EX-99.1 3 dex991.txt THIRD QUARTER FINANCIAL DATA Exhibit 1 ADB Systems International Inc. Consolidated Balance Sheet (expressed in thousands of Canadian dollars) (Canadian GAAP, Unaudited) -------------------------------------------------------------------------------- Sept 30 Sept 30 December 31 ------------------------------------------- 2002 2002 2001 ------------------------------------------- (unaudited) (unaudited) (audited) (in US$) translated into US$ at Cdn$ 1.5863 for convenience Cash $ 1,323 $ 834 $ 2,557 Restricted Cash $ 370 $ 233 $ -- Marketable securities 20 13 1,658 Other current assets 1,110 700 1,419 Other assets 3,666 2,311 4,958 ------- Total assets $ 6,489 $ 4,091 $10,592 ======= Current Liabilities $ 2,030 $ 1,280 $ 1,695 Short term and long term deferred revenue 191 120 855 Demand Loan 1,500 946 18 Other Liabilities 90 57 -- Minority Interest 3 2 8 Total shareholders' equity 2,675 1,686 8,016 Total liabilities and --------------------------------------------- shareholders' equity $ 6,489 $ 4,091 $10,592 ============================================= ADB Systems International Inc. Consolidated Statement of Operations (expressed in thousands of Canadian dollars, except per share amounts) (Canadian GAAP, Unaudited)
------------------------------------- --------------------------------------- Three Months Ended Nine Months Ended ------------------------------------- --------------------------------------- Sept. 30 Sept. 30 ------------------------------------- --------------------------------------- 2002 2002 2001 2002 2002 2001 --------- --------- --------- --------- --------- --------- translated translated into US$ at into US$ at Cdn$1.5683 Cdn$1.5683 for for convenience convenience Revenue $ 1,255 $ 791 $ 619 $ 4,280 $ 2,698 $ 3,289 Customer acquisition costs -- -- (37) -- -- (56) --------- --------- --------- --------- --------- --------- Net revenue $ 1,255 $ 791 $ 582 $ 4,280 $ 2,698 $ 3,233 --------- --------- --------- --------- --------- --------- General and administrative $ 1,334 $ 841 $ 947 $ 4,797 $ 3,024 $ 6,470 Software development and technology 1,098 642 690 3,135 1,976 2,464 Sales and marketing costs 472 298 736 1,467 925 3,076 Depreciation and amortization 674 425 302 1,913 1,206 940 Interest expense 54 34 -- 54 34 -- Interest income (7) (4) (35) (39) (25) (308) --------- --------- --------- --------- --------- --------- $ 3,625 $ 2,285 $ 2,640 $ 11,327 $ 7,140 $ 12,642 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Loss before the undernoted $ (2,370) $ (1,495) $ (2,058) $ (7,047) $ (4,441) $ (9,409) ========= ========= ========= ========= ========= ========= Realized gains and losses on disposals of marketable securities, strategic investments, capital assets, and recovery of assets $ 9 $ 6 $ (77) $ (89) $ (56) $ 6,669 Unrealized gains and losses on revaluation of marketable securities and strategic investments and provision for impairments of assets -- -- (1,091) 56 35 (2,225) Retail activities settlement -- -- -- -- -- (404) Goodwill Impairment -- -- -- (14) (9) -- Restructuring charge -- -- (255) -- -- (868) --------- --------- --------- --------- --------- --------- $ 9 $ 6 $ (1,423) $ (47) $ (30) $ 3,172 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- NET LOSS FOR THE PERIOD $ (2,361) $ (1,488) $ (3,481) $ (7,094) $ (4,472) $ (6,237) ========= ========= ========= ========= ========= ========= BASIC AND DILUTED LOSS PER SHARE $ (0.06) $ (0.04) $ (0.13) $ (0.17) $ (0.11) $ (0.23) ========= ========= ========= ========= ========= ========= Weighted average common shares 41,583 41,583 27,320 41,583 41,583 27,320 ========= ========= ========= ========= ========= ========= --------- --------- --------- --------- --------- --------- Loss per share from operations $ (0.06) $ (0.04) $ (0.08) $ (0.17) $ (0.11) $ (0.34) ========= ========= ========= ========= ========= =========