|
05/14/12 -- NorthcoreTechnologies Inc. (TSX:NTI)(OTCBB:NTLNF), a global provider ofasset management and social commerce solutions, reported today itsinterim financial results for the first quarter ended March 31,2012. All figures are reported in Canadian dollars. Northcore reported consolidated revenues of $230,000 for the firstquarter, representing an increase of eight percent over the$212,000 reported in the fourth quarter of 2011 and an increase of26 percent over the $183,000 reported in the same period of 2011.The growth in revenues was attributed primarily to the increase inservices revenues in connection with the implementation of socialcommerce solutions for clients. Northcore reported an Operational EBITDA loss for the first quarterof $356,000, representing an improvement of four percent from theOperational EBITDA loss of $369,000 reported in the fourth quarterof 2011. In the same period of 2011, Northcore reported anOperational EBITDA loss of $404,000. The improvement in OperationalEBITDA loss was attributed primarily to the increase in revenues. For the quarter and year ended March 31, 2012, Northcore reported anet loss per share of $0.003, basic and diluted, consistent withthe net loss per share of $0.003, basic and diluted, reported inthe same period of 2011. As at March 31, 2012, Northcore held cash and cash equivalents of$1,520,000 and accounts receivable of $288,000. Operating Highlights Northcore accomplished the following activities in the period: -- Acquired Envision Online Media Inc., an Ottawa based contentmanagement specialist; -- Appointed Paul Godin to role of Chairmanof the Board of Directors; -- Filed additional patents to supportthe proprietary implementation of Viral Accelerators to expand thescope of the Company's existing patents in the delivery of onlineDutch Auctions; -- Renewed a hosting contract with a key enterpriseclient and one of the 10 largest companies in North America; --Designed and deployed a back end server platform to support the"Intelligent Agent" initiative for a major strategic partner; --Implemented a series of major enhancements into a customerdeployment of Asset Seller liquidation platform; and -- Hired a newsales executive to focus on enterprise level businessopportunities. Outlook "We are committed to building shareholder value by growing oursocial commerce and enterprise verticals," said Amit Monga, CEO ofNorthcore Technologies. "In the coming quarters the execution ofour social commerce strategy will become apparent through newpartnerships and implementations of our proprietary platforms. Onthe enterprise front, we are focused on increasing our market shareby extending our cloud based offerings to fully support tablets andmobile devices. Additionally, we will expand our intellectualproperty portfolio by continuing to file new patent applicationsthat will give Northcore competitive advantage in targeted areas ofsocial commerce." About Northcore Technologies Inc. Northcore Technologies Inc. ("Northcore" or the "Company") providesenterprise level software products and services that enable itscustomers to purchase, manage and dispose of capital equipment.Utilizing award-winning, multi-patented technology, as well aspowerful, holistic Social Commerce tools, Northcore's solutionssupport customers throughout the entire asset lifecycle.Northcore's portfolio companies include Envision Online Media Inc.,a specialist in the delivery of content management solutions. Northcore owns 50 percent of GE Asset Manager, LLC, a jointbusiness venture with GE and holds a substantial intellectualproperty portfolio. For more information, visit. This news release may include comments that do not refer strictlyto historical results or actions and may be deemed to beforward-looking within the meaning of the Safe Harbor provisions ofthe U.S. federal securities laws. These include, among others,statements about expectations of future revenues, cash flows, andcash requirements. Forward-looking statements are subject to risksand uncertainties that may cause Northcore's results to differmaterially from expectations. These risks include the Company'sability to raise additional funding, develop itsbusiness-to-business sales and operations, develop appropriatestrategic alliances and successful development and implementationof technology, acceptance of the Company's products and services,competitive factors, new products and technological changes, andother such risks as the Company may identify and discuss from timeto time, including those risks