CALGARY, May 8, 2013 /CNW/ - Edleun Group, Inc.
("Edleun" or the "Company") (TSX-V: EDU), the leading
provider of quality early childhood education and care in
Canada, announced today its
financial results for the three months ended March 31, 2013.
These results reflect continued and significant
improvement in the performance of stabilized centres and the
initial contribution towards profitability from four new
development and redevelopment centres opened late in 2012.
Portfolio performance highlights for the first
quarter of 2013:
- Portfolio-wide revenue of $11.5
million increased 43.0% from $8.0
million in the same period a year earlier including an
increase of 11.9% at stabilized centres (see below for non-IFRS
performance measure definitions);
- Centre margin of $3.2 million
represented a 27.6% increase from the same period a year earlier
and 15.7% growth on a sequential quarter basis; for stabilized
centres alone, the margin increased by 10.5% from the same period
in the previous year;
- Adjusted EBITDA of $0.97 million
represented an increase of 44.6% compared to a year earlier and
64.9% on a sequential quarter basis;
- Funds From Operations ("FFO") and Adjusted Funds From
Operations ("AFFO") both achieved record levels of $0.76 million;
- Centre margin as a percentage of revenue for the three month
period was 30.8% for stabilized centres and 24.6% for
non-stabilized centres; and
- Portfolio-wide occupancy on a sequential quarter basis was
85.9% compared to 82.7% in the fourth quarter of 2012.
Occupancy at stabilized centres improved to 91.7% compared to 85.8%
in the same period a year earlier.
New centre developments and redevelopments
contributed increased cash flow during the quarter. A summary
of the change in occupancy in these centres is reflected in the
following table:
|
|
|
|
|
|
|
|
|
|
|
McKenzie
Towne |
|
Chestermere |
|
Lawrence |
|
Highland
Park |
|
Total |
Capital invested (in millions) |
$6.1 |
|
$6.1 |
|
$3.1 |
|
$1.6 |
|
$16.9 |
Number of spaces |
247 |
|
247 |
|
140 |
|
75 |
|
709 |
|
|
|
|
|
|
|
|
|
|
Average occupancy % in Q4 |
|
|
|
|
|
|
|
|
|
2012 |
73.3% |
|
62.0% |
|
72.9% |
|
91.3% |
|
71.2% |
Average occupancy % in Q1 |
|
|
|
|
|
|
|
|
|
2013 |
94.8% |
|
70.9% |
|
74.5% |
|
91.8% |
|
82.1% |
Current occupancy % as at the
date of this news release |
99.3% |
|
74.2% |
|
80.6% |
|
94.4% |
|
86.3% |
Other significant development in the quarter
included:
- In February 2013, the Company and
its senior bank lender agreed to a $2
million increase to its existing $25
million credit facility and covenant amendments favourable
to the Company; and
- In February 2013, the Company
completed the acquisition of a child care centre in Ottawa, Ontario, adding an additional 47
licensed spaces to the Company's portfolio.
"We are pleased to be reporting improved
operating results, and in particular results that reflect the
success of our new development centres opened last year.
Overall occupancy rates continue to rise in the four development
centres that involved an investment of $17
million and created 709 new child care spaces.
The basic premise for child care in Canada remains unchanged: there are many
underserved markets that offer the opportunity to provide quality
child care," said Mary Ann Curran,
Chief Executive Officer.
"We have opportunities and challenges in
2013. Our Alberta centres are increasingly a solid platform
for future growth and in Ontario
we are pursuing a repositioning of select centres in the context of
the implementation of full day kindergarten. We are also on
track with the implementation of our Enterprise Resource Planning
system that will enable greater efficiencies in corporate spending
and administrative expense," said Dale
Kearns, President and Chief Financial Officer.
