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NewsBot Date: July 23, 2005 01:25:00 PM
ADBYF News Research ADB Systems International Ltd,Stock Trading Message Board
ADB provides activity update
Updates Q2 and Q3 guidance
Website: www.adbsys.com (TSX: ADY; OTCBB: ADBYF)
TORONTO, July 20 /PRNewswire-FirstCall/ - ADB Systems International (TSX: ADY; OTCBB: ADBYF), a global provider of asset lifecycle management solutions, provided an update on recent corporate activities.
Customer activities
ADB announced that it is proceeding with the deployment of its asset management technology with a number of customers, including the Worcester Health Economy and the University Hospitals Coventry & Warkwickshire NHS Trust. This project, which was originally slated for Q2 completion, is expected to be finalized in Q3. Additional trusts are expected to deploy ADB's technology in the current quarter. The hospital trusts are implementing ADB's collaborative procurement technology as part of the NHS Pathfinder initiative. ADB's web-based applications are helping the NHS to reduce procurement costs and improve purchasing efficiencies.
Joint venture with GE
The Company also reported that the sales pipeline for its joint venture with GE continues to expand and that sales proposals are at the advanced stage of negotiations with a number of Fortune 500 organizations. The sales opportunities focus on delivering web-based asset tracking capabilities designed to improve the utilization of idle equipment and eliminate asset acquisition costs.
Guidance and outlook
The Company also announced that it is adjusting its guidance for projected revenue for the second quarter of 2005 to approximately $1.3 million. ADB's previously stated guidance for the quarter was $1.69 million.
'Moderate delays in the implementation of our technology within the NHS and longer than expected sales cycles impacted our Q2 results,' said Jeff Lymburner, CEO of ADB Systems. 'However, given the number of customer agreements in circulation, confirmed development projects and the number of purchase orders received in recent weeks, we expect to be back on track in the current quarter, and anticipate revenues increasing by 15 percent over Q2 2005 results or 70 percent over Q3 of 2004.'
ADB also announced that it will report its Q2 financial results on August 10 following the close of the markets. ADB will also host a conference call on the following day, August 11 at 10:00 a.m.
ADB extends terms of private placement warrants
Website: www.adbsys.com (TSX: ADY; OTCBB: ADBYF) TORONTO - PRNewswire-FirstCall - June 13
TORONTO, June 13 /PRNewswire-FirstCall/ - ADB Systems International (TSX:ADY) (OTCBB:ADBYF), a global provider of asset lifecycle management solutions, announced today that it has received conditional approval from the Toronto Stock Exchange to extend the terms of all 2,732,674 warrants issued in connection with a private placement completed on June 26, 2003 for a period of approximately ninety days beyond the original expiration date.
Investors in the private placement will now have until September 26, 2005 to exercise any unconverted warrant into one common share priced at $0.40.
No other terms of the private placement were affected.
Under the original terms of the June 26, 2003 private placement, ADB issued to private investors units priced at $0.24 (CDN) each. Each unit consisted of one common share and one two-year warrant to purchase one common share at $0.40. The transaction resulted in the issuance of 4,878,507 common shares and 2,732,674 common share-purchase warrants exercisable into one common share with an original expiration date of June 26, 2005. The warrant holders are comprised of arm's length investors and non-management employees of ADB Systems.
ADB Systems reports Q1 financial results
Generates 30% year-over-year revenue growth; provides outlook
Website: www.adbsys.com
(TSX: ADY; OTCBB: ADBYF)
TORONTO, May 11 /CNW/ - ADB Systems International Ltd. (TSX: ADY; OTCBB:
ADBYF), a global provider of asset lifecycle management solutions, announced
today its interim financial results for the first quarter ended March 31,
2005. All figures are in Canadian dollars.
ADB reported revenues of $1.54 million for the quarter, an increase of
more than 30 percent when compared to the $1.18 million generated in the first
quarter of 2004. In the fourth quarter of 2004, ADB generated revenues of
$1.53 million. Revenues were comprised of software license sales, service fees
for software development and implementation, application hosting, maintenance,
support and training.
