TORONTO, ONTARIO--(Marketwired - Oct. 11, 2016) - Firan Technology Group Corporation (TSX:FTG) today
announced financial results for the third quarter 2016.
- Achieved record sales of $23.2M, up 27% from Q3 2015.
- Closed the acquisition of the assets of Teledyne Printed Circuit Technology (PCT)
- Completed equity raise to support above acquisition, issuing 3.45M common shares
"The third quarter of 2016 saw record sales for FTG", stated Brad Bourne, President and Chief Executive Officer. He added,
"These record sales are enabling us to report strong earnings while still investing in our future. In the quarter, we closed
our second acquisition of the year. In both cases, the acquisitions increase our access to key new markets and
customers. Our intention is to transition the work to existing FTG facilities and rapidly drive up our utilization rates
thereby maximizing future profits."
Third Quarter Results: (three months ended Aug 26, 2016 compared with three months ended Aug 28,
2015)
| |
Q3 2016 |
|
Q3 2015 |
|
| |
|
|
|
|
| Sales |
$23,187,000 |
|
$18,227,000 |
|
| |
|
|
|
|
| Gross Margin |
5,011,000 |
|
5,109,000 |
|
| Gross Margin (%) |
21.6 |
% |
28.0 |
% |
| |
|
|
|
|
| Operating Earnings (1): |
2,307,000 |
|
2,314,000 |
|
| |
|
|
|
|
| |
- Net R&D Investment |
748,000 |
|
1,482,000 |
|
| |
- Bargain Purchase Gain |
(5,578,000 |
) |
- |
|
| |
- Restructuring Expense |
3,245,000 |
|
- |
|
| |
- Foreign Exchange loss (gain) |
13,000 |
|
(874,000 |
) |
| |
|
|
|
|
|
| |
Net Earnings before Tax |
3,879,000 |
|
1,706,000 |
|
| |
|
|
|
|
|
| |
- Tax Expense |
383,000 |
|
69,000 |
|
| |
- Non-controlling Interests |
11,000 |
|
1,000 |
|
| |
|
|
|
|
|
| Net Earnings After Tax |
$3,485,000 |
|
$1,636,000 |
|
| Earnings per share |
|
|
|
|
| - basic |
$0.17 |
|
$0.09 |
|
| - diluted |
$0.15 |
|
$0.08 |
|
| |
|
| Year-to-Date Results: (nine months ended Aug 26, 2016 compared with nine months ended Aug 28,
2015) |
|
| |
YTD 2016 |
|
YTD 2015 |
|
| |
|
|
|
|
| Sales |
$59,881,000 |
|
$53,303,000 |
|
| |
|
|
|
|
| Gross Margin |
13,623,000 |
|
13,081,000 |
|
| Gross Margin (%) |
22.8 |
% |
24.5 |
% |
| |
|
|
|
|
| Operating Earnings: (1) |
5,754,000 |
|
5,163,000 |
|
| |
|
|
|
|
| |
Net R&D Investment |
2,272,000 |
|
3,601,000 |
|
| |
Bargain Purchase Gain |
(7,189,000 |
) |
- |
|
| |
Restructuring Expense |
3,915,000 |
|
- |
|
| |
Foreign Exchange Loss (Gain) |
318,000 |
|
(1,777,000 |
) |
| |
|
|
|
|
|
| Net Earnings before tax |
6,438,000 |
|
3,339,000 |
|
| |
|
|
|
|
| |
Income Tax |
1,136,000 |
|
213,000 |
|
| |
Non-controlling Interests |
17,000 |
|
11,000 |
|
| |
|
|
|
|
|
| Net Earnings after tax |
$5,285,000 |
|
$3,115,000 |
|
| |
|
|
|
|
| Earnings per share |
|
|
|
|
| - basic |
$0.27 |
|
$0.17 |
|
| - diluted |
$0.25 |
|
$0.15 |
|
| |
|
| (1) |
Operating Earnings is not a measure recognized under International Financial Reporting Standards
("IFRS"). Management believes that this measure is important to many of the Corporation's shareholders, creditors
and other stakeholders. The Corporation's method of calculating Operating Earnings may differ from other
corporations and accordingly may not be comparable to measures used by other corporations. |
Business Highlights
FTG accomplished many goals in the third quarter of 2016 that continue to improve the Corporation and position it for the
future, including:
- Began the transition of PhotoEtch customers and activity to other FTG Aerospace sites
- Closed the acquisition of the assets of Teledyne PCT
- Raised new equity via the issue of 3.45 million shares at $2.00 per share, less expenses
- Announced a new contract to supply cockpit products for a US military simulator program, a PhotoEtch customer
- FTG Aerospace Chatsworth was selected as a top performing supplier by Lockheed Martin Aeronautics
- Entered into an agreement to license the eSurface technology as a semi additive manufacturing process for certain advanced
technology printed circuit boards
For FTG, overall sales increased by $5.0M or 27% from $18.2M in Q3 2015 to $23.2M in Q3 2016. Both business segments
contributed to the growth. Revenues benefited from the PhotoEtch acquisition which closed on March 18th and
contributed $1.8M in incremental sales during the third quarter as well as the Teledyne PCT acquisition closed on July
8th and contributed $3.5M in the quarter. Excluding the acquisitions, revenues were down $0.3M or 2% compared to
Q3 2015.