Financial Review
($000's except where otherwise noted and per
share amounts)
Selected Quarterly Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2013 |
|
Q4 2012 |
|
Q3 2012 |
|
Q2 2012 |
|
Q1 2012 |
|
Q4 2011 |
|
Q3 2011 |
|
Q2 2011 |
Revenue |
$ |
11,484 |
$ |
10,594 |
$ |
8,818 |
$ |
8,984 |
$ |
8,030 |
$ |
5,840 |
$ |
4,877 |
$ |
3,958 |
Centre margin1 |
|
3,159 |
|
2,731 |
|
2,108 |
|
2,709 |
|
2,475 |
|
1,841 |
|
1,406 |
|
1,286 |
Centre margin % |
|
28 |
|
26 |
|
24 |
|
30 |
|
31 |
|
31 |
|
29 |
|
32 |
Adjusted EBITDA1 |
|
973 |
|
590 |
|
(74) |
|
616 |
|
673 |
|
192 |
|
(294) |
|
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO1 |
|
760 |
|
228 |
|
(285) |
|
379 |
|
542 |
|
119 |
|
(314) |
|
(22) |
AFFO1 |
|
756 |
|
320 |
|
(400) |
|
566 |
|
727 |
|
211 |
|
(329) |
|
100 |
Net loss1 |
|
(396) |
|
(1,587) |
|
(1,543) |
|
(539) |
|
(793) |
|
(810) |
|
(957) |
|
(541) |
Per share
amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(0.003) |
|
(0.013) |
|
(0.013) |
|
(0.005) |
|
(0.007) |
|
(0.007) |
|
(0.008) |
|
(0.006) |
|
FFO |
|
0.006 |
|
0.002 |
|
(0.002) |
|
0.003 |
|
0.005 |
|
0.001 |
|
(0.003) |
|
(0.002) |
|
AFFO |
|
0.006 |
|
0.003 |
|
(0.003) |
|
0.005 |
|
0.006 |
|
0.002 |
|
(0.003) |
|
0.001 |
Notes:
- During the fourth quarter of 2012, an error in the previously
reported results for the first, second and third quarters of 2012
was identified. This error resulted in Salaries, Wages and Benefits
under Centre Expenses for those quarters being understated by
$62, $184 and $14,
respectively. All amounts reported in this news release and the
Company's MD&A have been amended to correct the error - see
Adjusted EBITDA, FFO and AFFO table in the MD&A for further
details. This error has no impact on the annual financial
statements at December 31, 2012.
Results of Operations for the three months
ended March 31, 2013
For the three months ended March 31, 2013, the Company reported revenue of
$11.5 million (March 31, 2012 - $8.0
million) and centre margin of $3.2
million (March 31, 2012 -
$2.5 million). Year over year revenue
increase was due to a higher number of spaces available for
enrollment, with centre margin as a percentage of revenue declining
from 30.8% to 27.5% due primarily to occupancy levels at certain of
the Company's new development centres which only came on-stream
subsequent to the first quarter of 2012, the early stage financial
performance of 2012 Ontario acquisitions and higher labour costs in
the Alberta centres in order to
recruit and retain staff and reduce turnover. First quarter
revenues were 8.4% higher than revenues for the fourth quarter of
2012 on a sequential quarter basis due primarily to higher
occupancy, fee increases at centres, the full quarter impact of the
three child care centres acquired during the fourth quarter of 2012
and the addition of one centre during the first quarter of
2013.
Adjusted EBITDA for the first quarter of 2013
was $973 compared to $590 in the fourth quarter of 2012 and
$673 in the first quarter of 2012.
Adjusted EBITDA improved by $383 on a
sequential quarter basis due to higher centre margin, partially
offset by increased operating lease expense. Adjusted EBITDA for
the first quarter of 2013 increased by $300 compared to the first quarter of 2012 due to
the addition of 1,082 licensed spaces to the Company's portfolio
during the twelve months ended March 31,
2013, partially offset by increased general and
administrative expense and operating lease expense.
AFFO for the first quarter of 2013 was
$756 compared to $320 in the fourth quarter of 2012 and
$727 for the first quarter of
2012. AFFO increased by $436 on
a sequential quarter basis for reasons consistent with those
described above coupled with a slight reduction in maintenance
capital expenditure. AFFO increased marginally by $29 compared to the first quarter of 2012
primarily due to increased centre margin, partially offset by an
increase in finance costs and operating lease expense.
FFO for the first quarter of 2013 was
$760 compared to $228 for the fourth quarter of 2012 and
$542 for the first quarter of 2012,
the trends for which were substantially the same as AFFO.
|
|
|
Q1 2013 |
Q4
2012 |
Q3
2012 |
Q2
2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2
2011 |
Centre margin for
the period |
|
3,159 |
|
2,731 |
|
2,108 |
|
2,709 |
|
2,475 |
|
1,841 |
|
1,406 |
|
1,286 |
General and
administrative
expense1 |
(1,453) |
(1,466) |
(1,501) |
(1,495) |
(1,343) |
(1,212) |
(1,432) |
(988) |
Taxes, other than
income taxes |
(48) |
(43) |
(47) |
(59) |
(15) |
(88) |
(1) |
(1) |
Operating lease
expense |
(685) |
(632) |
(634) |
(539) |
(444) |
(349) |
(267) |
(160) |
Adjusted
EBITDA |
$ |
973 |
$ |
590 |
$ |
(74) |
$ |
616 |
$ |
673 |
$ |
192 |
$ |
(294) |
$ |
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2013 |
Q4
2012 |
Q3 2012 |
Q2
2012 |
Q1
2012 |
Q4
2011 |
Q3
2011 |
Q2
2011 |
Net loss for the
period |
$ |
(396) |
$ |
(1,587) |
$ |
(1,543) |
$ |
(539) |
$ |
(793) |
$ |
(810) |
$ |
(957) |
$ |
(541) |
Depreciation and
certain other
non cash items |
773 |
845 |
761 |
478 |
459 |
324 |
313 |
238 |
Acquisition and
development
costs |
383 |
430 |
497 |
440 |
876 |
605 |
330 |
281 |
Terminated
projects |
- |
540 |
- |
- |
- |
- |
- |
- |
FFO |
$ |
760 |
$ |
228 |
$ |
(285) |
$ |
379 |
$ |
542 |
$ |
119 |
$ |
(314) |
$ |
(22) |
Stock based
compensation |
61 |
174 |
170 |
237 |
196 |
104 |
69 |
166 |
Maintenance
capital
expenditure |
(65) |
(82) |
(285) |
(50) |
(11) |
(12) |
(84) |
(44) |
AFFO |
$ |
756 |
$ |
320 |
$ |
(400) |
$ |
566 |
$ |
727 |
$ |
211 |
$ |
(329) |
$ |
100 |
Notes:
- General and administrative expense for Q2 2011 and Q3 2011 is
presented in this table excluding finance costs that were reported
in general and administrative expense in the financial
statements.
Net loss for the first quarter of 2013 was
$396 compared to a loss of
$1,587 in the fourth quarter of 2012
and a net loss of $793 in the first
quarter of 2012.
In determining per share amounts the Company
calculated the weighted average number of shares outstanding in
accordance with the guidelines established by IFRS 3 Business
Combinations and IAS 33 Earnings per Share. The
basic and diluted weighted average number of shares outstanding for
the first quarter of 2013 was 121,719,316 (March 31, 2012- 116,709,441). Basic and
diluted net loss per share for the three months ended March 31, 2013 was $(0.003) (first quarter of 2012 - $(0.007)).
During the quarter the Company continued to make
select investments of $172 in systems
and infrastructure that, while impinging upon the Company's
operating cash flow in the quarter, will provide significant
operational improvements and increased profitability going
forward.
The Company continues to maintain a solid
financial position. At March 31,
2013, the Company had working capital of $3,296. The Company has a $27 million credit facility agreement with a
Canadian bank, under which the Company has advances of $17.0 million as at March
31, 2013 (December 31, 2012 -
$17.0 million). At March 31, 2013 the Company had $14.5 million of available capital through funds
on hand and its bank credit facility for its operating, acquisition
and development programs.
Outlook
As the Company looks forward to its third
anniversary, the success of the business model has been validated
as evidenced by the following trends:
- Stabilized centres improved their ending occupancy level from
86.5% in the first quarter of 2012 to 92.3% in the first quarter of
2013, contributing to a revenue increase of 12% at these
centres;
- Increased Adjusted EBITDA to $973
in the first quarter of 2013, an increase of $383 (65%) from the fourth quarter of 2012,
primarily due to increasing occupancy rates in recently opened
centres; and
- Centre developments that opened during 2012 representing
$17 million of investment brought 709
spaces to underserved markets with occupancy rates at opening dates
of 47% increasing to 86% as at the present date.
As at March 31,
2013, the Company operated 51 child care centres, of which
47 were purchased and four developed. The critical mass is
now in place to leverage the very best curriculum, complementary
programming, nutritional counselling, technology and training
methodologies. These, together with our passionate, skillful
staff, excellent facilities and state of the art equipment,
underpin our brand and promise of excellence with respect to child
care and development.
The basic premise of the Edleun value
proposition and business model remains unchanged. We continue
to identify the potential for growth and believe there is an
under-supply of high quality child care spaces in many
markets. We increasingly believe there is a greater
opportunity for development, so there is a shift in emphasis to
these three pillars of our external growth strategy - leasehold
build-outs, co-locations and greenfield developments - while
continuing to pursue select acquisitions. The acquisition
pipeline has been re-examined and all suitable opportunities are
being acted upon. With several build-outs and now two co-location
opportunities under consideration, we look forward to reporting
further details in this regard.
During the first quarter of 2013, the Company
has continued to invest in its ERP system and finalized its
corporate legal structure. Once the new systems are fully
implemented, the Company expects to achieve reductions in overhead
costs and more efficient and effective cost management at our
centres. We will also have better tools to identify
opportunities for increased enrollment and lower costs.
