CALGARY,
May 5, 2015 /CNW/ - BrightPath
Early Learning Inc. ("BrightPath" or the "Company") (TSX-V: BPE),
the leading Canadian provider of high-quality, comprehensive early
childhood education and care, announced today its operational and
financial results for the three month period ended March 31, 2015.
Portfolio performance highlights for the quarter
ended March 31, 2015 are as follows
(all comparisons are against the same period last year and all
amounts are in thousands except per share amounts, unless otherwise
noted):
- Revenue of $13.6 million, a
record level, compared to $12.7
million in 2014, an increase of 7.4%;
- Adjusted EBITDA of $1.8 million
compared to $1.6 million in 2014, an
increase of 16.6%;
- An 8.9% increase in centre margin to $3.9 million (28.9% of revenue) compared to
$3.6 million (28.5% of revenue) in
2014;
- A significant increase of 24.1% in Funds from Operations
("FFO") and 30.0% increase in FFO per share to $1.6 million ($0.013 per share) compared to $1.3 million ($0.010 per share) in 2014;
- An 14.1% increase in Adjusted Funds from Operations ("AFFO")
and 18.2% increase in AFFO per share to a record $1.5 million ($0.013 per share), compared to $1.3 million ($0.011 per share) in 2014; and
- Available capital of $25.2
million at quarter end to fund the Company's pipeline of
growth initiatives, including the announced additional 870 licensed
spaces, or 16.2% growth to the Company's current portfolio of 5,378
spaces, and other initiatives not yet announced.
"BrightPath continues to focus on its product and
service offering, growth initiatives, revenue optimization and
management of costs," noted Mary Ann
Curran, Chief Executive Officer of the Company. "This
multi-faceted strategy has resulted in strong first quarter 2015
financial performance that has further bolstered our commitment and
financial capacity to fund our growth pipeline utilizing internal
resources and available funding without diluting our
shareholders."
Financial Review
($000's except where otherwise noted and per share amounts)
|
|
|
|
|
|
|
|
|
|
Q1
2015
|
Q4
2014
|
Q3
2014
|
Q2
2014
|
Q1
2014
|
Q4
2013
|
Q3
2013
|
Q2
2013
|
Revenue
|
$
|
13,647
|
$
|
12,911
|
$
|
12,013
|
$
|
13,181
|
$
|
12,703
|
$
|
12,182
|
$
|
11,211
|
$
|
11,941
|
Centre
margin
|
3,949
|
3,741
|
2,782
|
3,670
|
3,626
|
3,209
|
2,592
|
3,216
|
Centre margin
%
|
28.9
|
29.0
|
23.2
|
27.8
|
28.5
|
26.3
|
23.1
|
26.9
|
Adjusted
EBITDA
|
1,819
|
1,889
|
801
|
1,704
|
1,560
|
926
|
226
|
923
|
FFO
|
1,551
|
1,633
|
517
|
1,415
|
1,250
|
688
|
(161)
|
646
|
AFFO
|
1,516
|
1,472
|
294
|
1,361
|
1,329
|
728
|
(113)
|
653
|
Net profit
(loss)
|
296
|
(85)
|
(963)
|
133
|
(653)
|
(1,282)
|
(1,287)
|
(504)
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
|
FFO
|
0.013
|
0.013
|
0.004
|
0.012
|
0.010
|
0.006
|
(0.001)
|
0.005
|
|
AFFO
|
0.013
|
0.012
|
0.002
|
0.011
|
0.011
|
0.006
|
(0.001)
|
0.005
|
|
Net profit
(loss)
|
0.002
|
(0.001)
|
(0.008)
|
0.001
|
(0.005)
|
(0.011)
|
(0.011)
|
(0.004)
|
For the three months ended March 31, 2015, the Company reported revenue of
$13,647 (March
31, 2014 - $12,703) and centre
margin of $3,949 (March 31, 2014 - $3,626). The 7.4% increase in revenue year over
year was primarily due to fee increases implemented in 2015 and the
opening of the Surrey centre in
the third quarter of 2014. Centre margin as a percentage of revenue
increased to 28.9% compared to 28.5% a year earlier. Fee increases
and efficiencies in operating costs were offset, in part, by wage
rate increases, food and utility cost inflation and reconfiguration
of rooms to different age groups. Stabilized centre revenue
increased 5.6% quarter over quarter.
