EX-1 2 a04-9896_1ex1.htm EX-1

EXHIBIT 1

 

ADB Systems International Ltd.

Consolidated Balance Sheets

(expressed in thousands of Canadian dollars)

(Canadian GAAP, Unaudited)

 

 

 

June 30

 

June 30

 

December 31

 

 

 

2004

 

2004

 

2003

 

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

 

 

 

 

(in US$)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

translated

 

 

 

 

 

 

 

into US$ at

 

 

 

 

 

 

 

Cdn$ 1.3407

 

 

 

 

 

 

 

for

 

 

 

 

 

 

 

convenience

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

1,179

 

$

879

 

$

432

 

Marketable securities

 

13

 

10

 

13

 

Other current assets

 

1,391

 

1,037

 

1,502

 

Other assets

 

721

 

538

 

1,264

 

Total assets

 

$

3,304

 

$

2,464

 

$

3,211

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

1,655

 

$

1,234

 

$

1,370

 

Deferred revenue

 

409

 

305

 

91

 

Other liabilities

 

1,634

 

1,219

 

721

 

Minority interest

 

3

 

2

 

3

 

Total shareholders’ equity (deficiency)

 

(397

)

(296

)

1,026

 

Total liabilities and shareholders’ equity (deficiency)

 

$

3,304

 

$

2,464

 

$

3,211

 

 

 

ADB Systems International Ltd.

Consolidated Statements of Operations

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

(Canadian GAAP, Unaudited)

 

 

 

Three Months Ended
June 30

 

Six Months Ended
June 30

 

 

 

2004

 

2004

 

2003

 

2004

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

translated

 

 

 

 

 

translated

 

 

 

 

 

 

 

into US$ at

 

 

 

 

 

into US$ at

 

 

 

 

 

 

 

Cdn$ 1.3407

 

 

 

 

 

Cdn$ 1.3407

 

 

 

 

 

 

 

for

 

 

 

 

 

for

 

 

 

 

 

 

 

convenience

 

 

 

 

 

convenience

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,331

 

$

993

 

$

1,398

 

$

2,515

 

$

1,876

 

$

2,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

1,242

 

926

 

1,433

 

2,284

 

1,704

 

2,555

 

Software development and technology expense

 

904

 

674

 

730

 

1,699

 

1,267

 

1,593

 

Sales and marketing costs

 

168

 

125

 

328

 

451

 

336

 

647

 

 

 

2,314

 

1,725

 

2,491

 

4,434

 

3,307

 

4,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before interest, taxes, depreciation, amortization and employee stock options

 

(983

)

(732

)

(1,093

)

(1,919

)

(1,431

)

(2,136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee stock options

 

11

 

8

 

1

 

39

 

29

 

3

 

Depreciation  and amortization

 

366

 

273

 

591

 

722

 

539

 

1,192

 

Interest expense

 

65

 

48

 

75

 

132

 

98

 

175

 

Interest income

 

(2

)

(1

)

(1

)

(3

)

(2

)

(6

)

 

 

440

 

328

 

666

 

890

 

664

 

1,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before the undernoted

 

(1,423

)

(1,060

)

(1,759

)

(2,809

)

(2,095

)

(3,500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains/(losses) on disposals of capital assets and strategic investments

 

—

 

—

 

23

 

(1

)

(1

)

7

 

Gain on settlement of demand loan

 

—

 

—

 

2,195

 

—

 

—

 

2,195

 

Retail activities

 

—

 

—

 

67

 

—

 

—

 

67

 

 

 

—

 

—

 

2,285

 

(1

)

(1

)

2,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income/(Loss)

 

$

(1,423

)

$

(1,060

)

$

526

 

$

(2,810

)

$

(2,096

)

$

(1,231

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share

 

$

(0.02

)

$

(0.02

)

$

0.01

 

$

(0.05

)

$

(0.03

)

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully diluted earnings/(loss) per share

 

N/A

 

N/A

 

$

0.01

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

61,567

 

61,567

 

51,712

 

60,654

 

60,654

 

51,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully diluted common shares

 

N/A

 

N/A

 

54,794

 

N/A

 

N/A

 

N/A