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2005 News Releases
"FOR IMMEDIATE RELEASE"
MOSAID Announces Second Quarter Results for Fiscal Year
2006
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OTTAWA, Ontario – November 22, 2005 – MOSAID Technologies Incorporated (TSX:MSD) today announced financial results for the second quarter of fiscal 2006, ended October 31, 2005.
Revenues for the second quarter of fiscal year 2006 were $16,253,000, an increase of 131% over the revenues of $7,049,000 in the second quarter of fiscal year 2005. Net income for the quarter was $4,292,000 or $0.37 per diluted share, compared to a net loss of $1,159,000 or $0.11 per diluted share a year ago.
Revenues for the year to date were $30,486,000, an increase of 87% over the revenues of $16,304,000 reported for the same period last year. Net income for the first six months of fiscal 2006 was $8,725,000 or $0.75 per diluted share, compared to a net loss of $1,067,000 or $0.10 per diluted share reported in the first half of fiscal 2005.
"During our second quarter, we delivered on a number of key initiatives which form part of our strategy to grow the Company," said George Cwynar, President and Chief Executive Officer of MOSAID. "In addition to growing revenues and recording operating margins which are among the best in the semiconductor industry, we signed another patent license with a major semiconductor manufacturer during the quarter; we acquired Virtual Silicon Technology Inc. to expand our SIP business; and our Systems business launched its sixth generation tester into the marketplace."
"MOSAID's cash balance and marketable securities at the end of the quarter stood at $64.5 million, a decline of $2.4 million from the level at the end of Q1. The principal use of cash was the payment of $6.4 million for the purchase of Virtual Silicon," said Richard Boadway, Executive Vice President and Chief Financial Officer.
"We regularly assess the right balance of investment versus vehicles of immediate shareholder return, such as dividends or the normal course issuer bid," said Boadway. "Now, with the steady underpinning of our fixed payment patent licenses, augmented by the royalty bearing licenses, including that of our latest licensee in Taiwan, we are in a position to increase the dividend. Therefore, effective immediately, we are declaring an increase in our quarterly dividend from the current $0.125 per share to $0.20 per share."
"In June 2005 we initiated a normal course issuer bid," added Boadway. "However, in the intervening months, we have found that the Company has been frequently in possession of undisclosed material information, which has prevented such purchases of stock on the open market. We remain committed to exercising the normal course issuer bid and expect that we will be active with the program in the balance of this fiscal year."
Operating Highlights
Major Taiwanese Semiconductor Manufacturer Licensed Patent Portfolio
During the quarter, MOSAID signed a five year running royalty license with a major Taiwanese semiconductor company, which is one of the world's largest DRAM manufacturers. This type of five year license model is important because it yields a revenue stream during the entire term of the license while offering an opportunity for its renewal at the conclusion of the term when the license expires.
Acquired Leading Supplier of Semiconductor Intellectual Property (SIP)
During the quarter, MOSAID broadened its product offering and extended its reach within the semiconductor industry with the acquisition of an established SIP supplier, Virtual Silicon Technology Inc. Virtual Silicon's products include standard cell libraries, basic and application specific I/Os, memory compilers and programmable phase locked loops (PLLs). Virtual Silicon's patented gate bias techniques in the MobilizeTM family of low power library products enable standby current reduction to a level substantially below that of competing offerings. The acquisition has bolstered MOSAID's SIP business with the addition of award winning SIP technology, complementary product lines, established sales channels, and a solid customer base.
Court Granted MOSAID Motion to Proceed with Appeal in Lawsuit Against Infineon
In Texas, on October 17, 2005, Judge Davis denied Infineon's motion to transfer the case to Northern California. A Court ordered mediation is scheduled to take place in February 2006, and if necessary, a Jury Trial has been scheduled to begin on October 10, 2006 in the Texas case.
In California, on October 31, 2005, Judge Fogel granted MOSAID's motion requesting the Court to certify the District Court of New Jersey's Summary Judgement ruling as being ready for immediate appeal. As a result, MOSAID plans to appeal the Summary Judgment Order. The trial in California will be postponed until the appeal is completed. MOSAID believes this is a positive development which will ultimately provide a faster overall resolution of this case.
