MONTREAL, CANADA , (NASDAQ: CNIC), a leading software
development company in the technology sector, specializing in
internet, desktop and mobile search products, today reported its
financial results for the first quarter ended March 31, 2008.
Unless otherwise stated, all figures in this release are in US
dollars.
Financial Highlights
- Revenue was $1.7 million for the first quarter 2008, same as
fourth quarter 2007 compared to $2.6 million in the first quarter
of 2007
- Net loss of $1.1 million ($0.07 per share) for the first
quarter 2008 compared to net loss of $1.4 million ($0.10 per share)
in the first quarter 2007
- Total expenses were at $2.2 million for the first quarter 2008
compared to $3.3 million for the first quarter 2007
- Liquidities sufficient to meet normal operating requirements
until end of Q1 2009, were at $6.2 million as of March 31, 2008,
compared to $6.9 million as of December 31, 2007.
Recent Highlights
- Won first prize in CTIA wireless 2008 E-Tech Award, recognized
for innovation in the Enterprise solutions Category
- Signed licensing deal with multi-national consulting firm for
a corporate wide site license of Copernic Desktop Search Corporate
Edition
- Expanded global reach of Copernic desktop Search Corporate
Edition with availability in French, German and Spanish
At the end of Q1 2008, Copernic took action and focused on a
cost reduction plan for approximately $1.5 million on an annualized
basis of which $1 million is related to reduced manpower. Mr.
Ferland recently appointed President and CEO stated "these costs
reductions are necessary in order for the Company to achieve
profitability in the future." Furthermore, he stated "marketing
programs would be launched immediately to monetize Copernic's
technology in order to increase revenues."
Financial Results for the quarter ended March 31, 2008
Revenues in the first quarter of 2008 totalled $1,709,000, down
from $2,643,000 in the first quarter of 2007 mainly due to a
decline in search and graphic advertising. Revenues in Q1 2008 were
slightly higher than Q4 2007 by $55,000.
Gross margin in the first quarter 2008 was 60%, compared to 66%
in the same quarter in 2007 mainly due to higher payouts to
partners which deliver better quality traffic and usage of more
bandwidth for having run our new Canadian data centers in parallel
with the ones located in the United States. In April 2008 our US
data centers were shut down.
Expenses in the first quarter of 2008 were at $2,182,000,
compared to $2,751,000 excluding write-downs and settlement costs
in Q4 2007 and $3,288,000 in Q1 2007.
Net loss in the first quarter 2008 was $1,086,000 ($0.07 per
share), compared to a net loss of $1,381,000 ($0.10 per share) in
the same quarter 2007.
Liquidities totalled $6,179,000, which was a decrease of 693,000
over the balance as at December 31, 2007. Liquidities included
restricted cash of $828,000 which should be entirely available by
the end of Q2 2008.
About Copernic Inc.
Copernic Inc. specializes in developing, marketing and selling
cutting-edge search technology, providing innovative home and
business software products and solutions for desktop, web and
mobile users, through its online properties, including
www.mamma.com and www.copernic.com.
With its award winning Copernic Desktop Search� software search
engine product, the Company brings the power of a sophisticated,
yet easy-to-use search engine to the user's PC. Additionally,
Copernic Inc. provides both online advertising as well as pure
content to its vast array of partnerships worldwide through its
well established media placement channels. Copernic handles over 1
billion search requests per month and has media placement
partnerships established not only in North America, but also in
Europe and Australia.
More information can be found at www.copernic-inc.com.
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties that can cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed
in the Company's filings with the Securities and Exchange
Commission and the Ontario Securities Commission. The Company
expressly disclaims any intent or obligation to update any
description of the scope, focus or subject matter of the statements
in this press release.
Copernic Inc.