Adjusted EBITDA for the first quarter of 2015 was
$1,819 compared to $1,560 in the first quarter of 2014. Adjusted
EBITDA improved 16.6% mainly due to higher centre margin and lower
general and administrative expenses, offset, in part, by higher
operating lease expense.
In Alberta, the
effects of recent oil price volatility did not result in any
material impact on enrollment or revenues in the first quarter of
2015 with enrollment at 91.3%. The Company is closely monitoring
the impact of market volatility and is experiencing localized
increases in departures due to job loss in April and anticipates
the same in May and June. Notwithstanding pressures that have
surfaced, the Alberta market
continues to represent an opportunity for selective new locations
in several critically underserved markets.
Adjusted EBITDA, AFFO and FFO
|
|
|
|
|
|
|
|
|
|
Q1
2015
|
Q4
2014
|
Q3
2014
|
Q2
2014
|
Q1
2014
|
Q4
2013
|
Q3
2013
|
Q2
2013
|
Centre margin for the
period
|
3,949
|
3,741
|
|
2,782
|
|
3,670
|
|
3,626
|
|
3,209
|
|
2,592
|
|
3,216
|
General and
administrative expense
|
(1,192)
|
(903)
|
(1,138)
|
(1,170)
|
(1,276)
|
(1,518)
|
(1,610)
|
(1,547)
|
Taxes, other than
income taxes
|
(43)
|
(52)
|
(44)
|
(43)
|
(43)
|
(34)
|
(30)
|
(26)
|
Operating lease
expense
|
(895)
|
(897)
|
(799)
|
(753)
|
(747)
|
(731)
|
(726)
|
(720)
|
Adjusted
EBITDA
|
$
|
1,819
|
$
|
1,889
|
$
|
801
|
$
|
1,704
|
$
|
1,560
|
$
|
926
|
$
|
226
|
$
|
923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2015
|
Q4
2014
|
Q3
2014
|
Q2
2014
|
Q1
2014
|
Q4
2013
|
Q3
2013
|
Q2
2013
|
Net profit (loss) for
the period
|
296
|
|
(85)
|
|
(963)
|
|
133
|
|
(653)
|
|
(1,282)
|
|
(1,287)
|
(504)
|
Depreciation and
certain other non-cash items
|
941
|
948
|
847
|
852
|
853
|
929
|
851
|
843
|
Acquisition and
development costs
|
314
|
736
|
365
|
232
|
280
|
214
|
275
|
307
|
Restructuring
costs
|
-
|
-
|
-
|
198
|
770
|
827
|
-
|
-
|
Loss on disposition
of development land
|
-
|
34
|
268
|
-
|
-
|
-
|
-
|
-
|
FFO
|
$
|
1,551
|
$
|
1,633
|
$
|
517
|
$
|
1,415
|
$
|
1,250
|
$
|
688
|
$
|
(161)
|
$
|
646
|
Stock based
compensation
|
78
|
107
|
108
|
93
|
103
|
76
|
176
|
129
|
Maintenance capital
expenditure
|
(113)
|
(268)
|
(331)
|
(147)
|
(24)
|
(36)
|
(128)
|
(122)
|
AFFO
|
$
|
1,516
|
$
|
1,472
|
$
|
294
|
$
|
1,361
|
$
|
1,329
|
$
|
728
|
$
|
(113)
|
$
|
653
|
FFO for the first quarter of 2015 was
$1,551 compared to $1,250 in the first quarter of 2014. The increase
over the prior year amount of 24.1% is primarily due to higher
centre margin and lower general and administrative expenses. FFO
per share for the first quarter of 2015 was $0.013 compared to $0.010 for the same period in 2014, an increase
of 30.0%.
AFFO for the first quarter of 2015 was a record
$1,516 compared to $1,329 a year earlier. The year over year
increase in AFFO of 14.1% was primarily due to increased centre
margin and lower general and administrative expenses, offset by an
increase in operating lease expense. AFFO per share for the first
quarter of 2015 was $0.013 compared
to $0.011 for the first quarter of
2014, an increase of 18.2%.
Net profit for the first quarter of 2015 was
$296 compared to a net loss of
$653 in the first quarter of 2014.
