This news release may contain forward-looking statements. Reference should be
made to "Forward-looking Statements" at the end of this news release. All
amounts are stated in Canadian dollars except where otherwise noted.
Atlantis Systems Corp. (NEX:AIQ.H), a globally recognized training integrator in
the military and commercial aviation markets, today announced its unaudited
interim financial and operating results for the third quarter ended September
30, 2012. Full results are available on www.sedar.com.
About Atlantis Systems Corp.
Atlantis Systems (NEX:AIQ.H) uses its core capabilities in simulation-aided
design and engineering and e-learning, combined with various technology tools,
to help customers in military and commercial markets to ensure the feasibility,
capability, and effective utilization of their complex assets. In more than 30
years of operation, Atlantis has developed a solid reputation for its creative
workforce and innovative solutions in supporting global OEM customers and
defence organizations. To learn more, please visit the Company's web site at
www.atlantissc.com.
Forward-Looking Statements
Atlantis assumes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or any other
reason. Additional information regarding risks and uncertainties that could
affect Atlantis' business is contained in the Business Risk Factors section of
Atlantis's Annual MD&A available on SEDAR at www.sedar.com.
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Operations and Comprehensive
Income (Loss)
For the three and nine months ended September 30, 2012 and 2011
(Expressed in thousands of Canadian dollars except per share amounts)
(Unaudited)
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For the three months For the nine months
ended September 30 ended September 30
--------------------------- ------------------------
2012 2011 2012 2011
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Revenue $ 2,470 $ 2,843 $ 8,771 $ 11,578
Cost of revenue 1,660 2,159 5,466 8,480
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Gross margin 810 684 3,305 3,098
Other income (Note 15) 479 128 1,077 871
Expenses
General and
administrative 942 1,000 2,968 2,749
Selling and marketing 73 110 284 477
Restructuring costs 19 - 70 -
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1,034 1,110 3,322 3,226
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Operating income (loss) 255 (298) 1,060 743
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Depreciation and
amortization 40 47 127 151
Interest and financing
costs, Net (Note 5) 418 620 1,195 1,363
Accretion expense 18 - 53 -
Expiration of warrants (27) - (27) -
Foreign currency (gain)
loss (403) 894 (327) 673
Write down of
investments - - - 6
(Gain) loss on disposal
of capital assets - - (7) 6
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Net and comprehensive
(loss) income $ 209 $ (1,859) $ 46 $ (1,456)
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Earnings (loss) per
share (Note 10)
Basic $ 0.02 $ (0.18) $ 0.004 $ (0.14)
Diluted $ 0.02 $ (0.18) $ 0.004 $ (0.14)
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Weighted average number
of shares:
Basic 10,233,683 10,233,683 10,233,683 10,233,683
Diluted 10,233,683 10,258,683 10,233,683 10,258,683
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The accompanying notes are an integral part of these consolidated financial
statements.
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Financial Position
As at September 30, 2012 and December 31, 2011
(Expressed in thousands of Canadian dollars)
(Unaudited)
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September 30 December 31
2012 2011
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ASSETS
Current Assets
Cash and cash equivalents $ 169 $ 1,610
Note receivable (Note 7) - 100
Trade and other receivables (Note 6) 2,417 2,624
Unbilled revenue 2,812 2,736
Prepaid expenses 88 299
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5,486 7,369
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Capital assets, net (Note 8) 406 521
Long-term prepaid expenses 1 1
Other long term assets 65 67
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472 589
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$ 5,958 $ 7,958
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LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 1,233 $ 2,396
Deferred revenue 245 1,420
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1,478 3,816
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Term note (Note 9) 6,427 6,648
Convertible note (Note 9) 6,446 5,897
Derivative liability (Note 9) 545 554
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13,418 13,099
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14,896 16,915
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SHAREHOLDERS' DEFICIENCY
Share capital and warrants (Note 10) 92,810 92,837
Share-based payments reserve 9,338 9,338
Deficit (111,086) (111,132)
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(8,938) (8,957)
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$ 5,958 $ 7,958
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Going concern (Note 1); Commitments (Note 12)
The accompanying notes are an integral part of the consolidated
financial statements
Approved on behalf of the Board of Directors:
signed David Williams, Director signed Ken Howard, Director
Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Changes in Shareholder's
Deficiency For the nine months ended September 30, 2012 and 2011
(Expressed in thousands of Canadian dollars except number of shares)
(Unaudited)
---------------------------------------------
---------------------------------------------
Number
of Common
Shares Stock Warrants
-----------------------------------------
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Balance January 1, 2011 10,233,683 $ 92,810 $ 27
Comprehensive loss - - -
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Balance September 30, 2011 10,233,683 $ 92,810 $ 27
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Comprehensive loss - - -
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Balance December 31, 2011 10,233,683 $ 92,810 $ 27
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Comprehensive gain - - -
Warrants expired - - (27)
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Balance September 30, 2012 10,233,683 $ 92,810 $ -
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Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Changes in Shareholder's
Deficiency For the nine months ended September 30, 2012 and 2011
(Expressed in thousands of Canadian dollars except number of shares)
(Unaudited)
---------------------------------
---------------------------------
Share-based Total
Payments Accumulated Shareholders'
Reserve deficit deficiency
-------------------------------------------
-------------------------------------------
Balance January 1, 2011 $ 9,338 $ (108,467) $ (6,292)
Comprehensive loss - (1,456) (1,456)
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Balance September 30, 2011 $ 9,338 $ (109,923) $ (7,748)
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Comprehensive loss - (1,209) (1,209)
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Balance December 31, 2011 $ 9,338 $ (111,132) $ (8,957)
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Comprehensive gain - 46 46
Warrants expired - - (27)
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Balance September 30, 2012 $ 9,338 $ (111,086) $ (8,938)
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Atlantis Systems Corp.
Condensed Consolidated Interim Statements of Cash Flows
For the nine months ended September 30, 2012 and 2011
(Expressed in thousands of Canadian dollars)
(Unaudited)
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For the nine months
ended September 30
------------- ----------
2012 2011
------------- ----------
Cash flows provided by (used in):
Operating activities:
Net (Loss) income $ 46 $ (1,456)
Items not affecting cash:
Depreciation and amortization 127 151
(Gain) loss on disposal of capital assets (7) 6
Write down of investments - 6
Foreign currency loss (gain) (327) -
Finance costs 1,195 1,363
Accretion on term debt 53 -
Expiration of warrants (27) -
Long-term prepaid expense - (150)
Other long-term assets 2 6
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1,062 (74)
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Net change in non-cash working capital (Note 13) (1,896) (3,032)
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Net cash used in operations (834) (3,106)
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Interest paid (595) (1,642)
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Net cash used in operating activities (1,429) (4,748)
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Investing activities:
Investment in capital assets (12) (83)
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Net cash used in investing activities (12) (83)
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Financing activities:
Term debt proceeds/(repayment) net - (996)
Net change to operating line of credit - 6,186
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Net cash provided by financing activities - 5,190
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Net cash provided by foreign exchange gain (loss)
on term debt - 4
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Net Increase (decrease) in cash (1,441) 363
Cash beginning of period 1,610 1,110
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Cash, end of period $ 169 $ 1,473
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FOR FURTHER INFORMATION PLEASE CONTACT:
Atlantis Systems Corp.
Ellie Landale
Corporate Secretary
(905) 759-1041
elandale@atlantissi.com
www.atlantissc.com
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