Systems Division Unveiled Next Generation Tester
On November 8, 2005, the Systems Division introduced a new test system, the MS5205, at the IEEE International Test Conference in Austin, Texas. The MS5205 is MOSAID's sixth generation of automatic test equipment and is targeted at engineering test, analysis and bitmapping of Flash, DRAM and embedded memories. This new tester offers significant advantages over its predecessor, including: double the number of data I/O pins and address/clock pins at a significantly reduced cost per pin; increased bitmapping capability from 8Gb to 16Gb; and a new remote test head allowing for the incorporation of third party PXI compliant instruments required for custom or special purpose testing.
Guidance
Guidance for the Company's Q3 of fiscal year 2006 revenues is $17.0 to $18.0 million and net earnings is $2.5 to $3.0 million. Revenues for fiscal year 2006 are forecast to range between $62 to $66 million. Guidance for the Company's net earnings for fiscal year 2006 is unchanged at $13 to $15 million. It is expected that approximately 70% of the fiscal 2006 revenues will stem from the Intellectual Property Division.
Conference Call and Webcast
Management will hold a conference call and webcast on Tuesday, , November 22, 2005 at 5:00 p.m. (EST). Participants wishing to access the conference call should dial 1-800-814-4859. The conference call will also be webcast live at www.mosaid.com and www.newswire.ca, and subsequently archived on MOSAID’s web site. A rebroadcast of the conference call will be available until midnight on Tuesday, November 29, 2005. To access the rebroadcast, please dial 1-877-289-8525 and enter the passcode 21163864#.
About MOSAID
MOSAID Technologies Incorporated makes memory better through the development and licensing of intellectual property and the supply of memory test and analysis systems to semiconductor manufacturers, foundries and fabless semiconductor companies around the world.
Founded in 1975, MOSAID is based in Ottawa, Ontario, Canada, with offices in Santa Clara and Sunnyvale, California; Newcastle upon Tyne, U.K; and Tokyo, Japan. For more information, visit the Company's web site at www.mosaid.com.
Forward Looking Information
This document may contain forward-looking statements relating to the Company’s operations or to the environment in which the Company operates. Such statements are based on current expectations that are subject to a variety of risks and uncertainties that are difficult to predict and/or beyond MOSAID’s control. Actual results may differ materially from those expressed in any forward-looking statements, due to factors such as customer demand and timing of purchasing decisions, product and business mix, competitive products, pricing pressures as well as general economic and industry conditions. MOSAID assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in any forward-looking statements. Additional information identifying risks and uncertainties is contained in other public filings with the Ontario Securities Commission.
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For more information, please contact:
Investor Inquiries
Heidi Vincent
Director, Investor Relations & Communications
613-599-9539 x1205
vincent@mosaid.com |
Media Inquiries
Sara Haskill
Communications Specialist
613-599-9539 x1228
haskill@mosaid.com |
MOSAID TECHNOLOGIES
INCORPORATED
(Subject to the Canadian Business Corporations Act)
CONSOLIDATED BALANCE SHEET
(In thousands)
|
|
|
|
As at
October 31, 2005
(unaudited) |
As at
April 30,
2005
(audited) |
|
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$5,738 |
$7,083 |
|
Marketable securities |
58,785 |
58,781 |
|
Accounts receivable |
6,299 |
5,636 |
|
Income taxes receivable |
455 |
455 |
|
Inventories |
2,161 |
2,203 |
|
Prepaid expenses |
1,699 |
518 |
|
Future income taxes recoverable |
8,228 |
8,228 |
|
83,365 |
82,904 |
|
|
|
|
Capital Assets |
9,256 |
9,418 |
|
Acquired Intangibles |
5,927 |
- |
|
Goodwill |
1,767 |
- |
|
Future Income Taxes |
30,038 |
31,885 |
|
$130,353 |
$124,207 |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
Accounts payable and accrued liabilities |
$4,937 |
$5,304 |
|
Deferred revenue |
1,656 |
1,405 |
|
Mortgage payable |
234 |
225 |
|
Other current liabilities |
- |
343 |
|
6,827 |
7,277 |
|
Mortgage Payable |
4,470 |
4,590 |
|
|
|
|
11,297 |
11,867 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital |
103,074 |
102,820 |
|
Contributed surplus |
1,968 |
1,357 |
|
Retained earnings |
14,014 |
8,163 |
|
