Intrinsyc Reports 2011 Fourth Quarter and Full-Year Financial Results

About Intrinsyc Software International, Inc.

Intrinsyc is a product development company that brings to market next generation intelligent connected devices, from smartphones and tablets, to emerging categories of M2M (Machine-to-Machine) solutions. Intrinsyc is helping to lead the way to a networked society with 50 billion intelligent connected devices expected by 2020. Intrinsyc is publicly traded (TSX: ICS) and is headquartered in Vancouver, Canada, with operations in China, Taiwan and the United States.

www.intrinsyc.com


                   INTRINSYC SOFTWARE INTERNATIONAL, INC.                   
                Consolidated Statements of Financial Position               
                         (Expressed in U.S. dollars)                        
----------------------------------------------------------------------------
                              December 31,     December 31,       January 1,
As at                                 2011             2010             2010
----------------------------------------------------------------------------

ASSETS                                                                      
Current assets                                                              
  Cash and cash
   equivalents             $     9,382,653  $    11,152,439  $    11,710,227
  Short-term investments         2,688,814                -                -
  Trade and other                1,268,700        2,992,007        3,401,467
   receivables                                                              
  Inventory                         17,702           26,208           14,269
  Prepaid expenses                 174,490          162,336          313,528
----------------------------------------------------------------------------
                                13,532,359       14,332,990       15,439,491
Non-Current Assets                                                          
  Restricted cash                        -                -           95,147
  Prepaid expenses                  59,553           44,551           47,063
  Equipment                        355,955          549,945          735,807
  Intangible assets                      -          580,434        3,880,481
----------------------------------------------------------------------------
Total assets               $    13,947,867  $    15,507,920  $    20,197,989
----------------------------------------------------------------------------
LIABILITIES AND                                                             
 SHAREHOLDERS' EQUITY                                                       
Current liabilities                                                         
  Trade and other payables $       933,873  $     2,164,951  $     3,574,134
  Government assistance -          189,233           72,561                -
   current                                                                  
  Finance lease                          
   obligations                           -            7,818           45,179
  Deferred revenue                 488,976          471,285          526,169
----------------------------------------------------------------------------
                                                      1,612,082                2,716,615                4,145,482
Long-Term  Liabilities                                                                                                              
    Government  assistance                                    -                    179,162                                -
    Finance  lease                                                    -                                -                        7,388
      obligations                                                                                                                            
----------------------------------------------------------------------------
Total  liabilities                                1,612,082                2,895,777                4,152,870
----------------------------------------------------------------------------

Shareholders'  equity                                                                                                                
    Share  capital                                108,288,585            108,288,585            108,288,585
    Other  capital  reserves                  9,750,619                9,566,250                9,466,400
    Translation  of  foreign                      
      operations  reserve                            514,748                    794,984                                -
    Deficit                                        (106,218,167)        (106,037,676)        (101,709,866)
----------------------------------------------------------------------------
Total  shareholders'  equity            12,335,785              12,612,143              16,045,119
----------------------------------------------------------------------------
Total  liabilities  and
  shareholders'  equity            $        13,947,867    $        15,507,920    $        20,197,989
----------------------------------------------------------------------------

                                      INTRINSYC  SOFTWARE  INTERNATIONAL,  INC.                                      
                            Consolidated  Statements  of  Operations  and  Deficit                          
                                                  (Expressed  in  U.S.  dollars)                                                
----------------------------------------------------------------------------
                                      Three  months      Three  months                                                            
                                                    ended                    ended                                                            
                                      December  31,      December  31,          Year  ended          Year  ended
                                                      2011                      2010      December  31,      December  31,
For  the                          (unaudited)        (unaudited)                      2011                      2010
----------------------------------------------------------------------------

Revenues                  $        2,555,259  $        2,936,636  $      10,298,496    $    12,712,290
Cost  of  sales                  1,373,658            1,080,154            4,939,007            5,430,696
----------------------------------------------------------------------------
                                            1,181,601            1,856,482            5,359,489            7,281,594
----------------------------------------------------------------------------

Expenses                                                                                                                                        
  Sales  and
    marketing                          405,346                490,591            1,926,561            1,989,403
  Research  and
    development                        91,615                313,155                364,250            2,271,452
  Administration                  684,241                808,834            2,350,246            2,600,120
  Other  operating
    expenses                            273,137            2,890,929            1,269,600            4,602,936
----------------------------------------------------------------------------
                                            1,454,339            4,503,509            5,910,657          11,463,911
----------------------------------------------------------------------------

Operating  loss                    272,738            2,647,027                551,168            4,182,317
----------------------------------------------------------------------------

Other  expenses                                                                                                                            
  (earnings)                                                                                                                                  
  Foreign                              
    exchange  loss            
    (gain)                                173,187                163,524              (78,629)                261,607
  Interest  income              (32,739)                (9,440)            (105,483)              (45,698)
----------------------------------------------------------------------------
                                                140,448                154,084            (184,112)                215,909
----------------------------------------------------------------------------

Loss  before                              
  income  taxes                      413,186            2,801,111                367,056            4,398,226

Income  tax
  recovery  -                                                                                                                                  
  current                            (187,352)                            -            (186,565)              (70,416)
----------------------------------------------------------------------------

Net  loss  for  the                
  period                                  225,834            2,801,111                180,491            4,327,810

Deficit,                        
  beginning  of                                                                                                                              
  period                          105,992,333        103,236,565        106,037,676        101,709,866
----------------------------------------------------------------------------

Deficit,  end  of                                  
  period                    $    106,218,167  $    106,037,676    $  106,218,167    $  106,037,676
----------------------------------------------------------------------------

Loss  per  share                                          
  (basic  and                                                                                    
  fully  diluted)    $                  0.00  $                  0.02    $                0.00    $                0.03
----------------------------------------------------------------------------

Weighted  average                                                                                                                        
  number  of                                                                                                                                    
  shares                                                                                                                                          
  outstanding                163,259,070        163,259,070        163,259,070        163,259,070
----------------------------------------------------------------------------

                                      INTRINSYC  SOFTWARE  INTERNATIONAL,  INC.                                      
                                Consolidated  Statements  of  Comprehensive  Loss                              
                                                  (Expressed  in  U.S.  dollars)                                                
----------------------------------------------------------------------------
                                      Three  months      Three  months                                                            
                                                    ended                    ended                                                            
                                      December  31,      December  31,          Year  ended          Year  ended
                                                      2011                      2010      December  31,      December  31,
For  the                          (unaudited)        (unaudited)                      2011                      2010
----------------------------------------------------------------------------

Net  loss  for  the                                        
  period                    $        (225,834)  $    (2,801,111)  $        (180,491)    $  (4,327,810)

Other                                                                                                                                              
  comprehensive                                                                                                                            
  gain:                                                                                                                                            

Unrealized  gains                                                                                                                        
  on  translating                                                                                                                          
  financial                                                                                                                                    
  statements  from                                                                                                                        
  functional                                                                                                                                  
  currency  to                                                                                                                                
  reporting                                                                                                                                    
  currency                              371,468                464,529            (280,236)                794,984
----------------------------------------------------------------------------

Comprehensive                                                                                                                              
  income  (loss)                                                                                                                            
  for  the  period    $            145,634  $    (2,336,582)  $        (460,727)  $    (3,532,826)
----------------------------------------------------------------------------

                                      INTRINSYC  SOFTWARE  INTERNATIONAL,  INC.                                      
                                  Consolidated  Statements  of  EBITDA  and  Loss                                  
                                                  (Expressed  in  U.S.  dollars)                                                
----------------------------------------------------------------------------
                                      Three  months      Three  months                                                            
                                                    ended                    ended                                                            
                                      December  31,      December  31,          Year  ended          Year  ended
                                                      2011                      2010      December  31,      December  31,
For  the                          (unaudited)        (unaudited)                      2011                      2010
----------------------------------------------------------------------------

Revenues                  $        2,555,259  $        2,936,636  $      10,298,496  $      12,712,290
Cost  of  sales                  1,373,658            1,080,154            4,939,007            5,430,696
----------------------------------------------------------------------------
                                            1,181,601            1,856,482            5,359,489            7,281,594
----------------------------------------------------------------------------

Expenses                                                                                                                                        
    Sales  and                                                                                                                                  
      marketing                        405,346                490,591            1,926,561            1,989,403
    Research  and                                                                                                                            
      development                      91,615                313,155                364,250            2,271,452
    Administration                684,241                808,834            2,350,246            2,600,120
----------------------------------------------------------------------------
                                            1,181,202            1,612,580            4,641,057            6,860,975
----------------------------------------------------------------------------

EBITDA                                            399                243,902                718,432                420,619
----------------------------------------------------------------------------