Non IFRS Performance Measures
The Company uses "centre margin" as a
performance indicator of child care centre operating results.
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 exclude net rents due under leases for leasehold
properties and mortgage interest, if any, on those properties owned
by the Company.
Edleun utilizes a number of key measures, such
as Adjusted EBITDA, FFO, AFFO, occupancy and centre margin, that in
its opinion are critical to measuring the progress of the Company
towards its strategic goals. The Company uses "stabilized centre
results" to measure performance. Acquired centres in Alberta are deemed to be stabilized 12 months
following their acquisition. Acquired centres in Ontario and British
Columbia and new development centres in all provinces are
deemed to be stabilized after 24 months.
Adjusted EBITDA is calculated by deducting from
centre margin: general and administrative expenses, operating lease
expense 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 represent
recurring costs such as facilities and leasehold maintenance and
the replacement of toys, appliances and other equipment.
The Company also uses adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"),
Funds from Operations ("FFO") and Adjusted Funds from Operations
("AFFO") as indicators of financial performance. 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.
Net income / loss is impacted by, among other
items, accounting standards that require child care centre
acquisition and transaction costs to be expensed as incurred.
As the Company executes its consolidation and development strategy
in the Canadian child care market, it will routinely incur such
expenses which will negatively impact the Company's reported net
income / loss, but not Adjusted EBITDA, FFO and AFFO.
Conference Call
Edleun Group Inc. will hold a conference call
Thursday, May 9th, 2013 at
10:00 am ET (8:00 am MT), to discuss the results of the first
quarter of fiscal 2013. The Company's full Financial Statements and
Management's Discussion and Analysis will be available on SEDAR at
www.sedar.com.
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. The conference call
will be archived for replay until Thursday,
May 16, 2013, at midnight. To access the archived conference
call, dial 1-416- 849-0833 or 1-855-859-2056 and enter the
reservation number 67356772 followed by the number sign.
A live audio webcast of the conference call will
be available at:
http://www.newswire.ca/en/webcast/detail/1157749/1264311. Please
connect at least 10 minutes prior to the 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.
About Edleun Group Inc.
Edleun is the leading provider of high-quality, community-based
Early Learning & Care centres in Canada offering early education and child care
services to children ages six weeks to 13 years. Edleun is
committed to preparing children for the next step in their
education and life, offering families and employers access to and
choice of quality early childhood education programs, as well as
enhanced opportunities and career advancement for Early Childhood
Educators.
Publicly traded on the Toronto Stock Exchange
(TSX-V: EDU), the Company's objectives include the acquisition and
subsequent improvement of existing child care centres and
developing new state-of-the-art Early Learning and Care Centres in
underserved Canadian communities.
The Company currently has a total of 51
operating centres in its portfolio representing approximately 4,990
licensed child care spaces.
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 Edleun'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",
"anticipated", "expected", "projected", "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 or developments of Edleun to differ materially from
the results, performance, achievements 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,
Edleun 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 Edleun to differ materially from the results,
performance, achievements 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.
Edleun Group, Inc.
Consolidated Statements of Financial Position
(Unaudited)
|
|
|
|
|
(CDN $000's) |
|
March 31,
2013 |
|
December 31,
2012 |
Assets |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property and equipment |
|
$ |
45,819 |
$ |
46,205 |
|
Goodwill and definite life intangible assets |
|
28,602 |
28,184 |
|
|
74,421 |
74,389 |
Current assets |
|
|
|
|
Cash |
|
5,995 |
5,800 |
|
Accounts receivable |
|
2,021 |
1,663 |
|
Prepaid and other expenses |
|
1,200 |
1,864 |
|
Short term investments |
|
259 |
259 |
|
|
9,475 |
9,586 |
|
|
|
|
Total Assets |
|
$ |
83,896 |
$ |
83,975 |
|
Liabilities |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Long term debt and financing leases |
|
$ |
16,053 |
$ |
11,828 |
|
Convertible debentures - liability component |
|
|
4,485 |
|
4,353 |
|
|
20,538 |
16,181 |
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
4,115 |
3,925 |
|
Deferred revenue |
|
970 |
867 |
|
Current portion of debt and financing leases |
|
1,094 |
5,488 |
|
|
6,179 |
10,280 |
|
|
|
|
Total Liabilities |
|
26,717 |
26,461 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
66,030 |
66,030 |
|
Convertible debentures - equity component |
|
342 |
342 |
|
Equity settled share based compensation |
|
1,645 |
1,584 |
|
Accumulated deficit |
|
(10,838) |
(10,442) |
Total Shareholders' Equity |
|
57,179 |
57,514 |
|
|
|
|
Total Liabilities and Shareholders'
Equity |
|
$ |
83,896 |
$ |
83,975 |
Edleun Group, Inc.