119,056 |
112,340 |
|
$130,353 |
$124,207 |
See accompanying Notes to the Consolidated Financial Statements
MOSAID TECHNOLOGIES
INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(In thousands, except per share amounts)
(unaudited)
|
Quarter |
Quarter |
Six months |
Six months |
|
ended |
ended |
ended |
ended |
|
October 31, |
October 22, |
October 31, |
October 22, |
|
2005 |
2004 |
2005 |
2004 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$16,253 |
$7,049 |
$30,486 |
$16,304 |
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Labour and materials |
2,073 |
1,607 |
3,582 |
3,574 |
|
Research and development |
2,778 |
1,816 |
4,896 |
3,662 |
|
Selling and marketing |
2,994 |
3,904 |
5,383 |
8,225 |
|
General and administration |
1,670 |
1,199 |
3,152 |
2,223 |
|
Bad debts |
- |
- |
60 |
- |
|
9,515 |
8,526 |
17,073 |
17,684 |
|
|
|
|
|
|
Income (loss) from operations |
6,738 |
(1,477) |
13,413 |
(1,380) |
|
Net interest income (Note 3) |
321 |
177 |
604 |
262 |
|
Income (loss) before income tax expense and discontinued operations |
7,059 |
(1,300) |
14,017 |
(1,118) |
|
Income tax expense |
2,767 |
66 |
5,292 |
176 |
|
Income (loss) before discontinued operations |
4,292 |
(1,366) |
8,725 |
(1,294) |
|
Discontinued operations (net of tax) |
- |
207 |
- |
227 |
|
Net income (loss) |
4,292 |
(1,159) |
8,725 |
(1,067) |
|
Dividends |
1,437 |
- |
2,874 |
- |
|
Retained earnings (deficit), beginning of period |
11,159 |
(29,330) |
8,163 |
(29,422) |
|
Retained earnings (deficit), end of period |
$14,014 |
($30,489) |
$14,014 |
($30,489) |
|
|
|
|
|
|
Earnings (loss) per share (Note 4) |
|
|
|
|
|
Basic – before discontinued operations |
$0.37 |
($0.13) |
$0.76 |
($0.12) |
|
Diluted – before discontinued operations |
$0.37 |
($0.13) |
$0.75 |
($0.12) |
|
|
|
|
|
|
Basic – net earnings (loss) |
$0.37 |
($0.11) |
$0.76 |
($0.10) |
|
Diluted – net earnings (loss) |
$0.37 |
($0.11) |
$0.75 |
($0.10) |
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
Basic |
11,495,689 |
10,339,596 |
11,493,056 |
10,356,510 |
|
Diluted |
11,666,039 |
10,339,596 |
11,689,531 |
10,356,510 |
|
|
|
|
|
See accompanying Notes to the Consolidated Financial Statements
MOSAID TECHNOLOGIES
INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
|
Quarter |
Quarter |
Six months |
Six months |
|
ended |
ended |
ended |
ended |
|
October 31, |
October 22, |
October 31, |
October 22, |
|
2005 |
2004 |
2005 |
2004 |
|
|
|
|
|
|
Operating |
|
|
|
|
|
Income (loss) before discontinued operations |
$4,292 |
($1,366) |
$8,725 |
($1,294) |
|
Items not affecting cash |
|
|
|
|
|
Amortization |
506 |
458 |
958 |
934 |
|
Stock option expense |
376 |
181 |
611 |
341 |
|
Future income tax recoverable |
896 |
- |
1,847 |
- |
|
6,070 |
(727) |
12,141 |
(19) |
|
Change in non-cash working capital items from continuing operations |
(413) |
(1,813) |
(3,634) |
1,148 |
|
5,657 |
(2,540) |
8,507 |
1,129 |
|
|
|
|
|
|
Investing |
|
|
|
|
|
Acquisition of capital assets – net – continuing operations
|
(216) |
(460) |
(691) |
(651) |
|
Acquisition of shares in Virtual Silicon Technology Inc. (Note 2)
|
(6,364) |
- |
(6,364) |
- |
|
Acquisition of short-term marketable securities
|
(63,513) |
(8,419) |
(114,217) |
(10,957) |
|
Proceeds on disposal/maturity of short-term marketable securities
|
65,067> |
6,785 |
114,213 |
23,123 |
|
|
(5,026) |
(2,094) |
(7,059) |
11,515 |
|
|
|
|
|
|
Financing |
|
|
|
|
|
Repayment of mortgage |
(55) |
(52) |
(111) |
(102) |
|
Repurchase of shares |
- |
- |
- |
(230) |
|
Dividends |
(1,437) |
- |
(2,874) |
- |
|
Issue of common shares |
65 |
1,319 |
254 |
1,592 |
|
(1,427) |
1,267 |
2,731 |
1,260 |
|
|
|
|
|
|
Net cash (outflow) inflow – continuing operations |
(796) |
(3,367) |
(1,283) |
13,904 |
|
Net cash (outflow) inflow – discontinued operations |
- |
(97) |
(62) |
(203) |
|
Net cash (outflow) inflow |
(796) |
(3,464) |
(1,345) |
13,701 |
|
Cash and cash equivalents , beginning of period |
6,534 |
26,186 |
7,083 |
9,021 |
|
Cash and cash equivalents , end of period |
$5,738 |
$22,722 |
$5,738 |
$22,722 |
|
|
|
|
|
See accompanying Notes to the Consolidated Financial Statements
|
MOSAID TECHNOLOGIES INCORPORATED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Quarter ended October 31, 2005
(tabular dollar amounts in thousands, except per share amounts)
1. Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with Canadian generally accounting principles for interim financial information. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for annual financial statements.