"Our first quarter was among the most active ever for ADB," said Jeff
Lymburner, CEO of ADB Systems. "We added to our roster of customers, entered
into a financing arrangement, expanded our relationships with a number of key
customers, expanded our GE joint venture sales pipeline, and increased our
revenues year-over-year by 30 percent."
ADB recorded a net loss for the period of $736,000 or $0.01 per basic
share. This compares to a net loss of $1.39 million or $0.02 per basic share
in Q1 of 2004, an improvement of 46 percent, and a net loss of $773,000 or
$0.01 per basic share in Q4 of 2004.
Consistent with its previous guidance of April 13, 2005, the Company
announced that it generated $415,000 of positive cash flow from operations in
the first quarter based on customer activities, cost-containment measures and
the seasonal influx of customer support fees.
As at March 31, 2005, ADB held cash and marketable securities of
$1.42 million.
Operating highlights
In addition to its financial performance, the Company achieved a number
of operating achievements in the quarter:
- ADB entered into a customer agreement with Mesta AS, Norway's road
construction company, providing a comprehensive electronic procurement
solution that integrates capabilities for purchasing, supplier
collaboration, and project management activities.
- The Company expanded its relationship with the Healthcare Purchasing
Consortium of the U.K., enabling the National Health Service to
accelerate the deployment of an electronic procurement initiative.
- ADB entered into a strategic financing arrangement with Pinetree
Capital, generating net proceeds of $570,000, after $5,000 of
financing-related costs. Under the terms of the private placement, ADB
issued Pinetree 2.5 million units, each priced at $0.23. Each unit
consists of one common share and one-half of one common share purchase
warrant. Each full warrant entitles Pinetree to purchase one common
share in the company at the exercise price of $0.40 each. Warrants are
exercisable for a period of up to four years.
- The Company expanded its business relationship with Fabricom AS, a
Norwegian provider of construction, installation and maintenance
services to the oil and gas industry. Fabricom integrated a number of
ADB's web-based applications that are streamlining procurement and
supplier collaboration activities.
Outlook and guidance
"Building on our recent momentum, we anticipate that our revenues in Q2
will grow by at least 10 percent over Q1 results, representing a
year-over-year growth of approximately 30 percent when compared to Q2 of
2004," said Mr. Lymburner. "We believe this growth will be possible based on a
number of factors, including an increasing demand for our suite of technology
offerings, ongoing customization of our software solutions within key customer
environments, and new sales opportunities identified through our joint venture
with GE and our key channel partners."
ADB will hold a conference call at 10:00 a.m. (Eastern time) on Thursday,
May 12 to discuss its financial results and review operational activities.
Followers of ADB are invited to listen to the call over the Internet on the
Investor Relations section of the Company's website at www.adbsys.com.
Annual general meeting scheduled
ADB also announced that it will hold its annual general meeting of
shareholders on May 18, at 3:00 p.m. at the Holiday Inn on King, located at
370 King Street West, Toronto. The meeting will be open to registered
shareholders, accredited media and financial analysts. Copies of ADB's 2004
Annual Report, Notice, Information Circular and voting information have been
distributed to shareholders, and are also be available electronically through
SEDAR. Interested individuals unable to attend the meeting will be able to
listen to a live web-cast on the Company's website, www.adbsys.com.
About ADB Systems International Ltd.
------------------------------------
ADB Systems International delivers asset lifecycle management solutions
that help organizations source, manage and sell assets for maximum value. ADB
works with a growing number of customers and partners in a variety of sectors
including oil and gas, government, healthcare, manufacturing and financial
services. Current customers include BP, GE Commercial Equipment Financing,
Halliburton Energy Resources, the National Health Service, permanent TSB,
Talisman Energy, and Vesta Insurance.
