MOSAID Reports Results for First Quarter Fiscal 2010 and Dividend

The accompanying unaudited financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements.

In the opinion of management, all adjustments consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included. Operating results for the interim period presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the full fiscal year ending April 30, 2010.

2. Adoption of New Accounting Standards

Effective May 1, 2009 the Company adopted the following new accounting standard issued by the Canadian Institute of Chartered Accountants.

Goodwill and intangible assets

In February 2008, the CICA issued Section 3064, Goodwill and Intangible Assets, replacing Section 3062, Goodwill and Other Intangible Assets and Section 3450, Research and Development Costs. Various changes have been made to other sections of the CICA Handbook for consistency purposes. The new Section will be applicable to financial statements relating to fiscal years beginning on or after October 1, 2008. Accordingly, the Company will adopt the new standards for its fiscal year beginning May 1, 2009. It establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets by profit-oriented companies. Standards concerning goodwill are unchanged from the standards included in the previous Section 3062.

As a result of adoption of the above policy, there was no material impact on the Consolidated Statement of Income.

3. Shareholders' equity and other comprehensive income

The following are the changes in shareholders' equity for the three months ended July 31, 2009 and July 31, 2008:

               Common    Common  Contributed   Retained  hensive
               shares    shares      surplus   earnings   income     Total
              (number)       ($)          ($)        ($)      ($)       ($)
 at April
 30, 2009  10,184,323   $94,741       $3,753    $11,607     $446  $110,547
Net income                                        6,454              6,454
Dividends                                        (2,561)            (2,561)
 Program       44,950       715         (355)
 Program       17,964       121           15
 compensation                            238
 gains on
 cash flow
 hedges - net                                                862       862
 at July
 31, 2009  10,247,237   $95,577       $3,651    $15,500   $1,308  $116,036

4. Earnings per Share

The following is a reconciliation of the numerator and denominator of the
basic and diluted per share computations:

                                                     Quarter Ended July 31,
                                                  2009                2008

Income before discontinued operations           $6,218              $1,192
Discontinued operations (net of tax)               236                 168
Net income                                      $6,454              $1,360

Weighted average number of common
 shares outstanding                         10,215,130          10,688,327
Net effect of stock options                     34,405              36,885
Weighted average diluted number of
 common shares outstanding                  10,249,535          10,725,212

Earnings per share
  Basic - before discontinued operations         $0.61               $0.11
  Diluted - before discontinued operations       $0.61               $0.11

  Basic - net income                             $0.63               $0.13
  Diluted - net income                           $0.63               $0.13

For the quarters ended July 31, 2009 and July 31, 2008, 259,606 and 266,106 options, respectively, were excluded from the calculation of diluted earnings per share, as the exercise price of these options exceeded the average market price of the Company's common stock during this period and were therefore anti-dilutive.
« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »

Review Article Be the first to review this article

Downstream : Solutuions for Post processing PCB Designs

Featured Video
Principle Electronic Design Engr for Cypress Semiconductor at San Jose, California
Senior Electrical Engineer for Allen & Shariff Corporation at Pittsburgh, Pennsylvania
Director, Business Development for Kongsberg Geospatial at Ottawa, Canada
Director, Business Development for Kongsberg Geospatial at remote from home, Any State in the USA
Upcoming Events
IPC Technical Education - PCB Layout - Place and Route at Del Mar Fairgrounds 2260 Jimmy Durante Blvd. Del Mar CA - May 2, 2018
IPC Technical Education at Wisconsin Center 400 W Wisconsin Ave. Milwaukee WI - May 8, 2018
IPC High Reliability Forum at Embassy Suites: Baltimore-At BWI Airport 1300 Concourse Drive Linthicum MD - May 15 - 17, 2018
DownStream: Solutions for Post Processing PCB Designs
TrueCircuits: UltraPLL

Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise