Edleun's second quarter 2013 shows continued increase in occupancy as a path to increased profitability
CALGARY, Aug. 1, 2013 /CNW/ - Edleun Group, Inc. ("Edleun" or the "Company" and renamed "BrightPath Early Learning Inc." beginning August 7, 2013) (TSX-V: EDU), a leading provider of quality early childhood education and care in Canada announced today its operational and financial results for the three and six month periods ended June 30, 2013.
In the latest quarter, the Company's continuing growth is reflected by the achievement of new record highs in quarterly revenue, centre margin in dollars and average occupancy. The continued growth in occupancy partially reflected the ramp up at four new development and redevelopment centres.
Portfolio performance highlights for the three months ended June 30, 2013:
- Portfolio wide revenue of $11.9 million increased 33% compared to the same period in the prior year;
- Centre margin of $3.2 million increased 19% over the previous year quarter, and representing 27% of revenue;
- Adjusted EBITDA of $0.92 million compared to $0.62 million a year earlier, an increase of 50%;
- Funds From Operations ("FFO") of $0.65 million or $0.005 per share compared to $0.38 million or $0.003 per share a year earlier, an increase of 59%, and Adjusted Funds From Operations ("AFFO") of $0.65 million or $0.005 per share compared to $0.57 million or $0.005 per share, an increase of 15%; and
- Portfolio wide occupancy on a sequential quarter basis improved 180 basis points to a record level of 87.7%, while stabilized centre occupancy stood at 93.3%.
Significant events for the second quarter of 2013 and subsequent thereto:
- In May 2013, the Company completed the acquisition of a child care centre in Calgary, Alberta, adding an additional 129 licensed spaces to the Company's portfolio. This centre has 1,400 registrations (for its previous twelve month period) for ancillary recreational programs, a significant step towards the Company's announced plan to complement its product and service offering, create new revenue streams and optimize the use of facilities after hours;
- Management worked with the Company's bank to increase its credit facility by $15 million, the new limit increasing to $42 million. These funds will be designated to develop additional greenfield centres similar to the Company's highly successful developments in the McKenzie Towne and Chestermere areas of Calgary. Including cash on hand, the Company now has more than $27 million of capital available to pursue its growth strategy;
- Shareholders of the Company approved the change of the name of the Company effective August 7, 2013 from Edleun Group, Inc. to BrightPath Early Learning Inc. and of its principal operating subsidiary Edleun, Inc. to BrightPath Kids Corp. This new name should better reflect what the Company does, be more understandable to both parents and investors, and, accordingly, provide a much superior branding opportunity;
- In June 2013, parts of Calgary and the surrounding area were flooded. None of the Company's child care centres were exposed to floodwaters or affected by sewer backup, but multiple inspections and remedial actions of a less severe nature were required. While the Company is insured for physical perils of this nature, no claims for loss are anticipated at this time;
- The Company announced the launch of enhanced recreational programs for children enrolled in and outside of the Company's child care centres. The programs will commence in late September 2013. The classes for 2 ½ to 12 year olds include dance, music, yoga and sports instruction. The programs are initially being rolled out at nine Edleun centres and will take place outside of traditional operating hours and generate incremental fees;
- The City of Calgary approved the Company's plans to increase the occupancy of its McKenzie Towne centre by 39 spaces. As this significant increase in capacity requires minimal capital expenditure for equipment to implement the increase and with this centre operating at 99% occupancy with a lengthy wait list, this additional capacity should be absorbed rapidly and enhance the centre's profitability;
- New centre developments and redevelopments continue to show strength during their first year of operation demonstrating the pent up demand for quality child care which underpins the Company's growth strategy. As noted in the table below, occupancies range from 75% to 99% even though three of these four properties have been open for less than one year; and
McKenzie Towne |
Chestermere | Lawrence Avenue |
Highland Park |
Total | |
Capital invested ($ millions) Spaces # |
6.1 247 |
6.1 247 |
3.1 140 |
1.6 75 |
16.9 709 |
Average occupancy % in Q1 2013 |
94.8 | 70.9 | 74.5 | 91.8 | 82.1 |
Average occupancy % in Q2 2013 |
99.3 | 75.1 | 81.7 | 91.0 | 86.5 |
- The Company continues to deal directly and effectively with operational challenges that have adversely impacted its financial performance. In British Columbia, initially, the Company is in the process of closing one centre and transferring the enrolled children to another Edleun centre in the area. Additionally, with the recent announcement of the development of a 207 licensed space centre in Surrey, Edleun is moving to consolidate its portfolio in larger centres that provide better quality space and generate enhanced profitability resulting from economies of scale.
