Intrinsyc Software International Inc ISYRF

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Intrinsyc Reports Record Fourth Quarter Results Key customer agreements with Ford, Siemens fuel growth VANCOUVER, Oct. 25 /CNW/ - Intrinsyc (ICS:CDNX), a leader in the emerging information appliance and Internet device market, today announced its results for the fourth quarter of fiscal 2000, ended August 31, 2000. Revenue for the fourth fiscal quarter was $1,320,946, a 31 per cent increase over the $1,011,672 earned in the previous quarter, and a 56 per cent increase over the comparative quarter in fiscal 1999. "We are encouraged by the growing acceptance of our solutions among manufacturers building smart, Internet-ready products on a variety of platforms," said Derek Spratt, Chairman and Chief Executive Officer. "We're very pleased with Intrinsyc's performance in the fourth quarter. Not only did Intrinsyc perform extremely well from a financial standpoint -- we also announced key engagements by world-class companies such as The Ford Motor Company and Siemens AG. Technologically, Intrinsyc developed a new product for Ford, and achieved a major milestone, linking Linux and Windows with new networking technology." "In the fourth quarter, Intrinsyc delivered on a number of aggressive targets set out in its business plan," said Rod Campbell, Chief Financial Officer and Vice President, Finance and Administration. "For the fourth quarter, we aimed to broaden Intrinsyc's market reach and to deliver solid revenue growth. We delivered on both counts. In addition to significant engagements by Ford and Siemens, fourteen new customers contributed to the record quarter. We are pleased with our quarter over quarter growth and continue to be on track to meet our business objectives." Fourth Quarter Highlights - Grew Revenues - In the fourth quarter of fiscal 2000, Intrinsyc's total revenue was $1,320,946, a 56 per cent increase over the $844,096 earned in the fourth quarter of fiscal 1999. Total revenue for fiscal year ended August 31, 2000, increased 41 percent to $3,166,423, over the $2,250,978 earned in the previous year. - Announced Fortune 500 Customer Engagements - Key engagements by Fortune 500 customers challenged Intrinsyc to provide new solutions to take their operations to the next level and helped validate our position as a leading provider of embedded solutions in the global marketplace. - Enhanced Alliances - We strengthened our relationship with Microsoft and were featured prominently at two trade shows in fourth quarter 2000: Embedded Linux Expo & Conference and Instrumentation, Systems and Automation (ISA) Expo 2000. - Strengthened Financial Position with $13.5 M Financing - During the quarter, Intrinsyc announced a 13.5 million dollar financing that closed subsequent to the end of the quarter. Proceeds from the financing, which was significantly oversubscribed, will be used to provide working capital for future operations. - Increased Profile - Intrinsyc was the subject of several business and technology-related stories in the media, including Report on Business TV (ROB TV), The Vancouver Sun, Canadian Business, TechnologyCanada.com, LinuxDevices.com, Electrical Engineering Times (EETimes), plantautomation.com and Control Engineering. Detailed financials are attached below. There will also be a conference call today at 2:00 p.m. Pacific Standard Time to discuss the results. Analysts, investment professionals, shareholders, members of the media and other interested parties wishing to participate may call 1-877-415-4944 (toll free) five minutes prior to the scheduled time. For those unable to participate live, the call will be recorded and may be accessed on Intrinsyc's website for a period of one year following the broadcast. A fourth quarter report will be posted on Intrinsyc's website - www.intrinsyc.com - following the call. About Intrinsyc Recently identified as one of the fastest growing companies in Canada by both Profit Magazine and Deloitte & Touche, Intrinsyc develops technologies and solutions needed to create new Internet devices and information appliances and to link and remotely manage large networks of these devices. The company is a leader in the emerging Internet device and information appliance market that specializes in the embedded computers controlling common products such as home security systems, vending machines and factory floor controllers. Based in beautiful Vancouver, British Columbia, Intrinsyc is committed to offering efficient, reliable and cost effective embedded solutions to its customers. For more information about Intrinsyc, please visit our website at www.intrinsyc.com. << INTRINSYC SOFTWARE, INC. Consolidated Balance Sheets Unaudited (Prepared by Management) ------------------------------------------------------------------------- As