    Other                                                                                                                                          
      operating                                                                                                                                
      expenses                          273,137            2,890,929            1,269,600            4,602,936
    Foreign                                                                                                                                      
      exchange  loss                                                                                                                        
      (gain)                              173,187                163,524              (78,629)                261,607
    Interest                                                                                                                                    
      income                            (32,739)                (9,440)            (105,483)              (45,698)
    Income  tax                                                                                                                                
      recovery  -                                                                                                                              
      current                        (187,352)                            -            (186,565)              (70,416)
----------------------------------------------------------------------------
                                                226,233            3,045,013            (898,923)        (4,748,429)
----------------------------------------------------------------------------

Net  loss  for  the                                                                                                                        
  period  under                                                                                                                              
  IFRS                        $        (225,834)  $    (2,801,111)  $        (180,491)  $    (4,327,810)
----------------------------------------------------------------------------

                                        INTRINSYC  SOFTWARE  INTERNATIONAL,  INC.                                    
                                Consolidated  Statements  of  Changes  in  Equity                                
                                                  (Expressed  in  U.S.  dollars)                                                
----------------------------------------------------------------------------
                                                                                                        Translation                Total
                                                                Other                                of  Foreign              Share-
                                        Share          Capital                                Operations          holder's
                                    Capital        Reserves                  Deficit      Reserve              Equity
----------------------------------------------------------------------------

Balance,                                                                                                                                        
  January  1,                                                                                                                                
  2011                $108,288,585    $9,566,250    $(106,037,676)    $794,984    $12,612,143
Net  loss                                                                                                                                        
  for  the                                                                                                                                        
  year                                      -                      -              (180,491)                  -        (180,491)
Share-                                                                                                                                          
  based                                                                                                                                          
  compensation                      -          184,369                              -                  -            184,369
Translation                                                                                                                                  
  of                                                                                                                                                  
  foreign                                                                                                                                    
  operations                                                                                                                                
  into  U.S.                                                                                                                                  
  dollars                                -                      -                              -  (280,236)        (280,236)
----------------------------------------------------------------------------
Balance,                                                                                                                                      
  December  31,                                                                                                                              
  2011                $108,288,585    $9,750,619    $(106,218,167)    $514,748    $12,335,785
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance,                                                                                                                                    
  January  1,                                                                                                                                
  2010                $108,288,585    $9,466,400    $(101,709,866)    $            -    $16,045,119
Net  loss                                                                                                                                  
  for  the                                                                                                                                      
  year                                      -                      -          (4,327,810)                  -    (4,327,810)
Share-                                                                                                                                          
  based                                                                                                                                            
  compensation                      -            99,850                              -                  -              99,850
Translation                                                                                                                                
  of  foreign                                                                                                                                  
  operations                                                                                                                                
  into  U.S.                                                                                                                                  
  dollars                                -                      -                              -      794,984            794,984
----------------------------------------------------------------------------
Balance,                                                                                                                                        
  December  31,                                                                                                                              
  2010                $108,288,585    $9,566,250    $(106,037,676)    $794,984    $12,612,143
----------------------------------------------------------------------------

                                      INTRINSYC  SOFTWARE  INTERNATIONAL,  INC.                                      
                                        Consolidated  Statements  of  Cash  Flows                                      
                                                  (Expressed  in  U.S.  dollars)                                                
----------------------------------------------------------------------------
                                      Three  months      Three  months                                                            
                                                    ended                    ended                                                            
                                      December  31,      December  31,          Year  ended          Year  ended
                                                      2011                      2010      December  31,      December  31,
For  the                          (unaudited)        (unaudited)                      2011                      2010
----------------------------------------------------------------------------

Cash  provided  by                                                                                                                        
  (used  in):                                                                                                                                  

Operating                                                                                                                                      
  Activities                                                                                                                                  
    Net  loss  for                                                                                                                            
      the  period        $        (225,834)  $    (2,801,111)  $        (180,491)  $    (4,327,810)

Adjustments  to                                                                                                                            
  reconcile  net                                                                                                                            
  loss  to  net                                                                                                                                
  cash  flows:                                                                                                                                
    Amortization                                                                                                                            
      and                                                                                                                                            
      depreciation                  169,275                323,562                755,416            1,190,023
    Non-cash                                                                                                                                    
      interest                              3,585                    7,622                  17,311                  12,124
    Share-based                                                                                                                              
      compensation                    47,357                  24,824                184,369                  99,850
    Asset                                                                                                                                          
      impairment                                  -            2,542,543                            -            2,542,543
    Loss  on                                                                                                                                      
      disposal  of                                                                                                                            
      equipment                          56,505                            -                  56,505                            -
    Non-cash                                                                                                                                    
      restructuring                            -                            -                  98,124                            -
    Government                                                                                                                                
      assistance                                  -                (2,909)                            -                304,309
----------------------------------------------------------------------------
                                                  50,888                  94,531                931,234            (178,961)
----------------------------------------------------------------------------