The Circuits Segment sales were up $0.8M or 5.8% in Q3 2016 versus Q3 2015. On a year-to-date basis, Circuits sales were
up $1.0M or 2.6%. The Teledyne PCT acquisition revenue is approximately 20% Circuits.
For the Aerospace segment, sales in Q3 2016 were $8.5M compared to $4.3M in the same quarter last year resulting in a 96%
growth rate. Included in the Q3 2016 results are $1.9M in sales from the acquisition of PhotoEtch and $2.8M from Teledyne
PCT. Year-to-date Aerospace sales were up $5.5M or 43%.
Gross margins in Q3 2016 were down $0.1M compared to Q3 2015. Margins were essentially flat from the existing FTG sites
before increased expenses related to lower R&D efforts are Circuits Chatsworth and lower deferred development costs at
Aerospace Toronto which resulted in higher cost of sales. At the PhotoEtch site, margins were essentially zero and at
Teledyne PCT they were approximately 15%.
Earnings before interest, tax, depreciation and amortization (EBITDA) for FTG for trailing twelve months is $9.9M.
The following table reconciles EBITDA(2) to the net earnings for Q3 2016 and trailing 12 months.
| |
Q3 2016 |
Trailing 12 Months |
|
| |
|
|
|
| Net earnings |
$3,496,000 |
11,724,000 |
|
| Add: |
|
|
|
| Interest |
77,000 |
877,000 |
|
| Income taxes/ITC/JV |
220,000 |
(5,296,000 |
) |
| Depreciation/Amortization |
808,000 |
2,563,000 |
|
| |
|
|
|
| EBITDA |
$4,601,000 |
$9,868,000 |
|
| (2) |
EBITDA is not a measure recognized under International Financial Reporting Standards ("IFRS").
Management believes that this measure is important to many of the Corporation's shareholders, creditors and other
stakeholders. The Corporation's method of calculating EBITDA may differ from other corporations and accordingly
may not be comparable to measures used by other corporations. |
Net profit after tax at FTG in Q3 2016 was $3.5M compared to a net profit of $1.6M in Q3 2015. This improvement is the
gain on the purchase of Teledyne offset by the restructuring charge and by lower foreign exchange gains.
The Circuits segment net earnings before corporate and interest and other costs was $2.5M in Q3 2016 compared to $2.1M in Q3
2015.
The Aerospace net earnings before corporate and interest and other costs increased to $2.0M versus $0.0M in Q3 2015. The
results benefited from the gain on the acquisition, offset by a restructuring charge for the acquisitions of both PhotoEtch and
Teledyne PCT. Costs related to the development of the C919 cockpit assemblies and one new program were treated as deferred
development and not expensed, but in both cases the activity in the quarter was significantly reduced due to customer requested
delays on the programs.
As at Aug 26, 2016, the Corporation's net working capital was $22.1M, an increase of $7.0M over year end 2015, primarily due
to the assets acquired from PhotoEtch and Teledyne PCT.