Through its wholly owned subsidiary, ADB Systems USA Inc., ADB owns a 50
percent interest in GE Asset Manager, a joint business venture with GE. ADB
has offices in Toronto (Canada), Stavanger (Norway), Tampa (U.S.), Dublin
(Ireland), and London (U.K.). The company's shares trade on both the Toronto
Stock Exchange (TSX: ADY) and the OTC Bulletin Board (OTCBB: ADBYF).
This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking within
the meaning of the Safe Harbor provisions of the U.S. federal securities laws.
These include, among others, statements about expectations of future revenues,
cash flows, and cash requirements. Forward-looking statements are subject to
risks and uncertainties that may cause ADB's ("the Company") results to differ
materially from expectations. These risks include the Company's ability to
raise additional funding, develop its business-to-business sales and
operations, develop appropriate strategic alliances and successful development
and implementation of technology, acceptance of the Company's products and
services, competitive factors, new products and technological changes, and
other such risks as the Company may identify and discuss from time to time,
including those risks disclosed in the Company's Form 20-F filed with the
Securities and Exchange Commission. Accordingly, there is no certainty that
the Company's plans will be achieved.
(financial tables follow)
<<
ADB Systems International Ltd.
Consolidated Statement of Operations
(expressed in thousands of Canadian dollars, except per share amounts)
(Canadian GAAP, Unaudited)
-------------------------------
Three Months Ended
-------------------------------
March 31
-------------------------------
2005 2005 2004
-------------------------------
translated
into US$ at
Cdn$ 1.2094
for
convenience
Revenue $ 1,536 $ 1,270 $ 1,184
-------------------------------
General and administrative 1,026 848 1,042
Customer service and technology 929 768 795
Sales and marketing costs 137 113 283
-------------------------------
2,092 1,729 2,120
-------------------------------
Loss before employee stock options,
depreciation and amortization,
interest expense and interest income (556) (459) (936)
-------------------------------
Employee stock options 23 19 28
Depreciation and amortization 33 27 356
Interest expense 166 137 67
Interest income - - (1)
-------------------------------
222 183 450
-------------------------------
-------------------------------
Loss before the undernoted (778) (642) (1,386)
-------------------------------
Loss on disposals of capital assets - (1)
Other income 42 35 -
-------------------------------
-------------------------------
NET LOSS FOR THE PERIOD $ (736) $ (607) $ (1,387)
-------------------------------
-------------------------------
BASIC LOSS PER SHARE $ (0.01) $ (0.01) $ (0.02)
-------------------------------
-------------------------------
Weighted average common shares (000's) 71,370 71,370 59,742
-------------------------------
ADB Systems International Ltd.
Consolidated Balance Sheet
(expressed in thousands of Canadian dollars)
(Canadian GAAP, Unaudited)
-----------------------------------
March 31 March 31 December 31
2005 2005 2004
-----------------------------------
(unaudited) (unaudited) (audited)
(in US$)
translated
into US$ at
Cdn$ 1.2094
for
convenience
Cash $ 1,407 $ 1,163 $ 440
Marketable securities 13 11 13
Other current assets 1,550 1,282 1,743
Other assets 280 231 297
-----------------------------------
Total assets $ 3,250 $ 2,687 $ 2,493
-----------------------------------
-----------------------------------
Current liabilities $ 1,782 $ 1,474 $ 1,680
Deferred revenue 860 711 135
Other liabilities 1,779 1,471 1,684
Minority interest 3 2 3
Total shareholders' deficiency (1,174) (971) (1,009)
-----------------------------------
Total liabilities and
shareholders' equity $ 3,250 $ 2,687 $ 2,493
-----------------------------------
-----------------------------------
>>
-0- 05/11/2005
/For further information: At ADB Systems International Ltd.: Joe
Racanelli, Director of Marketing, Tel: (416) 640-0400 ext. 273, E-mail:
jracanelli(at)adbsys.com;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca and click on reports(at)cnw./
(ADY. ADBYF)
CO: ADB Systems International Inc.
ST: Ontario
IN: MLM OTC
SU: ERN
-30-
CNW 17:31e 11-MAY-05