disclosed in the Company's Form 20-Ffiled with the Securities and Exchange Commission. Accordingly,there is no certainty that the Company's plans will be achieved.Important factors that could cause actual results to differmaterially from the Company's expectations are disclosed in theCompany's documents filed from time to time with the Toronto StockExchange, on SEDAR (the System for Electronic Document Analysis andRetrieval at ) and the US Securities and ExchangeCommission. This news release shall not constitute an offer to sellor the solicitation of an offer to buy securities of the Company inany jurisdiction. (financial results follow) Northcore Technologies Inc. Condensed Interim ConsolidatedStatements of Financial Position As at March 31, 2012 and December31, 2011 (expressed in thousands of Canadian dollars) (IFRS,Unaudited)------------------------------------------------------------------------------------------------------------- March 31, December 31, 2012 2011--------------------------------- Cash $ 1,480 $ 1,760 Short-terminvestments 40 - Accounts receivable 288 187 Deposits and prepaidexpenses 47 40 Investment in GE Asset Manager, LLC 20 24 Capitalassets 88 91 Intangible assets 839 807 Unallocated purchase price1,160 - --------------------------------- Total assets $ 3,962 $2,909 ------------------------------------------------------------------ Accounts payable $ 450 $ 239Accrued liabilities 330 173 Deferred revenue 123 3 Totalshareholders' equity 3,059 2,494 ---------------------------------Total liabilities and shareholders' equity $ 3,962 $ 2,909--------------------------------- ---------------------------------Northcore Technologies Inc. Condensed Interim ConsolidatedStatements of Operations and Comprehensive Loss For the ThreeMonths Ended March 31, 2012 and 2011 (expressed in thousands ofCanadian dollars, except per share amounts) (IFRS, Unaudited)-------------------------------------------------------------------------------------------------------------- Three Months Ended March 31,2012 2011 ---------------------------------- Revenues $ 230 $ 183---------------------------------- Other income: Income from GEAsset Manager, LLC 18 35 ----------------------------------Operating expenses: General and administrative 436 372 Customerservice and technology 166 181 Sales and marketing 27 69Stock-based compensation 343 83 Depreciation 11 6---------------------------------- Total operating expenses 983 711---------------------------------- Loss from operations $ (735) $(493) ---------------------------------- Finance costs: Interest onnotes payable and secured subordinated notes - 45 Accretion ofsecured subordinated notes - 36 ----------------------------------Total finance costs - 81 ---------------------------------- Lossand comprehensive loss for the period $ (735) $ (574)-------------------------------------------------------------------- Loss per share, basic anddiluted $ (0.003) $ (0.003) -------------------------------------------------------------------- Weighted average number ofshares outstanding, basis and diluted (000's) 226,940 177,825-------------------------------------------------------------------- Northcore Technologies Inc.Reconciliation of Loss to Operational EBITDA For the Three MonthsEnded March 31, 2012 and 2011 (expressed in thousands of Canadiandollars) (IFRS, Unaudited)-------------------------------------------------------------------------------------------------------------- Three Months Ended March 31,2012 2011 ---------------------------------- Loss for the period,as per above $ (735) $ (574) ----------------------------------Reconciling items: Stock-based compensation 343 83 Depreciation 116 Interest expense - 81 Non-recurring professional fees 25 ----------------------------------- Operational EBITDA $ (356) $(404) -------------------------------------------------------------------- Operational EBITDA is defined as the loss before interest, taxes,depreciation, stock-based compensation, non-cash and non-recurringitems. The Company considers Operational EBITDA to be a meaningfulperformance measure as it provides an approximation of operatingcash flows. Contacts: Northcore Technologies Inc. Investor Relations (416) 640-0400 ext. 273 (416) 640-0412 (FAX) Copyright @ Marketwire. I am an expert from african-lacefabrics.com, while we provides the quality product, such as Organza Lace Fabric , Embroidered Mesh Fabric Manufacturer, Swiss Lace Fabric,and more.
Related Articles -
Organza Lace Fabric, Embroidered Mesh Fabric Manufacturer,
|