The Corporation will host a live conference call on Wednesday October 12, 2016 at 1:30 pm (EDT) to discuss the results of Q3
2016.
Anyone wishing to participate in the call should dial 416-340-2220 OR 1-866-225-2055 and identify that you are calling to participate in the FTG
conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until October 26, 2016 and will
be available on the FTG website at www.ftgcorp.com. The number to call for a
rebroadcast is 905-694-9451 or 1-800-408-3053, Pass Code 4501417.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two
operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in
the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth,
California, Hudson, New Hampshire and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of
aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas
and Tianjin, China.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. These forward-looking statements are related to, but not
limited to, FTG's operations, anticipated financial performance, business prospects and strategies. Forward-looking information
typically contains words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. Such
statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and
uncertainties, known and unknown, including economic factors and the Corporation's industry, generally. The preceding list
is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and
actual events and results could differ materially from those expressed or implied by forward-looking statements made by the
Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the
Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any
intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future
events or otherwise.
Additional information can be found at the Corporation's website www.ftgcorp.com
| FIRAN TECHNOLOGY GROUP CORPORATION |
|
|
| Interim Condensed Consolidated Balance Sheets |
|
|
| |
|
|
| (Unaudited) |
August 26, |
November 30, |
| (in thousands of Canadian dollars) |
2016 |
2015 |
| ASSETS |
|
|
| Current assets |
|
|
| Cash |
$ 3,097 |
$ 3,160 |
| Accounts receivable |
18,005 |
12,987 |
| Taxes receivable |
140 |
231 |
| Inventories |
21,122 |
11,122 |
| Prepaid expenses |
1,386 |
979 |
| |
43,750 |
28,479 |
| Non-current assets |
|
|
| Plant and equipment, net |
8,287 |
5,644 |
| Deferred income tax assets |
1,505 |
2,876 |
| Investment tax credits receivable |
7,235 |
6,736 |
| Deferred development costs |
691 |
387 |
| Intangible assets, net |
5,181 |
100 |
| Total assets |
$ 66,649 |
$ 44,222 |
| LIABILITIES AND EQUITY |
|
|
| Current liabilities |
|
|
| Bank indebtedness |
$ 5,070 |
$ - |
| Accounts payable and accrued liabilities |
14,372 |
10,970 |
| Provisions |
394 |
366 |
| Customer deposits, net of deferred development |
315 |
1,044 |
| Current portion of long-term bank debt |
1,511 |
1,058 |
| |
21,662 |
13,438 |
| Non-current liabilities |
|
|
| Long-term bank debt |
6,197 |
4,234 |
| Deferred tax payable |
1,555 |
1,460 |
| Total liabilities |
29,414 |
19,132 |
| |
|
|
| Equity |
|
|
| Retained earnings |
$ 6,913 |
$ 1,628 |
| Accumulated other comprehensive income (loss) |