In the opinion of management, all adjustments consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included. Operating results for the interim period presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the full fiscal year ending April 22, 2005.
The accounting policies used in preparing these interim financial statements are consistent with those used in preparing the annual financial statements, except as follows:
Business combinations, goodwill and intangible assets
The Company adopted the guidance in the Canadian Institute of Chartered Accountants (CICA) Handbook Section 1581, "Business Combinations", which requires all business combinations to be accounted for using the purchase method. In addition, any goodwill and intangible assets acquired in a business combination are accounted for under CICA Handbook Section 3062, "Goodwill and Other Intangible Assets". This section requires that goodwill and intangible assets with indefinite useful lives are not amortized, while those identified intangible assets with finite useful lives are amortized over their useful lives.
Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The impairment test is carried out in two steps. In the first step, the identification of a potential impairment is determined by comparing the fair value of the reporting unit to its carrying value. Fair value is based on estimates of discounted future cash flows or other valuation methods. When the fair value of the reporting unit is less than its carrying value, the fair value is allocated to all its assets and liabilities based on their fair values. The amount that the fair value of the reporting unit exceeds the amounts assigned to its assets and liabilities is the fair value of goodwill. In the second step, impairment is determined by comparing the fair value of goodwill to its carrying value. Any excess is charged to earnings.
Intangible assets with finite useful lives acquired through business combinations are recorded at their fair value at the date of acquisition. An impairment loss on intangible assets with finite useful lives is recognized when its carrying value exceeds the total undiscounted cash flows expected from its use and disposition. The amount of loss is determined by deducting its fair value based on discounted cash flows from its use and disposition from its carrying values.
2. Acquisition
On October 7, 2005, the Company acquired all of the shares of California-based Virtual Silicon Technology Inc. (VST), an established supplier of semiconductor intellectual property (SIP). Under the terms of the Agreement and Plan of Merger, the Company paid cash consideration of US$5.35M or CDN$6.4M. In addition, 50% of the business’ operating profit over an 18 month period, ending March 31, 2007, will be paid to former shareholders of VST. As at this reporting date, the Company had not accrued any amount for such contingent payment.
The acquisition was accounted for using the purchase method and the operating results of VST have been included in the Company’s operating results from the date of acquisition. The purchase price allocation shown below is preliminary and is expected to be finalized by the end of the current fiscal year. The estimated fair value of the intangible assets and goodwill was determined by Management using the discounted cashflow method, which discounts the present value of the free cash flows expected to be generated by the assets. The methodology used by Management was reviewed by an independent valuator. Acquired technology will be amortized over 5-8 years; the customer relationship asset will be amortized over 5 years and the trademark asset will be amortized over 1 year. Under Generally Accepted Accounting Principles, goodwill is not amortized.