Financial Review
($000's except where otherwise noted and per share amounts)
Selected Quarterly Information
Q2 2013 | Q1 2013 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | |||||||||
Revenue | $ | 11,941 | $ | 11,484 | $ | 10,594 | $ | 8,818 | $ | 8,984 | $ | 8,030 | $ | 5,840 | $ | 4,877 |
Centre margin1 | 3,216 | 3,159 | 2,731 | 2,108 | 2,709 | 2,475 | 1,841 | 1,406 | ||||||||
Centre margin % | 26.9 | 27.5 | 25.8 | 23.9 | 30.2 | 30.8 | 31.5 | 28.8 | ||||||||
Adjusted EBITDA1 | 923 | 973 | 590 | (74) | 616 | 673 | 192 | (294) | ||||||||
FFO1 | 646 | 760 | 228 | (285) | 379 | 542 | 119 | (314) | ||||||||
AFFO1 | 653 | 756 | 320 | (400) | 566 | 727 | 211 | (329) | ||||||||
Net loss1 | (504) | (396) | (1,587) | (1,543) | (539) | (793) | (810) | (957) | ||||||||
Per share amounts: | ||||||||||||||||
Net loss | (0.004) | (0.003) | (0.013) | (0.013) | (0.005) | (0.007) | (0.007) | (0.008) | ||||||||
FFO | 0.005 | 0.006 | 0.002 | (0.002) | 0.003 | 0.005 | 0.001 | (0.003) | ||||||||
AFFO | 0.005 | 0.006 | 0.003 | (0.003) | 0.005 | 0.006 | 0.002 | (0.003) |
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 MD&A have been amended to correct the error. This error has no impact on the annual financial statements at December 31, 2012.
Mary Ann Curran, Chief Executive Officer of the Company commented, "We continue to gain greater traction on a number of fronts: increases in occupancy, steps to introduce new revenue streams, arranging a higher credit line from our bank to fund growth, branding successes and having a firm grasp on the resolution to a relatively short list of challenges. We remain highly focussed on achieving profitability growth through higher occupancies, optimization of costs and accretive developments and acquisitions. The Company's potential profitability is highlighted by the fact more than half the Company's portfolio has yet to be classified as stabilized".
For the three months ended June 30, 2013, the Company earned record revenue of $11,941 (June 30, 2012 - $8,984) and record centre margin of $3,216 (June 30, 2012 - $2,709). The year over year revenue increase was due to a growth in the number of spaces available for enrollment and higher occupancy rates in conjunction with fee increases in certain centres. Centre margin as a percentage of revenue declined from 30.2% to 26.9% due primarily to higher labour costs and minor flood related expense in Alberta coupled with the impact of full day kindergarten in Ontario where greater emphasis on younger children requires lower staff to children ratios.
For the six months ended June 30, 2013, revenue was $23,425 (June 30, 2012 - $17,014) and centre margin was $6,375 (June 30, 2013 - $5,184). The year over year revenue increase was due to the increased capacity from centres acquired and developed subsequent to the second quarter of 2012, fee increases at certain centres and increased occupancy levels at stabilized centres. Centre margin as a percentage of revenue declined from 30.5% to 27.2% for the same reasons discussed above for the three month period.