701 |
(233) |
| |
7,614 |
1,395 |
| Share capital |
|
|
| |
Common shares |
18,972 |
13,075 |
| |
Preferred shares |
2,218 |
2,218 |
| Contributed surplus |
8,388 |
8,373 |
| Total equity attributable to FTG's shareholders |
37,192 |
25,061 |
| Non-controlling interest |
43 |
29 |
| Total equity |
37,235 |
25,090 |
| Total liabilities and equity |
$ 66,649 |
$ 44,222 |
| |
| FIRAN TECHNOLOGY GROUP CORPORATION |
| Interim Condensed Consolidated Statements of Earnings |
| |
| |
|
Three months ended |
Nine months ended |
| (Unaudited) |
August 26, |
|
August 28, |
August 26, |
|
August 28, |
| (in thousands of Canadian dollars, except per share amounts) |
2016 |
|
2015 |
2016 |
|
2015 |
| |
|
|
|
|
|
|
|
| Sales |
$ 23,187 |
|
$ 18,227 |
$ 59,881 |
|
$ 53,303 |
| |
|
|
|
|
|
|
|
| Cost of sales |
|
|
|
|
|
|
| |
Cost of sales |
17,567 |
|
12,620 |
44,609 |
|
38,781 |
| |
Depreciation of plant and equipment |
609 |
|
498 |
1,649 |
|
1,441 |
| Total cost of sales |
18,176 |
|
13,118 |
46,258 |
|
40,222 |
| Gross margin |
5,011 |
|
5,109 |
13,623 |
|
13,081 |
| |
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
| |
Selling, general and administrative |
2,595 |
|
2,663 |
7,905 |
|
7,493 |
| |
Research and development costs |
818 |
|
1,552 |
2,482 |
|
4,023 |
| |
Recovery of research and development costs |
(70) |
|
(70) |
(210) |
|
(422) |
| |
Recovery of investment tax credits |
(152) |
|
- |
(499) |
|
- |
| |
Depreciation of plant and equipment and amortization |
|
|
|
|
|
|
| |
of intangible assets |
184 |
|
36 |
282 |
|
118 |
| |
Interest expense on short-term debt |
31 |
|
7 |
51 |
|
34 |
| |
Interest expense on long-term debt |
46 |
|
89 |
130 |
|
273 |
| |
Foreign exchange loss (gain) |
13 |
|
(874) |
318 |
|
(1,777) |
| |
Bargain purchase gain |
(5,578) |
|
- |
(7,189) |
|
- |
| |
Restructuring expenses |
3,245 |
|
- |
3,915 |
|
- |
| Total expenses |
1,132 |
|
3,403 |
7,185 |
|
9,742 |
| |
|
|
|
|
|
|
|
| Earnings before income taxes |
3,879 |
|
1,706 |
6,438 |
|
3,339 |
| |
|
|
|
|
|
|
|
| Current income tax expense |
15 |
|
9 |
46 |
|
33 |
| Deferred income tax expense |
368 |
|
60 |
1,090 |
|
180 |
| Total income tax expense |
383 |
|
69 |
1,136 |
|
213 |
| |
|
|
|
|
|
|
|
| Net earnings |
$ 3,496 |
|
$ 1,637 |
$ 5,302 |
|
$ 3,126 |
| |
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
| Non-controlling interest |
$ 11 |
|
$ 1 |
17 |
|
11 |
| Equity holders of FTG |
$ 3,485 |
|
$ 1,636 |
5,285 |
|
3,115 |
| |
|
|
|
|
|
|
|
| Earnings per share, attributable to the equity holders of FTG |
|
|
|
|
|
|
| |
Basic |
$ 0.17 |
|
$ 0.09 |
$ 0.27 |
|
$ 0.17 |
| |
Diluted |
$ 0.15 |
|
$ 0.08 |
$ 0.25 |
|
$ 0.15 |
| |
| FIRAN TECHNOLOGY GROUP CORPORATION |
| Interim Condensed Consolidated Statements of Comprehensive Income
(Loss) |
| |
| |
Three months ended |
|
Nine months ended |
|
| (Unaudited) |
August 26, |
|
August 28, |
|
August 26, |
|
August 28, |
|
| (in thousands of Canadian dollars) |
2016 |
|
2015 |
|
2016 |
|
2015 |
|
| |
|
|
|
|
|
|
|
|
| Net earnings |
$ 3,496 |
|
$ 1,637 |
|
$ 5,302 |
|
$ 3,126 |
|
| |
|
|
|
|
|
|
|
|