Basic and diluted net profit per share for the three months ended
March 31, 2015 was $0.002 (March 31,
2014 - $(0.005)).
Centre Portfolio Overview
For the Company's centre locations, number of
licensed spaces and average occupancies are as shown in the table
that follows. Centres typically have lower levels of attendance
June through August due to seasonal factors. As well, new centre
locations may exhibit lower occupancy levels during ramp up and
adversely impact total portfolio occupancies.
|
|
Stabilized
Centres
|
Three months ended
March 31,
|
|
2015
|
|
2014
|
Alberta
|
|
|
|
Ending Centres
#
|
30
|
|
30
|
Ending Spaces
#
|
3,184
|
|
3,121
|
Avg. Occupancy
%
|
91.3
|
|
91.0
|
|
|
|
|
British
Columbia
|
|
|
|
Ending Centres
#
|
7
|
|
7
|
Ending Spaces
#
|
581
|
|
576
|
Avg. Occupancy
%
|
84.0
|
|
81.8
|
|
|
|
|
Ontario
|
|
|
|
Ending Centres
#
|
12
|
|
12
|
Ending Spaces
#
|
1,289
|
|
1,316
|
Avg. Occupancy
%
|
75.6
|
|
76.8
|
|
|
|
|
Non-stabilized
Centres
|
Three months ended
March 31,
|
|
2015
|
|
2014
|
Alberta
|
|
|
|
Ending Centres
#
|
-
|
|
-
|
Ending Spaces
#
|
-
|
|
-
|
Avg. Occupancy
%
|
-
|
|
-
|
|
|
|
|
British
Columbia
|
|
|
|
Ending Centres
#
|
1
|
|
-
|
Ending Spaces
#
|
206
|
|
-
|
Avg. Occupancy
%
|
38.4%
|
|
-
|
|
|
|
|
Ontario
|
|
|
|
Ending Centres
#
|
2
|
|
2
|
Ending Spaces
#
|
118
|
|
118
|
Avg. Occupancy
%
|
67.4
|
|
72.1
|
|
|
|
|
Total Portfolio
(All Centres)
|
Three months ended
March 31,
|
|
2015
|
|
2014
|
Ending Centres
#
|
52
|
|
51
|
Ending Spaces
#
|
5,378
|
|
5,131
|
Avg. Occupancy
%
|
84.2
|
|
85.9
|
|
|
|
|
Deferred Share Units ("DSUs")
Pursuant to the Employee DSU plan, election was
made by employees to receive incentive compensation in the form of
DSUs representing $0.08 million fair
value in respect of 219,462 DSUs. The DSUs were issued on
April 2, 2015.
For the three months ended March 31, 2015, pursuant to the Board of
Directors DSU plan, five members of the board of directors of
BrightPath elected to receive board fees in the form of DSUs in
lieu of cash remuneration, representing $0.06 million fair value in respect of 181,248
DSUs. The DSUs were issued on April 24,
2015.
Outlook
The Company remains focussed on delivering on its
identified priorities for 2015:
- To generate substantially higher Adjusted EBITDA and to
optimize the return on capital invested through:
- continuous product advancement;
- disciplined management of enrollment and mix;
- market-based pricing of tuition fees;
- continuously improving management of all costs – labour, other
operating and general and administrative; and
- realizing the cash flow from development initiatives announced
in 2014, as well as those in the pipeline but not yet
announced.
Construction of the Creekside greenfield centre,
representing an additional 250 licensed spaces, began in
February 2015. Opening is scheduled
for the Fall of 2015 and BrightPath has received considerable
interest to date with respect to enquiries and preregistrations
reflecting strong demand in this community.
The expansion of BrightPath's Airdrie, Alberta centre from 50 licensed
spaces to 111 and a new centre in Cochrane, Alberta, creating 120 spaces in
leased premises, are on schedule to open in July and September 2015, respectively.
The Company's first Edmonton greenfield development, on lands
within Melcor Developments' West Henday Promenade Shopping Centre
representing 250 spaces, recently received its building permit and
preliminary site work has begun. This centre is scheduled to open
in early 2016.
The Company's Windermere centre, its second new development
in Edmonton, Alberta, will consist
of 13,500 square feet of leasehold area pursuant to a long-term
lease and be comprised of approximately 190 licensed spaces.
The Company's investor presentation (available at
www.brightpathkids.com/corporate) provides an analysis of net asset
value per share ("NAV") which indicates a range of 63 to 88 cents based on various assumptions
noted. As such, the recent trading price of the Company's common
shares indicates a 30% to 50% discount to this NAV range, due in
part to the significant unrecognized market value of BrightPath's
substantial owned real estate portfolio. Accordingly, with the
Company's announced accretive and non-dilutive growth pipeline
adding to its portfolio constituting Canada's largest publicly listed provider of
child development and care services, the Company will be exploring
initiatives and options to both recognize and surface value for its
shareholders during 2015.
NON- IFRS PERFORMANCE MEASURES
The Company uses "centre margin" as an indicator
of centre performance. Centre margin does not have a standardized
meaning prescribed by IFRS and therefore may not be comparable with
the calculation of similar measures by other entities. Centre
margin is determined by deducting centre expenses from revenue.
Centre expenses include labour and direct costs and exclude
operating lease expense for leasehold properties and mortgage
interest, if any, on those properties owned by the Company.
The Company also uses Adjusted EBITDA, FFO and
AFFO as indicators of financial performance.
Adjusted EBITDA is calculated by deducting the
following from centre margin: operating lease expense, general and
administrative expenses, and taxes other than income taxes. FFO is
calculated by adjusting the net loss to add back acquisition costs
expensed as incurred, depreciation and certain other non-cash
items. AFFO is calculated by adjusting FFO to add back stock based
compensation and deduct maintenance capital expenditures.
Maintenance capital expenditures consist of capital expenditures
that are capitalized for accounting purposes but are considered to
be recurring costs such as facilities and leasehold maintenance and
the replacement of learning materials, toys, furniture, appliances
and other equipment. Maintenance capital expenditures do not occur
evenly over the course of the year with these activities typically
occurring with greater intensity during the seasonally slower
summer months.
Adjusted EBITDA, FFO and AFFO do not have
standardized meanings prescribed by IFRS. The Company's method of
calculating Adjusted EBITDA, FFO and AFFO may be different from
other entities and, accordingly, may not be comparable to such
other entities. Adjusted EBITDA, FFO and AFFO: (i) do not represent
cash flow from operating activities as defined by IFRS; (ii) are
not indicative of cash available to fund all liquidity
requirements, including capital for growth; and (iii) are not to be
considered as alternatives to IFRS-based net income for the purpose
of evaluating operating performance.
Centre operating results are also analyzed based
on Stabilized and Non-stabilized centres which may not be
comparable with that used by other entities. Acquired and
newly-developed centres are deemed to be stabilized after 24
months, or sooner if normalized occupancy levels are achieved.
Net profit/loss is impacted by, among other
items, accounting standards that require centre acquisition and
transaction costs to be expensed as incurred. As the Company
executes its consolidation and development strategy in the Canadian
market, it will routinely incur such expenses which will negatively
impact the Company's reported net profit/loss, but not Adjusted
EBITDA, FFO and AFFO.
QUARTERLY CONFERENCE CALL
BrightPath's quarterly results conference call is
scheduled for Wednesday, May 6, 2015
at 10:00 am EST. The call
details are as follows:
To access the conference call by telephone, dial
+1 (647) 427-7450 or +1 (888) 231-8191. Please connect
approximately 10 minutes prior to the beginning of the call.
A live audio webcast of the conference call will
be available at:
http://event.on24.com/r.htm?e=987902&s=1&k=3A7CAE547B8230F58FFE99756858A095.
Please connect at least 10 minutes prior to the
web conference call to ensure adequate time for any software
download that may be required to join the webcast. The webcast will
be archived at the above website for 90 days.
The conference call will be archived for replay
until Wednesday, May 20, 2015 at
midnight. To access the archived conference call, dial +1 (416)
849-0833 or +1 (855) 859-2056 and enter the reservation number
36369523 followed by the number sign.
ABOUT BRIGHTPATH EARLY LEARNING INC.
BrightPath Early Learning Inc. is a Canadian
leader in child care and early education with 52 locations in major
markets across the country. Meeting the highest standard in
curriculum, nutrition, technology and recreational programing,
BrightPath is committed to providing families with the very best
child development and care programs Canada has to offer.
For more information on BrightPath, visit
www.BrightPathKids.com/corporate (TSXV: BPE).
FORWARD-LOOKING STATEMENTS
Certain statements in this Release, which are not
historical facts, may constitute forward-looking statements or
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"). Any statements
related to BrightPath's projected revenues, earnings, growth rates,
revenue mix, staffing and resources, and product plans are
forward-looking statements as are any statements relating to future
events, conditions or circumstances.
The use of terms such as "believes",
"anticipates", "expects", "projects", "targeting", "estimate",
"intend" and similar terms are intended to assist in identification
of these forward-looking statements. Readers are cautioned not to
place undue reliance upon any such forward-looking statements. Such
forward-looking statements are not promises or guarantees of future
performance and involve both known and unknown risks and
uncertainties that may cause the actual results, performance,
achievements and/or developments of BrightPath to differ materially
from the results, performance, achievements and/or developments
expressed or implied by such forward-looking statements.
Forward-looking statements are based on management's current plans,
estimates, projections, beliefs and opinions. Except as required by
law, BrightPath does not undertake any obligation to update
forward-looking statements should assumptions related to these
plans, estimates, projections, beliefs and opinions change.
The Company undertakes no obligation, except as
required by law, to update publicly or otherwise any
forward-looking information, whether as a result of new
information, future events or otherwise, or the above list of
factors affecting this information. Many factors could cause the
actual results of BrightPath to differ materially from the results,
performance, achievements and/or developments expressed or implied
by such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
BrightPath Early
Learning Inc.
|
Consolidated
Statements of Financial Position
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(CDN
$000's)
|
|
March
31, 2015
|
December
31, 2014
|
Assets
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Property and
equipment
|
|
$
|
45,859
|
$
|
45,811
|
|
Goodwill and definite
life intangible assets
|
|
30,053
|
30,074
|
|
|
75,912
|
75,885
|
Current
assets
|
|
|
|
|
Cash
|
|
4,195
|
3,455
|
|
Accounts
receivable
|
|
1,493
|
1,983
|
|
Prepaid and other
expenses
|
|
1,615
|
1,515
|
|
Short term
investments
|
|
39
|
39
|
|
|
7,342
|
6,992
|
|
|
|
|
Total
Assets
|
|
$
|
83,254
|
$
|
82,877
|
|
Liabilities
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Provision for
restructuring costs
|
|
$
|
-
|
$
|
45
|
|
Long term debt and
financing leases
|
|
|
19,415
|
|
19,762
|
|
Convertible
debentures – liability component
|
|
|
4,454
|
|
4,355
|
|
|
23,869
|
24,162
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
3,424
|
2,924
|
|
Current portion of
provision for restructuring costs
|
|
250
|
290
|
|
Deferred
revenue
|
|
754
|
878
|
|
Current portion of
debt and financing leases
|
|
1,400
|
1,418
|
|
|
5,828
|
5,510
|
|
|
|
|
Total
Liabilities
|
|
29,697
|
29,672
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Share
capital
|
|
65,832
|
65,871
|
|
Convertible
debentures – equity component
|
|
342
|
342
|
|
Equity settled share
based compensation
|
|
2,497
|
2,419
|
|
Accumulated
deficit
|
|
(15,114)
|
(15,427)
|
Total Shareholders'
Equity
|
|
53,557
|
53,205
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
83,254
|
$
|
82,877
|
BrightPath Early
Learning Inc.