Condensed Consolidated Balance Sheets
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(unaudited) (expressed in U.S. dollars and in accordance with generally
accepted accounting principles in Canada)
As at As at
March 31, December 31,
2008 2007
$ $
Assets
Current assets
Cash and cash equivalents 5,351,028 2,099,560
Restricted Cash 827,552 807,468
Temporary investments - 3,965,384
Accounts receivable 870,181 918,033
Income taxes receivable 227,396 221,205
Prepaid expenses 150,510 208,655
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7,426,667 8,220,305
Property and equipment 393,015 459,872
Intangible assets 2,072,697 2,320,676
Goodwill 7,357,003 7,357,003
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17,249,382 18,357,856
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 1,548,617 1,520,619
Deferred revenue 242,257 211,455
Deferred rent 9,685 11,016
Income tax payable 8,100 8,100
Current portion capital lease obligations 55,302 56,071
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1,863,961 1,807,261
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Capital lease obligations 81,367 99,788
Future income taxes 577,763 650,413
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Shareholders' Equity
Capital stock
Authorized
Unlimited common shares, no par value
Issued and outstanding
14,637,531 common shares 96,556,485 96,556,485
Additional paid-in capital 5,796,591 5,784,502
Accumulated other comprehensive income 561,137 561,137
Accumulated deficit (88,187,922) (87,101,730)
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14,726,291 15,800,394
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17,249,382 18,357,856
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Copernic Inc.
Condensed Consolidated Statements of Operations
-------------------------------------------------------------------------
(unaudited) (expressed in U.S. dollars and in accordance with generally
accepted accounting principles in Canada)
For the three months ended
March 31,
-------------------------------------------------------------------------
2008 2007
$ $
Revenues 1,709,026 2,642,904
-------------------------------------------------------------------------
Cost of revenues 680,620 885,714
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Gross Margin 1,028,406 1,757,190
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Expenses
Marketing, sales and services 433,813 448,331
General and administration 942,210 1,831,211
Product development and technical support 606,422 595,109
Amortization of property and equipment 47,173 56,342
Amortization of intangible assets 253,053 491,116
Interest and other income (78,486) (142,826)
Write-down of property and equipment 21,531 -
Loss (gain) on foreign exchange (43,734) 8,608
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2,181,982 3,287,891
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Loss from continuing operations
before income taxes (1,153,576) (1,530,701)
Current income taxes 5,267 -
Recovery of future income taxes (72,651) (149,999)
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(67,384) (149,999)
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Net loss for the period (1,086,192) (1,380,702)
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Basic and diluted net loss per share (0.07) (0.10)
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Weighted average number of shares
outstanding - basic and diluted 14,637,531 14,375,857
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Copernic Inc.
Condensed Consolidated Statements of Cash Flows
-------------------------------------------------------------------------
(unaudited) (expressed in U.S. dollars and in accordance with generally
accepted accounting principles in Canada)
For the three months ended
March 31,
-------------------------------------------------------------------------
2008 2007
$ $
Cash flows from (used for)
Operating activities
Loss from continuing
operations (1,086,192) (1,380,702)
Adjustments for
Amortization of property and equipment 47,173 56,342
Amortization of intangible assets 253,053 491,116
Employee stock-based compensation 12,089 296,672
Future income taxes (72,651) (149,999)
Write-down of property and equipment 21,531 -
Unrealized loss on foreign exchange (6,184) -
Net change in non-cash working capital items 157,276 1,003,846
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Cash from (used for) operating activities
from continuing operations (673,905) 317,275
Cash used for operating activities from
discontinued operations - (6,253)
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(673,905) 311,022
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Investing activities
Purchase of intangible assets (5,074) (24,437)
Purchase of property and equipment (1,847) (55,224)
Net decrease in temporary investments 3,965,384 4,090,639
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Cash from investing activities 3,958,463 4,010,978
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Financing activities
Issuance of capital stock - 496,854
Repayment of obligations under capital leases (13,006) -
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Cash from (used for) financing activities (13,006) 496,854
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Net change in cash and cash equivalents
and restricted cash during the period 3,271,552 4,818,854
Cash and cash equivalents and restricted
cash - Beginning of period 2,907,028 2,379,617
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Cash and cash equivalents and restricted
cash - End of period 6,178,580 7,198,471
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Cash and cash equivalents and restricted
cash comprise:
Cash 1,949,333 2,693,759
Short-term investments 3,401,695 4,504,712
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5,351,028 7,198,471
Restricted Cash 827,552 -
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6,178,580 7,198,471
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Contacts: Copernic Inc. Daniel Bertrand Executive Vice President
and Chief Financial Officer 514-908-4318 / 877-289-4682 #118
dbertrand@copernic.com www.copernic-inc.com
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