| Other comprehensive income (loss) to be reclassified to net earnings in subsequent
periods: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Foreign currency translation adjustments |
(100 |
) |
56 |
|
688 |
|
937 |
|
| |
Net unrealized gain (loss) on derivative financial instruments designated as cash flow hedges |
143 |
|
(425 |
) |
324 |
|
(1,655 |
) |
| |
Tax impact |
(36 |
) |
- |
|
(81 |
) |
- |
|
| |
|
|
|
|
|
|
|
|
| |
7 |
|
(369 |
) |
931 |
|
(718 |
) |
| |
|
|
|
|
|
|
|
|
| Total comprehensive income |
$ 3,503 |
|
$ 1,268 |
|
$ 6,233 |
|
$ 2,408 |
|
| |
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
| Equity holders of FTG |
$ 3,493 |
|
$ 1,267 |
|
$ 6,219 |
|
$ 2,395 |
|
| Non-controlling interest |
$ 10 |
|
$ 1 |
|
$ 14 |
|
$ 13 |
|
| |
|
| FIRAN TECHNOLOGY GROUP CORPORATION |
|
| Consolidated Statements of Changes in Equity |
|
| |
|
| Nine months ended August 26, 2016 |
Attributed to the equity holders of FTG |
|
|
|
|
|
(Unaudited)
(in thousands of Canadian dollars) |
Common
Shares |
Preferred
Shares |
Opening
Retained
Earnings |
|
Contributed
Surplus |
|
Accumulated
Other
Comprehensive
Income (Loss) |
|
Total |
|
Non-
controlling
interest |
|
Total
equity |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, November 30, 2015 |
$ 13,075 |
$ 2,218 |
$ 1,628 |
|
$ 8,373 |
|
$ (233 |
) |
$ 25,061 |
|
$ 29 |
|
$ 25,090 |
|
| Net earnings |
- |
- |
5,285 |
|
- |
|
- |
|
5,285 |
|
17 |
|
5,302 |
|
| Stock-based compensation |
- |
- |
- |
|
35 |
|
- |
|
35 |
|
- |
|
35 |
|
| Common shares issued on exercise of share options |
78 |
|
|
|
(20 |
) |
- |
|
58 |
|
- |
|
58 |
|
| Common shares issued |
5,819 |
- |
- |
|
- |
|
- |
|
5,819 |
|
- |
|
5,819 |
|
| Foreign currency translation adjustments |
- |
- |
- |
|
- |
|
691 |
|
691 |
|
(3 |
) |
688 |
|
| Net unrealized gain on derivative financial instruments designated as cash flow hedges, net of tax
impact |
- |
- |
- |
|
- |
|
243 |
|
243 |
|
- |
|
243 |
|
| Balance, August 26, 2016 |
$ 18,972 |
$ 2,218 |
$ 6,913 |
|
$ 8,388 |
|
$ 701 |
|
$ 37,192 |
|
$ 43 |
|
$ 37,235 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nine months ended August 28, 2015 |
Attributed to the equity holders of FTG |
|
|
|
|
|
(Unaudited)
(in thousands of Canadian dollars) |
Common
Shares |
Preferred
Shares |
Opening
Retained
(Deficit) |
|
Contributed
Surplus |
|
Accumulated
Other
Comprehensive
Income (Loss) |
|
Total |
|
Non-
controlling
interest |
|
Total
equity |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, November 30, 2014 |
$ 12,681 |
$ 2,218 |
$ (7,909 |
) |
$ 8,411 |
|
$ (312 |
) |
$ 15,089 |
|
$ 15 |
|
$ 15,104 |
|
| Net earnings |
- |
- |
3,115 |
|
- |
|
- |
|
3,115 |
|
11 |
|
3,126 |
|
| Stock-based compensation |
- |
- |
- |
|
39 |
|
- |
|
39 |
|
- |
|
39 |
|
| Common shares issued on exercise of share options |
188 |
- |
- |
|
(45 |
) |
- |
|
143 |
|
- |
|
143 |
|
| Foreign currency translation adjustments |
- |
- |
- |
|
- |
|
935 |
|
935 |
|
2 |
|
937 |
|
| Net unrealized loss on derivative financial instruments designated as cash flow hedges |
- |
- |
- |
|
- |
|
(1,655 |
) |
(1,655 |
) |
- |
|
(1,655 |
) |
