WRX numbers here..........Wednesday June 27, 4:15 pm Eastern Time
Press Release
Wireless Matrix Corporation: Fourth Quarter and Fiscal Year 2001 Results
CALGARY, Alberta--(BUSINESS WIRE)--June 27, 2001--Wireless Matrix Corporation (TSE:WRX. - news) is pleased to provide below its fiscal 2001 fourth quarter and year-end operating results, for the periods ended April 30, 2001.
Shareholders and other interested parties are encouraged to listen to the conference call as scheduled in the prior press release of June 15, 2001.
CONSOLIDATED BALANCE SHEETS Wireless Matrix Corporation
As at April 30, 2001 April 30, 2000
$ $
-------------------------------------------------------------------
(unaudited) (audited)
ASSETS
Current
Cash and cash equivalents 6,930,034 10,529,238
Cash restricted in escrow 5,397,000 -
Accounts receivable 3,926,276 1,017,557
Inventories 4,328,964 198,376
Prepaids and other 875,253 397,897
-------------------------------------------------------------------
21,457,527 12,143,068
Other assets 100,000 -
Capital assets, net of amortization 5,506,931 1,816,175
Goodwill, net of amortization 97,066,887 -
-------------------------------------------------------------------
124,131,345 13,959,243
-------------------------------------------------------------------
-------------------------------------------------------------------
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness - 5,000
Accounts payable 7,402,280 795,375
Accrued liabilities 5,110,639 309,395
Capital lease - current portion 10,374 -
Payable to Telenor Mobile
Communications Inc. 5,397,000 -
Promissory note -Telenor Mobile
Communications Inc. 15,834,104 -
-------------------------------------------------------------------
33,754,397 1,109,770
Capital lease 17,431 -
Shareholders' equity
Share capital 111,016,267 22,773,708
Deficit (20,656,750) (9,924,235)
-------------------------------------------------------------------
90,359,517 12,849,473
-------------------------------------------------------------------
124,131,345 13,959,243
-------------------------------------------------------------------
-------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
Wireless Matrix Corporation
-------------------------------------------
Three months ended Twelve months ended
April 30, April 30,
-------------------------------------------
2001 2000 2001 2000
$ $ $ $
-------------------------------------------------------------------
(unaudited)(unaudited)(unaudited) (audited)
Sales 3,383,078 1,269,951 6,049,087 3,306,404
Cost of sales 2,167,442 663,044 3,734,624 1,771,008
-------------------------------------------------------------------
Gross margin 1,215,636 606,907 2,314,463 1,535,396
Interest revenue 162,061 - 731,402 116,948
-------------------------------------------------------------------
1,377,697 606,907 3,045,865 1,652,344
-------------------------------------------------------------------
Expenses
General and
administrative 2,803,456 739,035 4,469,192 3,496,499
Research, product
and market development 1,362,512 275,742 2,710,953 866,306
Amortization of capital
assets 611,926 85,565 888,418 330,408
Reorganization costs - - - 2,096,262
-------------------------------------------------------------------
4,777,894 1,100,342 8,068,563 6,789,475
-------------------------------------------------------------------
Net loss for the
period before
amortization of
goodwill (3,400,197) (493,435)(5,022,698)(5,137,131)
Amortization of
goodwill (5,709,817) - (5,709,817) -
-------------------------------------------------------------------
Net loss for the
period (9,110,014) (493,435)(10,732,515)(5,137,131)
Deficit, beginning
of period (11,546,736)(9,430,800)(9,924,235)(4,787,104)
-------------------------------------------------------------------
Deficit, end of
period (20,656,750)(9,924,235)(20,656,750)(9,924,235)
-------------------------------------------------------------------
-------------------------------------------------------------------
Loss per share before
amortization of goodwill
- basic and fully
diluted ($0.11) ($0.03) ($0.22) ($0.33)
----------------------------------------------
Loss per share - basic
and fully
diluted ($0.29) ($0.03) ($0.47) ($0.33)
----------------------------------------------
Weighted average number
of shares outstanding 30,959,182 18,744,227 23,072,633 15,656,703
Number of common shares outstanding:
Shares # 38,133,694
Options and warrants 5,223,491
------------
43,357,185
-------------------------------------------------------------------
-------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOW
Wireless Matrix Corporation
-------------------------------------------
Three months ended Twelve months ended
April 30, April 30,
-------------------------------------------
2001 2000 2001 2000
$ $ $ $
-------------------------------------------------------------------
(unaudited)(unaudited)(unaudited) (audited)
OPERATING ACTIVITIES
Net loss for the period(9,110,014) (493,435)(10,732,515)(5,137,131)
Add back non-cash items:
Amortization of
capital assets 611,926 85,565 888,418 330,408
Amortization of
goodwill 5,709,817 - 5,709,817 -
Write down of capital
assets included in
reorganization costs - - - 1,455,155
-------------------------------------------------------------------
(2,788,271) (407,870) (4,134,280)(3,351,568)
Net change in non-cash
working capital (296,608) (370,189) (720,433) 446,483
-------------------------------------------------------------------
Cash used in operating
activities (3,084,879) (778,059) (4,854,713)(2,905,085)
-------------------------------------------------------------------
-------------------------------------------------------------------
INVESTING ACTIVITIES
Expenditures on capital
assets (388,866) (59,553) (971,157) (666,505)
Investment in other assets - - (100,000) -
Norcom acquisition (14,372,191) - (18,290,448) -
-------------------------------------------------------------------
Cash used in investing
activities (14,761,057) (59,553)(19,361,605) (666,505)
-------------------------------------------------------------------
-------------------------------------------------------------------
FINANCING ACTIVITIES
Issue of share capital,
net of share issue
costs 63,996 8,957,866 20,622,114 12,690,627
Decrease in bank
indebtedness (120,000) (70,000) (5,000) (335,000)
-------------------------------------------------------------------
Cash provided by (used in)
financing activities (56,004) 8,887,866 20,617,114 12,355,627
-------------------------------------------------------------------
-------------------------------------------------------------------
Net Increase (decrease)
in cash and cash
equivalents during the
period (17,901,940) 8,050,254 (3,599,204) 8,784,037
Cash and cash equivalents,
beginning of period 24,831,974 2,478,984 10,529,238 1,745,201
-------------------------------------------------------------------
Cash and cash equivalents,
end of period 6,930,034 10,529,238 6,930,034 10,529,238
-------------------------------------------------------------------
-------------------------------------------------------------------