|
Consolidated
Statements of Operations and Comprehensive Income
(Loss)
|
Three months ended
March 31, 2015 and 2014
|
(Unaudited)
|
|
|
|
|
|
(CDN
$000's)
|
|
March
31,
2015
|
March
31,
2014
|
|
|
|
|
Revenue
|
|
$
|
13,246
|
$
|
12,363
|
Government
grants
|
|
401
|
340
|
Total
revenue
|
|
13,647
|
12,703
|
|
|
|
|
Centre
expenses
|
|
|
|
|
Salaries, wages and
benefits
|
|
7,266
|
6,648
|
|
Other operating
expenses
|
|
2,432
|
2,429
|
Centre
margin
|
|
3,949
|
3,626
|
|
|
|
|
Operating
leases
|
|
895
|
747
|
Finance
|
|
348
|
352
|
General and
administrative
|
|
1,192
|
1,276
|
Taxes, other than
income taxes
|
|
43
|
43
|
Restructuring
costs
|
|
-
|
770
|
Acquisition and
development costs
|
|
314
|
280
|
Stock-based
compensation
|
|
78
|
103
|
Depreciation and
amortization
|
|
787
|
714
|
|
|
3,657
|
4,285
|
|
|
|
|
Profit (loss) before
other income
|
|
292
|
(659)
|
|
|
|
|
Other
income
|
|
4
|
6
|
|
|
|
|
Net Profit (Loss)
and Total Comprehensive
Income (Loss)
|
|
$
|
296
|
$
|
(653)
|
|
|
|
|
Net profit (loss) per
share
|
|
|
|
|
Basic and
diluted
|
|
$
|
0.002
|
$
|
(0.005)
|
BrightPath Early
Learning Inc.
|
Consolidated
Statements of Changes in Shareholders' Equity
|
Three months ended
March 31, 2015 and 2014
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(CDN
$000's)
|
|
Share
Capital
|
Convertible
Debentures
–
Equity
Component
|
Equity
Settled
Share
Based
Compensation
|
Accumulated
Deficit
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
Balance at January
1, 2014
|
$
|
66,030
|
$
|
342
|
$
|
2,026
|
$
|
(13,911)
|
$
|
54,487
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
-
|
-
|
103
|
-
|
103
|
|
|
|
|
|
|
|
Net loss and
comprehensive loss
|
|
-
|
-
|
-
|
(653)
|
(653)
|
|
|
|
|
|
|
|
Balance at March
31, 2014
|
$
|
66,030
|
$
|
342
|
$
|
2,129
|
$
|
(14,564)
|
$
|
53,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January
1, 2015
|
$
|
65,871
|
$
|
342
|
$
|
2,419
|
$
|
(15,427)
|
$
|
53,205
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
-
|
-
|
|
78
|
|
-
|
|
78
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased for
cancellation
|
|
|
(39)
|
-
|
|
-
|
|
17
|
|
(22)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit and
comprehensive income
|
|
|
-
|
-
|
|
-
|
|
296
|
|
296
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March
31, 2015
|
$
|
65,832
|
$
|
342
|
$
|
2,497
|
$
|
(15,114)
|
$
|
53,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BrightPath Early
Learning Inc.
|
Consolidated
Statements of Cash Flow
|
Three months ended
March 31, 2015 and 2014
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(CDN
$000's)
|
|
March
31,
2015
|
March
31,
2014
|
|
|
|
|
Cash provided by
(used in):
|
|
|
|
|
|
|
|
Operating
Activities
|
|
|
|
Net profit
(loss)
|
|
$
|
296
|
$
|
(653)
|
Items not affecting
cash:
|
|
|
|
|
Depreciation and
amortization
|
|
787
|
714
|
|
Depreciation included
in operating costs
|
|
37
|
37
|
|
Finance
costs
|
|
348
|
352
|
|
Stock-based
compensation
|
|
78
|
103
|
Change in non-cash
working capital
|
|
726
|
(352)
|
Non-current portion
of provision for restructuring costs
|
|
(45)
|
132
|
Cash generated from
operations
|
|
2,227
|
333
|
|
|
|
|
Finance costs
paid
|
|
(229)
|
(215)
|
Net cash generated by
operating activities
|
|
1,998
|
118
|
|
|
|
|
Investing
Activities
|
|
|
|
Property and
equipment
|
|
(851)
|
(337)
|
|
|
(851)
|
(337)
|
|
|
|
|
Financing
Activities
|
|
|
|
Loan
repayments
|
|
(327)
|
(286)
|
Financing transaction
costs
|
|
-
|
(17)
|
Finance lease
repayments
|
|
(64)
|
(60)
|
Shares purchased for
cancellation
|
|
(16)
|
-
|
|
|
(407)
|
(363)
|
|
|
|
|
Change in
Cash
|
|
740
|
(582)
|
Cash at beginning of
period
|
|
3,455
|
3,940
|
Cash at end of
period
|
|
$
|
4,195
|
$
|
3,358
|
SOURCE BrightPath Early Learning Inc.