| Balance, August 28, 2015 |
$ 12,869 |
$ 2,218 |
$ (4,794 |
) |
$ 8,405 |
|
$ (1,032 |
) |
$ 17,666 |
|
$ 28 |
|
$ 17,694 |
|
| |
|
| FIRAN TECHNOLOGY GROUP CORPORATION |
|
| Interim Condensed Consolidated Statements of Cash Flows |
|
| |
|
| |
Three months ended |
|
Nine months ended |
|
| (Unaudited) |
August 26, |
|
August 28, |
|
August 26, |
|
August 28, |
|
| (in thousands of Canadian dollars) |
2016 |
|
2015 |
|
2016 |
|
2015 |
|
| Net inflow (outflow) of cash related to the following: |
|
|
|
|
|
|
|
|
| Operating activities |
|
|
|
|
|
|
|
|
| Net earnings |
$ 3,496 |
|
$ 1,637 |
|
$ 5,302 |
|
$ 3,126 |
|
| Items not affecting cash: |
|
|
|
|
|
|
|
|
| |
Non-controlling interest share of net (earnings) |
(11 |
) |
(1 |
) |
(17 |
) |
(11 |
) |
| |
Stock-based compensation |
11 |
|
13 |
|
35 |
|
39 |
|
| |
Effect of exchange rates on US dollar debt |
(22 |
) |
40 |
|
(132 |
) |
172 |
|
| |
Depreciation of plant and equipment |
640 |
|
522 |
|
1,734 |
|
1,523 |
|
| |
Amortization of intangible assets |
154 |
|
12 |
|
198 |
|
36 |
|
| |
Amortization of deferred financing costs |
3 |
|
7 |
|
8 |
|
21 |
|
| |
Deferred income tax expense |
403 |
|
60 |
|
1,465 |
|
180 |
|
| |
Investment tax credits (recovery) |
(152 |
) |
- |
|
(499 |
) |
- |
|
| |
AMIS interest accretion |
- |
|
84 |
|
- |
|
252 |
|
| |
Amortization of government assistance |
- |
|
(113 |
) |
- |
|
(339 |
) |
| |
Decrease (increase) in net unrealized loss on derivative financial instruments designated as cash flow
hedges |
107 |
|
(426 |
) |
1,126 |
|
-
-
(961 |
) |
| Net change in non-cash operating working capital |
(5,891 |
) |
1,120 |
|
(12,897 |
) |
(78 |
) |
| |
(1,262 |
) |
2,955 |
|
(3,677 |
) |
3,960 |
|
| Investing activities |
|
|
|
|
|
|
|
|
| |
Additions to plant and equipment |
(3,373 |
) |
(278 |
) |
(4,502 |
) |
(945 |
) |
| |
Additions to intangible assets |
(4,340 |
) |
- |
|
(5,280 |
) |
- |
|
| |
Additions to deferred development costs |
(292 |
) |
(120 |
) |
(303 |
) |
(236 |
) |
| |
Additions to deferred financing costs |
(11 |
) |
- |
|
(11 |
) |
- |
|
| |
(8,016 |
) |
(398 |
) |
(10,096 |
) |
(1,181 |
) |
| Net cash flow from operating and investing activities |
(9,278 |
) |
2,557 |
|
(13,773 |
) |
2,779 |
|
| Financing activities |
|
|
|
|
|
|
|
|
| |
Increase in bank indebtedness |
1,550 |
|
- |
|
5,070 |
|
- |
|
| |
Proceeds from long-term bank debt |
3,390 |
|
- |
|
3,390 |
|
- |
|
| |
Repayments of long-term bank debt |
(300 |
) |
(479 |
) |
(842 |
) |
(1,221 |
) |
| |
Proceeds from issue of Common shares |
5,851 |
|
62 |
|
5,876 |
|
143 |
|
| |
10,491 |
|
(417 |
) |
13,494 |
|
(1,078 |
) |
| Effects of foreign exchange rate changes on cash flow |
113 |
|
(42 |
) |
216 |
|
(41 |
) |
| Net increase (decrease) in cash flow |
1,326 |
|
2,098 |
|
(63 |
) |
1,660 |
|
| Cash, beginning of the period |
1,771 |
|
203 |
|
3,160 |
|
641 |
|
| Cash, end of period |
$ 3,097 |
|
$ 2,301 |
|
3,097 |
|
$ 2,301 |
|
| |
|
|
|
|
|
|
|
|
| Disclosure of cash payments |
|
|
|
|
|
|
|
|
| |
Payment for interest |
$ 77 |
|
$ 17 |
|
$ 181 |
|
$ 57 |
|
| |
Payments for income taxes |
$ - |
|
$ 1 |
|
$ 14 |
|
$ 6 |
|