash and cash equivalents, beginning of period | 3,121,417 | 4,869,398 | ||||||||
Cash and cash equivalents, end of period | $ | 2,623,391 | $ | 4,726,881 |
For further information:
INVESTOR CONTACT:
Brian Stringer
Chief Financial Officer
01 Communique
(905) 795-2888 x204
brian.stringer@01com.com
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