Working  capital                                                                                                                          
  adjustments:                                                                                                                              
    Trade  and                                                                                                                                  
      other                                                                                                                                        
      receivables                    610,374                531,379            1,697,182                580,121
    Inventory                              1,412              (23,313)                    8,116              (11,449)
    Prepaid                                                                                                                                      
      expenses                          249,532                  68,805              (42,648)                169,609
    Trade  and                                                                                                                                  
      other                                                                                                                                        
      payables                      (433,310)            (189,513)        (1,138,816)        (1,557,935)
    Deferred                                                                                                                                    
      revenue                          (67,690)                  14,778                  34,607              (80,613)
----------------------------------------------------------------------------
                                                360,318                402,136                480,240            (900,267)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Cash  provided  by                                                                                                                        
  (used  in)                                                                                                                                    
  operating                                                                                                                                    
  activities                          411,206                496,667            1,411,474        (1,079,228)
----------------------------------------------------------------------------

Investing                                                                                                                                      
  Activities                                                                                                                                  
    Redemption                                                                                                                                
      (purchase)  of                                                                                                                        
      short-term                                                                                                                              
      investments                1,645,772                            -        (2,826,088)                            -
    Purchase  of                                                                                                                              
      equipment                    (131,968)                (1,432)            (134,027)              (71,215)
----------------------------------------------------------------------------
Cash  provided  by                                                                                                                        
  (used)  in                                                                                                                                    
  investing                                                                                                                                    
  activities                      1,513,804                (1,432)        (2,960,115)              (71,215)
----------------------------------------------------------------------------

Financing                                                                                                                                      
  Activities                                                                                                                                  
    Repayment  of                                                                                                                            
      capital  lease                                                                                                                        
      obligation                                  -                (7,554)                (7,890)              (45,935)
    Government                                                                                                                                
      assistance                    (73,314)              (74,033)              (73,314)              (74,033)
    Restricted                                                                                                                                
      cash                                              -                            -                            -                  97,248
----------------------------------------------------------------------------
Cash  used  in                                                                                                                                
  financing                                                                                                                                    
  activities                        (73,314)              (81,587)              (81,204)              (22,720)
----------------------------------------------------------------------------

Effect  of                                                                                                                                      
  exchange  rate                                                                                                                            
  changes  on  cash                                                                                                                        
  and  cash                                                                                                                                      
  equivalents                        234,767                366,616            (139,941)                615,375
----------------------------------------------------------------------------

Increase                                                                                                                                        
  (decrease)  in                                                                                                                            
  cash  and  cash                                                                                                                            
  equivalents                    2,086,463                780,264        (1,769,786)            (557,788)
Cash  and  cash                                                                                                                              
  equivalents,                                                                                                                              
  beginning  of                                                                                                                              
  period                              7,296,190          10,372,175          11,152,439          11,710,227
----------------------------------------------------------------------------
Cash  and  cash                                                                                                                              
  equivalents,                                                                                                                              
  end  of  period      $        9,382,653  $      11,152,439  $        9,382,653  $      11,152,439
----------------------------------------------------------------------------

1.    Non-IFRS  measure  that  does  not  have  a  standard  meaning  and  may  not  be
        comparable  to  a  similar  measure  disclosed  by  other  issuers.  Gross  margin
        referenced  here  relates  to  revenues  less  cost  of  sales.
2.    Non-IFRS  measure  that  does  not  have  a  standard  meaning  and  may  not  be
        comparable  to  a  similar  measure  disclosed  by  other  issuers.  Total
        expenses  excludes  other  operating  expenses.
3.    Non-IFRS  measure  that  does  not  have  a  standardized  meaning  and  may  not
        be  comparable  to  a  similar  measure  disclosed  by  other  issuers.  This
        measure  does  not  have  a  comparable  IFRS  measure.  EBITDA  referenced  here
        relates  to  operating  loss  less  other  operating  expenses.  Please  refer  to
        the  reconciliation  of  EBITDA  to  reported  financial  results  attached  to
        this  press  release.
4.    Non-IFRS  measure  that  does  not  have  a  standardized  meaning  and  may  not
        be  comparable  to  a  similar  measure  disclosed  by  other  issuers.  This
        measure  does  not  have  a  comparable  IFRS  measure.  Working  capital  is
        defined  as  current  assets  less  current  liabilities.

 




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