Adjusted EBITDA, AFFO and FFO -Amounts Amended For Correction
Q2 2013 | Q1 2013 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | ||||||||||||
Centre margin for the period as previously reported |
$ | 3,216 | $ | 3,159 | $ | 2,731 | $ | 2,122 | $ | 2,893 | $ | 2,537 | $ | 1,841 | $ | 1,406 | |||
Labour cost correction1 |
- | - | - | (14) | (184) | (62) | - | - | |||||||||||
Amended centre margin for the period |
3,216 | 3,159 | 2,731 | 2,108 | 2,709 | 2,475 | 1,841 | 1,406 | |||||||||||
General and administrative expense2 |
(1,547) | (1,453) | (1,466) | (1,501) | (1,495) | (1,343) | (1,212) | (1,432) | |||||||||||
Taxes, other than income taxes |
(26) | (48) | (43) | (47) | (59) | (15) | (88) | (1) | |||||||||||
Operating lease expense |
(720) | (685) | (632) | (634) | (539) | (444) | (349) | (267) | |||||||||||
Adjusted EBITDA |
$ | 923 | $ | 973 | $ | 590 | $ | (74) | $ | 616 | $ | 673 | $ | 192 | $ | (294) |
Q2 2013 | Q1 2013 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | ||||||||||||||
Net loss for the period |
$ | (504) | $ | (396) | $ | (1,587) | $ | (1,529) | $ | (355) | $ | (731) | $ | (810) | $ | (957) | |||||
Labour cost correction1 |
- | - | - | (14) | (184) | (62) | - | - | |||||||||||||
Amended net loss for the period |
$ | (504) | $ | (396) | $ | (1,587) | $ | (1,543) | $ | (539) | $ | (793) | $ | (810) | $ | (957) | |||||
Depreciation and certain other non cash items |
843 | 773 | 845 | 761 | 478 | 459 | 324 | 313 | |||||||||||||
Acquisition and development costs |
307 | 383 | 430 | 497 | 440 | 876 | 605 | 330 | |||||||||||||
Terminated projects |
- | - | 540 | - | - | - | - | - | |||||||||||||
FFO | $ | 646 | $ | 760 | $ | 228 | $ | (285) | $ | 379 | $ | 542 | $ | 119 | $ | (314) | |||||
Stock based compensation |
129 | 61 | 174 | 170 | 237 | 196 | 104 | 69 | |||||||||||||
Maintenance capital expenditure |
(122) | (65) | (82) | (285) | (50) | (11) | (12) | (84) | |||||||||||||
AFFO | $ | 653 | $ | 756 | $ | 320 | $ | (400) | $ | 566 | $ | 727 | $ | 211 | $ | (329) |
1During 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 MD&A have been amended to correct the error - see Adjusted EBITDA, FFO and AFFO table below for further details. This error has no impact on the annual financial statements at December 31, 2012. 2General 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. |
Adjusted EBITDA for the second quarter of 2013 was $923 compared to $973 in the first quarter of 2013 and $616 in the second quarter of 2012. Offsetting the revenue improvement and, on a sequential basis, contributing to the $50 reduction in Adjusted EBITDA were a marginal increase in general and administrative expense for matters related to rebranding and a business process re-engineering project designed to harmonize and standardize procedures, procurement strategies, billing, electronic settlement of funds and enhanced management control in support of Bill 198 ("CSOx") certification (systems of internal controls, disclosure controls and procedures and CEO/CFO certification related thereto), one of the requirements for graduation from the TSX Venture Exchange to the TSX, representing $94 in the aggregate, and an increase in centre expenses due to a higher number of labour days in the second quarter compared to the first quarter of $100.
AFFO for the second quarter of 2013 was $653 compared to $756 in the first quarter of 2013 and $566 for the second quarter of 2012. The decline in AFFO of $103 on a sequential quarter basis reflected factors described above coupled with an increase in maintenance capital expenditure from $65 to $122, offset by an increase in stock-based compensation of $68. AFFO increased by $87 compared to the second quarter of 2012 primarily due to higher centre margin partially offset by increased maintenance capex, finance costs and operating lease expense.
AFFO per share for the second quarter of 2013 was $0.005 compared to $0.006 for the first quarter of 2013 and $0.005 for the second quarter of 2012.
FFO for the second quarter of 2013 was $646 compared to $760 for the first quarter of 2013 and $379 for the second quarter of 2012, due to substantially the same factors as outlined for AFFO.
FFO per share for the second quarter of 2013 was $0.005 compared to $0.006 for the first quarter of 2013 and $0.003 for the second quarter of 2012.
Net loss for the second quarter of 2013 was $504 compared to a loss of $396 in the first quarter of 2013 and a net loss of $539 in the second quarter of 2012, primarily for the reasons discussed above.
During the quarter the Company incurred costs that, while impinging on profitability in the quarter (as referred to above in Adjusted EBITDA), will enhance both the Company's profitability and deliver increased value to its shareholders. The expenditures required for Enterprise Resource Planning nearing $0.5 million are now substantially complete. The management team has now focused its efforts on maximizing the use of its technology investments through business process improvements which will advance through the balance of 2013. It is also anticipated that the Company will reduce its overall General and Administrative expense commencing in 2013, and continuing in 2014.
The availability of credit under the Company's expanded facility supports growth of the Company's new development program following the completion of two new and highly successful development projects. Under the terms of the amended credit agreement, the Company may borrow under its interim project financing credit facility for four new child care centres. The Company can then avail itself of take-out financing on the completed developments using an in place credit facility for an amount up to 90% of development cost when operating income from the centre on a stabilized basis achieves two times debt service coverage. Including cash on hand and availability of capital under its credit facility, the Company has $27.2 million available for growth.