The allocated values of the net assets acquired on October 7, 2005 are detailed as follows:
|
|
|
|
$000 |
| Assets |
|
|
|
|
Cash |
|
52 |
|
Accounts receivable |
|
497 |
|
Prepaid expenses |
|
949 |
|
Capital assets |
|
66 |
|
Other assets |
|
45 |
|
Intangible assets |
|
|
|
|
Acquired technology |
5,625 |
|
|
Customer relationship |
262 |
|
|
Trademarks |
79 |
|
|
|
7,575 |
| Liabilities |
|
|
|
|
Operating loan |
|
670 |
|
Accounts payable and accrued Liabilities |
|
1,721 |
|
Deferred revenue |
|
535 |
|
|
|
2,926 |
|
|
|
|
| Net identifiable assets acquired |
|
|
4,649 |
| Goodwill |
|
|
1,767 |
| Purchase price |
|
|
6,416 |
3. Net Interest Income
Net interest income comprises the following:
|
Quarter ended |
Quarter ended |
Six months ended |
Six months ended |
|
October 31, 2005 |
October 22,2004 |
October 31, 2005 |
October 22,2004 |
|
|
|
|
|
|
Interest income |
$417 |
$277 |
$797 |
$464 |
|
Interest expense |
96 |
100 |
193 |
202 |
|
$321 |
$177 |
$604 |
$262 |
4. Earnings per Share
The following is a reconciliation of the numerator and denominator of the basic and diluted per share computations:
|
|
|
|
|
|
Quarter ended |
Quarter ended |
Six months ended |
Six months ended |
|
|
October 31, 2005 |
October 22, 2004 |
October 31, 2005 |
October 22, 2004 |
|
|
|
|
|
|
Income (loss) before discontinued operations |
$4,292 |
$(1,366) |
$8,724 |
$(1,294) |
|
Discontinued operations (net of tax) |
- |
207 |
- |
227 |
|
Net income (loss) |
$4,292 |
$(1,159) |
$8,724 |
$(1,067) |
|
|
|
|
|
|
Weighted average number of common
shares outstanding |
11,495,689 |
10,339,596 |
11,493,056 |
10,356,510 |
|
Net effect of stock options |
170,350 |
- |
196,475 |
- |
|
Weighted average diluted number of common
shares outstanding |
11,666,039 |
10,339,596 |
11,689,531 |
10,356,510 |
|
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
|
Basic - before discontinued operations |
$0.37 |
($0.13) |
$0.76 |
($0.12) |
|
Diluted - before discontinued operations |
$0.37 |
($0.13) |
$0.75 |
($0.12) |
|
|
|
|
|
|
Basic – net income (loss) |
$0.37 |
($0.11) |
$0.76 |
($0.10) |
|
Diluted - net income (loss) |
$0.37 |
($0.11) |
$0.75 |
($0.10) |
|
|
|
|
|
For the quarter and six months ended October 31, 2005, 143,924 options were excluded from the calculation of diluted earnings per share as the exercise price of these option exceeded the average market price of the Company’s common stock during this period and were therefore anti-dilutive.
For the quarter and six months ended October 22, 2004, all options were excluded from the calculation of diluted earnings per share as they are anti-dilutive due to the loss.
There were 810,941 and 871,458 options issued and outstanding as at October 31, 2005 and October 22, 2004 respectively.
5. Stock-based Compensation
The Company has an employee stock purchase plan program whereby employees may elect to designate up to 5% of their annual salary to purchase shares of the Company at a 10% discount from the fair market value. The purchase price is deducted over a six month period via payroll.
Also, the Company has an Employee and Director Stock Option Plan. The exercise price is no lower than the market price on the date of grant. Options granted under the Plan expire within a period of six years of granting, with vesting periods determined by the Compensation Committee.
The Company employs a fair value method of accounting for all options issued to employees or directors on or after April 27, 2002. The fair value of options issued in the quarter was calculated using the Black-Scholes option pricing model and the following assumptions:
| |
Quarter ended
October 31, 2005 |
Quarter ended
October 22, 2004 |
|
Risk free interest rate |
3.41 |
% |
4.1 |
% |
|
Expected life in years |
5.5 |
|
5.5 |
|
|
Expected dividend yield |
2.4 |
% |
- |
|
|
Volatility |
78.69 |
% |
91.06 |
% |
6. Business Segment Information
Based upon the Company’s internal reporting structure, the following operating segments have been assigned:
|
Intellectual Property (IP): |
A developer and licensor of semiconductor intellectual property. |
|
Systems: |
A supplier of engineering memory test and analysis systems to memory manufacturers, foundries and fabless chip companies around the world. |
The significant accounting policies of the above segments are the same as those described in Note 1. Intersegment sales are recorded at cost. General and administrative costs are allocated to the operating segments based upon estimates of usage. The Company has not included net interest income, foreign exchange gains or losses, unusual items, gains or losses of long-term assets or income tax expense in the determination of operating segment profit.
