-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VQ6A4a+fVljT20kImVhiR/QoTyw49l9Gte4TVg0H4RL9xnvSIiWucPt9z09t9Rdm z7zBGIL/VBsg0CgyxLZ9HQ== 0001047469-99-017440.txt : 20010524 0001047469-99-017440.hdr.sgml : 20010524 ACCESSION NUMBER: 0001047469-99-017440 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990430 FILED AS OF DATE: 19990430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VISIBLE GENETICS INC CENTRAL INDEX KEY: 0001010819 STANDARD INDUSTRIAL CLASSIFICATION: 3826 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-28550 FILM NUMBER: 99607236 BUSINESS ADDRESS: STREET 1: 700 BAY ST STREET 2: SUITE 1000 CITY: TORONTO ONTARIO CANA STATE: A6 BUSINESS PHONE: 2127025700 MAIL ADDRESS: STREET 1: 700 BAY ST STE 1000 STREET 2: TORONTO ONTARIO CANADA CITY: M5G 1Z6 6-K 1 FORM 6-K - - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 FILING NO. 4 FOR THE MONTH OF APRIL, 1999 VISIBLE GENETICS INC. (Exact name of Registrant) 700 BAY STREET, SUITE 1000, TORONTO ON, CANADA M5G 1Z6 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F X Form 40-F __ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes __ No X - - -------------------------------------------------------------------------------- VISIBLE GENETICS INC. On April 30, 1999, Visible Genetics Inc. (the "Company") announced its financial results for the first quarter ended March 31, 1999. The Company reported sales of $4.5 million for the quarter ended March 31, 1999, an increase of 326% from the same period in 1998. The net loss for the quarter was $3.3 million, or $0.35 per share, compared to $3.0 million, or $0.41 per share, for the same period in 1998. The increase in the net loss reflects research and development expense for the Company's GeneKits and the costs of developing an international market presence. The Company's financial results for the quarter ended March 31, 1999 are filed as an exhibit to this report. The Company hereby incorporates by reference the text of this Form 6-K (including the Exhibits hereto) into the Company's Registration Statements on Form F-3 (File Nos. 333-67607 and 333-68939). Exhibit 1. First Quarter Financial Results 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VISIBLE GENETICS INC. Date: April 30, 1999 By: /s/ Jeffrey D. Sherman ---------------------- Name: Jeffrey D. Sherman Title: Vice President, Finance and C.F.O. 3 VISIBLE GENETICS INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED, UNITED STATES DOLLARS)
March 31 December 31 1999 1998 ------------ ------------ ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,282,553 $ 6,165,924 Short-term investments 3,093,982 5,108,254 Trade receivables 6,708,009 4,770,796 Other receivables 1,088,731 1,445,820 Prepaid and deposits 299,709 233,072 Inventory 3,530,281 3,912,336 ------------ ------------ TOTAL CURRENT ASSETS 19,003,265 21,636,202 FIXED ASSETS 4,136,769 3,877,163 PATENTS AND LICENCES 2,577,923 2,269,170 ------------ ------------ $ 25,717,957 $ 27,782,535 ------------ ------------ ------------ ------------ LIABILITIES CURRENT LIABILITIES Notes payable $ 7,869,967 $ 7,494,877 Accounts payable 3,317,807 3,985,103 Accrued liabilities 2,145,666 1,723,840 ------------ ------------ TOTAL CURRENT LIABILITIES 13,333,440 13,203,820 ------------ ------------ SHAREHOLDERS' EQUITY Share capital 47,820,045 46,412,685 Other equity 2,119,806 2,232,465 Cumulative translation adjustment (110,706) 84,822 Deficit (37,444,628) (34,151,257) ------------ ------------ 12,384,517 14,578,715 ------------ ------------ $ 25,717,957 $ 27,782,535 ------------ ------------ ------------ ------------
4 VISIBLE GENETICS INC. CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED, UNITED STATES DOLLARS)
Three Months Ended March 31 1999 1998 ------------ ------------ SALES $ 4,516,096 $ 1,059,719 Cost of sales 2,365,282 809,771 ------------ ------------ GROSS MARGIN 2,150,814 249,948 EXPENSES Sales, general and administrative 3,163,728 2,188,259 Research and development 1,853,821 1,146,279 ------------ ------------ 5,017,549 3,334,538 Loss from operations before interest (2,866,735) (3,084,590) Interest income 113,650 82,071 Interest and financing expense 540,286 1,574 ------------ ------------ NET LOSS FOR THE PERIOD $(3,293,371) $(3,004,093) Weighted average number of common Shares outstanding 9,410,845 7,261,097 ------------ ------------ BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.35) $ (0.41) ------------ ------------ ------------ ------------
5 VISIBLE GENETICS INC. CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED, UNITED STATES DOLLARS)
Three Months Ended March 31 1999 1998 ------------ ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net Loss for the period $ (3,293,371) $ (3,004,093) Add: Items not involving cash - Depreciation 370,333 196,412 Amortization 66,831 43,876 Deferred compensation cost related to options granted - 19,435 Non cash financing expense related to warrants granted 375,090 Foreign exchange - (16,667) Increase ( decrease ) from changes in - Trade receivables (1,937,213) 241,285 Other receivables 357,089 (58,955) Prepaid and deposits (66,637) (63,720) Inventory 382,055 (638,070) Refundable income taxes - - Accounts payable (667,296) 601,735 Accrued liabilities 421,826 (4,473) ------------ ------------ (3,991,293) (2,683,235) ------------ ------------ FINANCING ACTIVITIES Common shares issued, net of expenses 1,407,360 23,783 Other equity issuances (308,187) 1,841 Short term borrowings - 778,947 ------------ ------------ 1,099,173 804,571 ------------ ------------ INVESTING ACTIVITIES Marketable securities 2,014,272 3,997,728 Fixed assets (629,839) (855,815) Intangible assets (375,684) (81,032) ------------ ------------ 1,008,749 3,060,881 ------------ ------------ INCREASE (DECREASE) IN CASH DURING THE PERIOD (1,883,371) 1,182,217 CASH, BEGINNING OF PERIOD 6,165,924 1,866,679 ------------ ------------ CASH, END OF PERIOD $ 4,282,553 $ 3,048,896 ------------ ------------ ------------ ------------
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