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.
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.
QUARTERLY CONFERENCE CALL
Edleun's quarterly results conference call is scheduled for Thursday, August 1st 2013 at 10:00 am EST. The call details are as follows:
To access the conference call by telephone, dial +1 (416) 764-8609 or +1 (888) 390-0605. Please connect approximately 10 minutes prior to the beginning of the call. The conference call will be archived for replay until Thursday, August 8th, 2013 at midnight. To access the archived conference call, dial +1 (416) 764-8677 or +1 (888) 390-0541 and enter the reservation number 569396 followed by the number (#) sign.
A live audio webcast of the conference call will be available at: http://www.newswire.ca/en/webcast/detail/1203715/1320097. 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.
For more information on Edleun Group, Inc. visit www.EdleunGroup.com. As stated in a news release on May 23rd, 2013, Edleun Group, Inc. (EDU‐V) will be renamed BrightPath Early Learning Inc. The change of name will take effect on August 7th, 2013. The Company's common shares will trade on the TSX Venture Exchange under a new symbol (TSX‐V: BPE). For further information regarding this release, please contact Dale Kearns, President of Edleun Group, Inc. at (403) 705-0362 ext.406.
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) | June 30, 2013 |
December 31, 2012 |
||||||
Assets | ||||||||
Non-current assets | ||||||||
Property and equipment | $ | 46,589 | $ | 46,205 | ||||
Goodwill and definite life intangible assets | 30,611 | 28,184 | ||||||
77,200 | 74,389 | |||||||
Current assets | ||||||||
Cash | 5,025 | 5,800 | ||||||
Accounts receivable | 1,491 | 1,663 | ||||||
Prepaid and other expenses | 1,405 | 1,864 | ||||||
Short term investments | 259 | 259 | ||||||
8,180 | 9,586 | |||||||
Total Assets | $ | 85,380 | $ | 83,975 | ||||
Liabilities | ||||||||
Non-current liabilities | ||||||||
Long term debt and financing leases | $ | 18,378 | $ | 11,828 | ||||
Convertible debentures - liability component | 4,417 | 4,353 | ||||||
22,795 | 16,181 | |||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | 3,592 | 3,925 | ||||||
Deferred revenue | 840 | 867 | ||||||
Current portion of debt and financing leases | 1,349 | 5,488 | ||||||
5,781 | 10,280 | |||||||
Total Liabilities | 28,576 | 26,461 | ||||||
Shareholders' Equity | ||||||||
Share capital | 66,030 | 66,030 | ||||||
Convertible debentures - equity component | 342 | 342 | ||||||
Equity settled share based compensation | 1,774 | 1,584 | ||||||
Accumulated deficit | (11,342) | (10,442) | ||||||
Total Shareholders' Equity | 56,804 | 57,514 | ||||||
Total Liabilities and Shareholders' Equity | $ | 85,380 | $ | 83,975 |
Edleun Group, Inc.
Consolidated Statements of Operations and Comprehensive Loss
Three and six months ended June 30, 2013 and 2012
(Unaudited)
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(CDN $000's) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenue | $ | 11,605 | $ | 8,721 | $ | 22,796 | $ | 16,513 | |||||
Government grants | 336 | 263 | 629 | 501 | |||||||||
Total revenue | 11,941 | 8,984 | 23,425 | 17,014 | |||||||||
Centre expenses | |||||||||||||
Salaries, wages and benefits | 6,369 | 4,542 | 12,491 | 8,622 | |||||||||
Other operating expenses | 2,356 | 1,733 | 4,559 | 3,208 | |||||||||
Centre margin | 3,216 | 2,709 | 6,375 | 5,184 | |||||||||
Operating leases | 720 | 539 | 1,405 | 983 | |||||||||
Finance | 291 | 82 | 584 | 128 | |||||||||
General and administrative | 1,547 | 1,495 | 3,000 | 2,839 | |||||||||
Taxes, other than income taxes | 26 | 59 | 74 | 73 | |||||||||
Acquisition and development costs | 307 | 440 | 690 | 1,316 | |||||||||
Stock-based compensation | 129 | 237 | 190 | 433 | |||||||||
Depreciation and amortization | 715 | 411 | 1,367 | 803 | |||||||||
3,735 | 3,263 | 7,310 | 6,575 | ||||||||||
Loss before other income | (519) | (554) | (935) | (1,391) | |||||||||
Other income | 15 | 15 | 35 | 59 | |||||||||
Net Loss and Total Comprehensive Loss | $ | (504) | $ | (539) | $ | (900) | $ | (1,332) | |||||
Net loss per share | |||||||||||||
Basic and diluted | $ | (0.004) | $ | (0.004) | $ | (0.007) | $ | (0.011) | |||||
Weighted average number of common shares |
|||||||||||||
Basic and diluted | 121,719,316 | 121,050,016 | 121,719,316 | 117,894,089 |
Edleun Group, Inc.