|
Segment information |
|
(in thousands of dollars) |
|
Six months ended October 31, 2005 |
IP
Division |
Systems
Division |
Unallocated amounts |
Before
discontinued
operations |
Discontinued
operations |
Totals |
|
|
|
|
|
|
|
|
Revenues from external customers |
$ |
19,687 |
$ |
10,799 |
$ |
- |
$ |
30,486 |
$ |
- |
$ |
30,486 |
|
Segment profit (loss) |
$ |
11,992 |
$ |
1,638 |
$ |
(4,905) |
$ |
8,725 |
$ |
- |
$ |
8,725 |
|
Segment assets * |
$ |
6,303 |
$ |
1,792 |
$ |
7,088 |
$ |
15,183 |
$ |
- |
$ |
15,183 |
|
Expenditure on segment assets * |
$ |
6,085 |
$ |
500 |
$ |
138 |
$ |
6,723 |
$ |
- |
$ |
6,723 |
|
Amortization and write-down of segment assets * |
$ |
222 |
$ |
459 |
$ |
277 |
$ |
958 |
$ |
- |
$ |
958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended October 22, 2004 |
IP
Division |
Systems
Division |
Unallocated amounts |
Before
discontinued
operations |
Discontinued
operations |
Totals |
|
|
|
|
|
|
|
|
Revenues from external customers |
$ |
4,297 |
$ |
12,007 |
$ |
- |
$ |
16,304 |
$ |
2,220 |
$ |
18,524 |
|
Segment profit (loss) |
$ |
(4,120) |
$ |
2,731 |
$ |
95 |
$ |
(1,294) |
$ |
227 |
$ |
(1,067) |
|
Segment assets * |
$ |
206 |
$ |
1,104 |
$ |
7,515 |
$ |
8,825 |
$ |
- |
$ |
8,825 |
|
Expenditure on segment assets * |
$ |
143 |
$ |
486 |
$ |
22 |
$ |
651 |
$ |
- |
$ |
651 |
|
Amortization and write-down of segment assets * |
$ |
175 |
$ |
457 |
$ |
302 |
$ |
934 |
$ |
- |
$ |
934 |
|
Quarter ended October 31, 2005 |
IP
Division |
Systems
Division |
Unallocated amounts |
Before
discontinued
operations |
Discontinued
operations |
Totals |
|
|
|
|
|
|
|
|
Revenues from external customers |
$ |
10,399 |
$ |
5,854 |
$ |
- |
$ |
16,253 |
$ |
- |
$ |
16,253 |
|
Segment profit (loss) |
$ |
6,056 |
$ |
852 |
$ |
(2,616) |
$ |
4,292 |
$ |
- |
$ |
4,292 |
|
Segment assets * |
$ |
6,303 |
$ |
1,792 |
$ |
7,088 |
$ |
15,183 |
$ |
- |
$ |
15,183 |
|
Expenditure on segment assets * |
$ |
6,032 |
$ |
98 |
$ |
118 |
$ |
6,248 |
$ |
- |
$ |
6,248 |
|
Amortization and write-down of segment assets * |
$ |
139 |
$ |
227 |
$ |
140 |
$ |
506 |
$ |
- |
$ |
506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended October 22, 2004 |
IP
Division |
Systems
Division |
Unallocated amounts |
Before
discontinued
operations |
Discontinued
operations |
Totals |
|
|
|
|
|
|
|
|
Revenues from external customers |
$ |
1,301 |
$ |
5,748 |
$ |
- |
$ |
7,049 |
$ |
22 |
$ |
7,071 |
|
Segment profit (loss) |
$ |
(2,714) |
$ |
1,294 |
$ |
54 |
$ |
(1,366) |
$ |
207 |
$ |
(1,159) |
|
Segment assets * |
$ |
206 |
$ |
1,104 |
$ |
7,515 |
$ |
8,825 |
$ |
- |
$ |
8,825 |
|
Expenditure on segment assets * |
$ |
- |
$ |
453 |
$ |
7 |
$ |
460 |
$ |
- |
$ |
460 |
|
Amortization and write-down of segment assets * |
$ |
85 |
$ |
222 |
$ |
151 |
$ |
458 |
$ |
- |
$ |
458 |
* Assets include capital assets and acquired intangibles but not goodwill.
7. Comparative Amounts
Certain of the comparative amounts have been reclassified to conform to the presentation adopted in the current year.
|
