Exhibit 1

ADB Systems International Ltd.

Consolidated Statement of Operations

(expressed in thousands of Canadian dollars, except per share amounts)

(Canadian GAAP, Unaudited)

	Three Months Ended March 31
	2004			2004			2003
	translated into US$ at Cdn$ 1.3100 for convenience
Revenue	$	1,184		$	904		$	1,261
General and administrative	1,042			795			1,122
Software development and technology	795			607			863
Sales and marketing costs	283			216			319
	2,120			1,618			2,304
Loss before interest, taxes, depreciation, amortization and employee stock options	(936		)	(714		)	(1,043		)
Employee stock options	28			21			2
Depreciation and amortization	356			272			601
Interest expense	67			51			100
Interest income	(1		)	(1		)	(5		)
	450			343			698
Loss before the undernoted	(1,386		)	(1,057		)	(1,741		)
Loss on disposals of capital assets	(1		)	(1		)	(16		)
NET LOSS FOR THE PERIOD	$	(1,387	)	$	(1,058	)	$	(1,757	)
BASIC LOSS PER SHARE	$	(0.02	)	$	(0.02	)	$	(0.03	)
Weighted average common shares (000’s)	59,742			59,742			50,750

ADB Systems International Ltd.

Consolidated Balance Sheet

(expressed in thousands of Canadian dollars)

(Canadian GAAP, Unaudited)

	March 31 2004			March 31 2004			December 31 2003
	(unaudited)			(unaudited)			(audited)
				(in US$)
	translated into US$ at Cdn$ 1.3100 for convenience
Cash	$	718		$	548		$	432
Marketable securities	13			10			13
Other current assets	1,186			905			1,502
Other assets	908			693			1,264
Total assets	$	2,825		$	2,156		$	3,211
Current liabilities	$	1,782		$	1,360		$	1,370
Deferred revenue	621			474			91
Other liabilities	493			376			721
Minority interest	3			2			3
Total shareholders’ (deficiency) equity	(74		)	(56		)	1,026
Total liabilities and shareholders’ equity	$	2,825		$	2,156		$	3,211