Consolidated Statements of Changes in Shareholders' Equity
Six months ended June 30, 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 | - | - | 433 | - | 433 | ||||||||||||
Warrants exercised | 2,662 | - | (412) | - | 2,250 | ||||||||||||
Options exercised | 394 | - | (94) | - | 300 | ||||||||||||
Issue of convertible debentures |
- | 428 | - | - | 428 | ||||||||||||
Net loss and comprehensive loss |
- | - | - | (1,332) | (1,332) | ||||||||||||
Balance at June 30, 2012 | $ | 65,987 | $ | 428 | $ | 1,257 | $ | (7,312) | $ | 60,360 | |||||||
Balance at January 1, 2013 | $ | 66,030 | $ | 342 | $ | 1,584 | $ | (10,442) | $ | 57,514 | |||||||
Stock-based compensation | - | - | 190 | - | 190 | ||||||||||||
Net loss and comprehensive loss |
- | - | - | (900) | (900) | ||||||||||||
Balance at June 30, 2013 | $ | 66,030 | $ | 342 | $ | 1,774 | $ | (11,342) | $ | 56,804 | |||||||
Edleun Group, Inc.
Consolidated Statements of Cash Flow
Three and six months ended June 30, 2013 and 2012
(Unaudited)
Three months ended June 30, | Six months ended June 30, | |||||||||
(CDN $000's) | 2013 | 2012 | 2013 | 2012 | ||||||
Cash provided by (used in): | ||||||||||
Operating Activities: | ||||||||||
Net loss | $ | (504) | $ | (539) | $ | (900) | $ | (1,332) | ||
Items not affecting cash: | ||||||||||
Depreciation and amortization | 746 | 445 | 1,422 | 837 | ||||||
Finance costs | 291 | 82 | 584 | 128 | ||||||
Stock-based compensation | 129 | 237 | 190 | 433 | ||||||
Change in non-cash working capital | (506) | 139 | (270) | 955 | ||||||
Cash generated from operations | 156 | 364 | 1,026 | 1,021 | ||||||
Finance costs paid | (319) | (67) | (513) | (98) | ||||||
Net cash (used)/generated by operating activities |
(163) | 297 | 513 | 923 | ||||||
Investing Activities | ||||||||||
Acquisitions | (2,188) | (948) | (2,188) | (2,173) | ||||||
Property and equipment | (730) | (4,315) | (1,040) | (7,948) | ||||||
(2,918) | (5,263) | (3,228) | (10,121) | |||||||
Financing Activities | ||||||||||
Exercise of warrants | - | - | - | 2,250 | ||||||
Exercise of options | - | 300 | - | 300 | ||||||
Loan proceeds | 2,350 | 299 | 2,350 | 4,219 | ||||||
Loan repayments | (158) | (67) | (290) | (113) | ||||||
Proceeds of convertible debentures issue | - | 5,000 | - | 5,000 | ||||||
Convertible debenture issuance costs | - | (344) | - | (344) | ||||||
Finance lease repayments | (81) | (64) | (120) | (64) | ||||||
2,111 | 5,124 | 1,940 | 11,248 | |||||||
Change in Cash and Cash Equivalents | (970) | 158 | (775) | 2,050 | ||||||
Cash and cash equivalents, beginning of period | 5,995 | 3,803 | 5,800 | 1,911 | ||||||
Cash and cash equivalents, end of period | $ | 5,025 | $ | 3,961 | $ | 5,025 | $ | 3,961 |
SOURCE: Edleun Group
![](http://rt.newswire.ca/rt.gif?NewsItemId=C2898&Transmission_Id=201308010903CANADANWCANADAPR_C2898&DateId=20130801)
please contact Dale Kearns, President of Edleun Group, Inc. at (403) 705-0362 ext. 406.
Share this article