Consolidated Statements of Operations and Comprehensive
Loss
Three months ended March 31, 2013
and 2012
(Unaudited)
|
|
|
|
|
|
|
(CDN $000's) |
|
March 31,
2013 |
March 31,
2012 |
|
|
|
|
Revenue |
|
$ |
11,191 |
$ |
7,792 |
Government grants |
|
293 |
238 |
Total revenue |
|
11,484 |
8,030 |
|
|
|
|
Centre expenses |
|
|
|
|
Salaries, wages and benefits |
|
6,122 |
4,080 |
|
Other operating expenses |
|
2,203 |
1,475 |
Centre margin |
|
3,159 |
2,475 |
|
|
|
|
Operating leases |
|
685 |
444 |
Finance |
|
293 |
46 |
General and administrative |
|
1,453 |
1,343 |
Taxes, other than income taxes |
|
48 |
15 |
Acquisition and development costs |
|
383 |
876 |
Stock-based compensation |
|
61 |
196 |
Depreciation and amortization |
|
652 |
392 |
|
|
3,575 |
3,312 |
|
|
|
|
Loss before other income |
|
(416) |
(837) |
|
|
|
|
Other income |
|
20 |
44 |
|
|
|
|
|
|
|
Net Loss and Total Comprehensive
Loss |
|
$ |
(396) |
$ |
(793) |
|
|
|
|
Net loss per share |
|
|
|
|
Basic and diluted |
|
$ |
(0.003) |
$ |
(0.007) |
Weighted average
number of common shares |
|
|
|
|
Basic and diluted |
|
121,719,316 |
116,709,441 |
|
|
|
|
Edleun Group, Inc.
Consolidated Statements of Changes in Shareholders'
Equity
Three months ended March 31, 2013
and 2012
(Unaudited)
|
(CDN $000's) |
Share Capital |
Convertible
Debentures -
Equity
Component |
Equity
Settled
Share Based
Compensation |
Accumulated
Deficit |
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2012 |
$ |
62,931 |
$ |
- |
$ |
1,330 |
$ |
(5,980) |
|
$ 58,281 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
- |
|
- |
|
196 |
|
- |
|
196 |
Warrants exercised |
|
2,662 |
|
- |
|
(412) |
|
- |
|
2,250 |
Net loss and
comprehensive loss |
|
- |
|
- |
|
- |
|
(793) |
|
(793) |
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31,
2012 |
$ |
65,593 |
$ |
- |
$ |
1,114 |
$ |
(6,773) |
$ |
59,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2013 |
$ |
66,030 |
$ |
342 |
$ |
1,584 |
$ |
(10,442) |
$ |
57,514 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
- |
|
- |
|
61 |
|
- |
|
61 |
Net loss and
comprehensive loss |
|
- |
|
- |
|
- |
|
(396) |
|
(396) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31,
2013 |
$ |
66,030 |
$ |
342 |
$ |
1,645 |
$ |
(10,838) |
$ |
57,179 |
|
|
|
|
|
|
|
|
|
|
|
Edleun Group, Inc.
Consolidated Statements of Cash Flow
Three months ended March 31, 2013
and 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
(CDN $000's) |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
Cash provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(396) |
|
$ |
(793) |
Items not affecting cash: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
676 |
|
|
392 |
|
Finance costs |
|
|
293 |
|
|
46 |
|
Stock-based compensation |
|
|
61 |
|
|
196 |
Change in non-cash working
capital |
|
|
236 |
|
|
712 |
Cash generated from operations |
|
|
870 |
|
|
553 |
|
|
|
|
|
|
|
Finance costs paid |
|
|
(194) |
|
|
- |
Net cash generated by operating
activities |
|
|
676 |
|
|
553 |
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
Acquisitions |
|
|
- |
|
|
(1,225) |
Property and equipment |
|
|
(310) |
|
|
(3,633) |
|
|
|
(310) |
|
|
(4,858) |
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
Exercise of warrants |
|
|
- |
|
|
2,250 |
Loan proceeds |
|
|
- |
|
|
3,996 |
Loan repayments |
|
|
(132) |
|
|
(49) |
Finance lease repayments |
|
|
(39) |
|
|
- |
|
|
|
(171) |
|
|
6,197 |
|
|
|
|
|
|
|
Change in Cash |
|
|
195 |
|
|
1,892 |
Cash at beginning of period |
|
|
5,800 |
|
|
1,911 |
Cash at end of period |
|
$ |
5,995 |
|
$ |
3,803 |
SOURCE Edleun Group