EX-1 3 dex1.txt FOURTH QUARTER FINANCIAL RESULTS Exhibit 1
ADB Systems International Inc. Consolidated Balance Sheet (expressed in thousands of Canadian dollars) --------------------------------------------------------------------------------------- (Canadian GAAP, Unaudited) December 31 December 31 December 31 ------------------------------------------------- 2001 2001 2000 ------------------------------------------------- (unaudited) (unaudited) (unaudited) (in US$) translated into US$ at Cdn$ 1.5925 for convenience Cash $ 2,557 $ 1,606 $ 7,363 Marketable securities 1,658 1,041 8,124 Other current assets 1,419 891 1,881 Software Acquired 3,102 1,948 - Other assets 1,856 1,165 3,433 ------------------------------------------------- Total assets $ 10,592 $ 6,651 $ 20,801 ================================================= Current liabilities $ 1,695 $ 1,064 $ 2,086 Short term and long term deferred revenue 855 537 2,796 Long term debt 18 11 59 Minority Interest 8 5 - Total shareholders' equity 8,016 5,034 15,860 Total liabilities and ------------------------------------------------- shareholders' equity $ 10,592 $ 6,651 $ 20,801 -------------------------------------------------
ADB Systems International Inc. Consolidated Statement of Operations (expressed in thousands of Canadian dollars, except per share amounts) (Canadian GAAP, Unaudited) -------------------------------------------------------------------------------------------------------------- Three Months Ended ------------------------------------------------- December 31 ------------------------------------------------- 2001 2001 2000 (unaudited) (unaudited) (unaudited) ------------------------------------------------- (in US$) translated into US$ at Cdn$ 1.5925 for convenience Revenues $ 1,166 $ 732 $ 1,222 Less: Customer acquisition costs (12) (8) - -------------------------------------------------- Net Revenue 1,154 724 1,222 -------------------------------------------------- General and administrative 1,600 1,005 3,856 Sales and marketing costs 628 394 1,474 Software development and technology expense 1,112 698 817 Depreciation and amortization 632 397 370 Direct expenses - - 296 Advertising and promotion - - 104 Interest Income (37) (23) (85) -------------------------------------------------- 3,935 2,471 6,832 -------------------------------------------------- Loss before the undernoted (2,781) (1,747) (5,610) Realized gains and losses on disposals of marketable securities, strategic investments and recovery of assets 53 34 249 Unrealized gains and losses on revaluation of marketable securities, strategic investments and provision for impairment of assets (210) (132) (11,422) Restructuring charge (91) (57) - Retail activities settlement 20 13 - Goodwill impairment loss (9,195) (5,774) - --------------------------------------------------- (9,423) (5,916) (11,173) --------------------------------------------------- NET (LOSS) INCOME FOR THE PERIOD (12,204) (7,663) (16,783) --------------------------------------------------- (LOSS) EARNINGS PER SHARE $ (0.32) $ (0.20) $ (0.61) --------------------------------------------------- Weighted average common shares 38,185 38,185 27,302 --------------------------------------------------- Loss before the undernoted per basic share $ (0.07) $ (0.05) $ (0.21) --------------------------------------------------- Twelve Months Ended --------------------------------------------------- December 31 --------------------------------------------------- 2001 2001 2000 --------------------------------------------------- (unaudited) (unaudited) (unaudited) (in US$) translated into US$ at Cdn$ 1.5925 for convenience Revenues $ 4,455 $ 2,797 $ 12,497 Less: Customer acquisition costs (68) (43) (157) --------------------------------------------------- Net Revenue 4,387 2,754 12,340 --------------------------------------------------- General and administrative 7,622 4,786 16,236 Sales and marketing costs 4,040 2,537 3,161 Software development and technology expense 3,691 2,318 1,802 Depreciation and amortization 1,572 987 1,130 Direct expenses - - 11,460 Advertising and promotion - - 5,040 Interest Income (345) (217) (467) --------------------------------------------------- 16,580 10,411 38,362 --------------------------------------------------- Loss before the undernoted (12,193) (7,657) (26,022) Realized gains and losses on disposals of marketable securities, strategic investments and recovery of assets 6,722 4,221 20,946 Unrealized gains and losses on revaluation of marketable securities, strategic investments and provision for impairment of assets (2,435) (1,529) (15,290) Restructuring charge (959) (602) - Retail activities settlement (381) (240) - Goodwill impairment loss (9,195) (5,774) --------------------------------------------------- (6,248) (3,924) 5,656 --------------------------------------------------- NET (LOSS) INCOME FOR THE PERIOD (18,441) (11,581) (20,366) --------------------------------------------------- (LOSS) EARNINGS PER SHARE $ (0.63) $ (0.40) $ (0.76) --------------------------------------------------- Weighted average common shares 29,130 29,130 26,844 --------------------------------------------------- Loss before the undernoted per basic share $ (0.42) $ (0.26) $ (0.97) ---------------------------------------------------