at 31-Aug-00 31-Aug-99 ------------------------------------------------------------------------- Assets Current assets: Cash $ 7,188,100 $ 201,780 Accounts receivable 688,468 771,153 Inventory 326,606 37,859 Prepaid expenses 63,590 108,805 ----------------------------- 8,266,764 1,119,597 Capital assets 724,546 305,521 ----------------------------- $ 8,991,310 $ 1,425,118 ------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 689,735 $ 690,571 Deferred revenue 132,972 - Obligation under capital lease 15,943 - ----------------------------- 838,650 690,571 Shareholders' equity: Share capital 20,620,778 9,804,387 Deficit (12,468,118) (9,069,840) ----------------------------- 8,152,660 734,547 $ 8,991,310 $ 1,425,118 ------------------------------------------------------------------------- On behalf of the Board: "Derek Spratt" "Morgan Sturdy" ------------------------------------------------------------------------- Derek Spratt - Director Morgan Sturdy - Director INTRINSYC SOFTWARE, INC. Consolidated Statements of Operations and Deficit Unaudited (Prepared by Management) ------------------------------------------------------------------------- Three months ended Year ended 31-Aug-00 31-Aug-99 31-Aug-00 31-Aug-99 ------------------------------------------------------------------------- Revenues $ 1,320,946 $ 844,096 $ 3,166,423 $ 2,250,978 Expenses: Administration 615,658 484,226 2,036,467 1,277,909 Marketing and sales 553,295 528,714 2,035,685 1,178,402 Research and development 975,230 472,936 2,492,549 1,762,380 Costs relating to the failed merger with Annabooks Software,LLC - - - 82,855 ------------------------------------------------------- 2,144,183 1,485,876 6,564,701 4,301,546 ------------------------------------------------------- Net loss $ (823,237) $ (641,780) $ (3,398,278) $ (2,050,568) Deficit, beginning of the period (11,644,881) (8,428,060) (9,069,840) (7,019,272) ------------------------------------------------------------------------- Deficit, end of the period $(12,468,118) $ (9,069,840) $(12,468,118) $ (9,069,840) ------------------------------------------------------------------------- Loss per share $ (0.04) $ (0.04) $ (0.16) $ (0.11) ------------------------------------------------------------------------- INTRINSYC SOFTWARE, INC. Consolidated Statements of Cash Flows Unaudited (Prepared by Management) ------------------------------------------------------------------------- Three months ended Year ended 31-Aug-00 31-Aug-99 31-Aug-00 31-Aug-99 ------------------------------------------------------------------------- Cash provided by (used in): Cash flows from operating activities: Net loss $ (823,237) $ (641,780) $ (3,398,278) $ (2,050,568) Items not involving cash: Amortization 49,688 99,629 128,980 295,938 Expenses settled with the issuance of common shares: For services rendered - - 294,711 306,710 For compensation expense - 51,931 46,238 51,931 Changes in non- cash operating working capital (141,452) (10,023) (28,711) (477,546) ------------------------------------------------------- (915,001) (500,243) (2,957,060) (1,873,535) Cash flows from financing activities: Issuance of common shares: Private placements - - 900,000 896,619 Options 303,520 42,340 2,298,705 155,670 Warrants 491,875 348,484 1,838,244 352,334 Special warrants 2,714,357 - 5,438,493 - Repayment of obligation under capital lease (3,986) - (15,943) - ------------------------------------------------------- 3,505,766 390,824 10,459,499 1,404,623 Cash flows from investing activities: Purchase of capital assets (346,628) (67,029) (516,119) (163,927) ------------------------------------------------------- Increase (decrease) in cash 2,244,137 (176,448) 6,986,320 (632,839) Cash and cash equivalents, beginning of the period 4,943,963 378,228 201,780 834,619 ------------------------------------------------------- Cash and cash equivalents, end of the period $ 7,188,100 $ 201,780 $ 7,188,100 $ 201,780 ------------------------------------------------------------------------- Supplementary information: Interest paid $ 2,319 $ 1,273 $ 8,594 $ 5,221 Income taxes paid - - - - Shares issued for services rendered - - 294,711 306,710 Shares issued for employee compensation - 51,931 46,238 51,931 Acquisition of capital asset by capital lease - - 31,886 - ------------------------------------------------------------------------- >> %SEDAR: 00007340E -30- For further information: Rod Campbell, CFO and VP, Finance and Administration, Intrinsyc Software Inc., Direct: [phone], Email: [e-mail], Fax: [phone]; Pamela L. Smith, Director of Corporate Communications, Intrinsyc Software Inc., Direct: [phone], Email: [e-mail], Fax: [phone] INTRINSYC SOFTWARE INC. has 14 releases in this database. --------------------------------------------------------------------------------