Copernic Inc., (the "Company"), (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, 2009 (Q1).
Unless otherwise stated, all figures in this release are in US
dollars.
Financial Highlights
- Revenue was $1.4 million for Q1 2009, compared to $1.7 million
in Q1 of 2008, a decline of 17.6%
- Gross margin in Q1 2009 was 69% compared to 60% for Q1 2008 a
decline of 8% in Gross Margin dollars
- Expenses in the first quarter of 2009 were at $1.1 million,
compared to $2.2 million in the comparable period for an
improvement of $1.1 million.
- Net loss of $0.1 million ($0.009 per share) for the first
quarter 2009 compared to net loss of $1.1 million ($0.07 per share)
in the first quarter 2008, an improvement of $1.0 million
- Liquidities sufficient to meet normal operating requirements
until end of Q1 2010, were at $5.2 million as of March 31, 2009,
compared to $5.1 million as of December 31, 2008.
Recent Highlights
- Introduced an IBM Lotus Notes compatible version of its
award-wining desktop search solution at the Lotusphere 2009
conference.
- Launched a special Privacy Edition in German of Copernic
Desktop Search (CDS) product in cooperation with ComputerBild
magazine and Ixquick.com, a European search engine with a special
focus on privacy.
Revenues were unfavourably impacted during the quarter due to
the general economic environment particularly in the search sector.
Mr. Ferland, President and CEO stated "that the Company announces
today in a separate press release the actions it has taken to
reduce its exposure in the search sector while continuing its cost
improvement programs to ensure long term value creation for its
shareholders".
Financial Results for the quarter ended March 31, 2009
Revenues in the first quarter of 2009 totalled $1,379,000, down
from $1,709,000 in the first quarter of 2008 mainly due to a
decline in search and graphic advertising. Search and graphic
advertising revenues were $1,059,000 in the first quarter of 2009
compared to $1,477,000 for the same quarter in 2008, a decline of
28.3%. Search advertising continues to consolidate with the
industry leaders, coupled with additional focus on ROI for
advertisers resulting in increased demand for higher quality
traffic at reduced prices. Copernic desktop search products
produced revenues of $320,000 in the first quarter 2009 versus
revenues of $232,000 in the comparable 2008 period and is
consistent with our continued investments in new product
development for desktop search.
Gross margin in the first quarter 2009 was 69%, compared to 60%
in the same quarter in 2008 mainly due to the increase in the
revenues of Copernic Desktop Search which generate almost 100%
margins and the shutdown of the US data centres for search in April
2008.
Expenses in the first quarter of 2009 were at $1,128,000,
compared to $2,182,000. The difference is mainly due to the
continued cost reduction program.
Net loss in the first quarter 2009 was $130,000 ($0.009 per
share), compared to a net loss of $1,086,000 ($0.07 per share) for
the same quarter 2008.
In addition, the Company sold its TECE shares for the amount of
$169,239 generating a gain on disposal of investment for the same
amount.
Liquidities totalled $5,173,000, which was an increase of
$100,000 over the balance as at December 31, 2008. Liquidities
including temporary investment of $4,006,563 should be entirely
available by the end of Q2 2009.
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,
2009 2008
$ $
Assets
Current assets
Cash and cash equivalents 1,166,906 2,067,705
Temporary investments 4,006,563 3,005,227
Accounts receivable 862,446 907,560
Income taxes receivable 140,246 110,121
Prepaid expenses 91,675 170,864
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6,267,836 6,261,477
Property and equipment 223,319 240,094
Intangible assets 737,317 918,485
Goodwill 3,362,003 3,362,003
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10,590,475 10,782,059
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 968,897 991,142
Deferred revenue 162,665 156,789
Deferred rent 3,416 4,805
Current portion of obligations
under capital leases 57,609 57,267
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1,192,587 1,210,003
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Obligations under capital leases 24,125 39,992
Future income taxes 206,172 259,848
--------------------------------------------------------------------------
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 5,772,573 5,747,028
Accumulated other comprehensive income 561,137 561,137
Accumulated deficit (93,722,604) (93,592,434)
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9,167,591 9,272,216
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10,590,475 10,782,059
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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
2009 2008
$ $
Revenues 1,379,064 1,709,026
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Cost of revenues 433,034 680,620
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Gross Margin 946,030 1,028,406
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Expenses
Marketing, sales and services 181,007 433,813
General and administration 614,678 942,210
Product development and technical support 294,454 606,422
Amortization of property and equipment 27,700 47,173
Amortization of intangible assets 181,770 253,053
Restructuring charges 20,412 -
Interest and other income (14,419) (78,486)
Gain on disposal of an investment (169,239) -
Write-down of property and equipment - 21,531
Gain on foreign exchange (7,985) (43,734)
--------------------------------------------------------------------------
1,128,378 2,181,982
--------------------------------------------------------------------------
Loss from operations before income taxes (182,348) (1,153,576)
Current income taxes 1,498 5,267
Future income taxes (Recovery) (53,676) (72,651)
--------------------------------------------------------------------------
(130,170) (67,384)
--------------------------------------------------------------------------
Net loss for the period (130,170) (1,086,192)
--------------------------------------------------------------------------
Basic and diluted net loss per share (0.009) (0.07)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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Weighted average number of
shares outstanding - basic and diluted 14,637,531 14,637,531
--------------------------------------------------------------------------
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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,
--------------------------------------------------------------------------
2009 2008
$ $
Cash flows from (used for)
Operating activities
Loss from operations (130,170) (1,086,192)
Adjustments for
Amortization of property and equipment 27,700 47,173
Amortization of intangible assets 181,170 253,053
Stock-based compensation 25,545 12,089
Future income taxes (53,676) (72,651)
Gain on disposal of an investment (169,239) -
Write-down of property and equipment - 21,531
Unrealized loss on foreign exchange (2,038) (6,184)
Net change in non-cash working capital items 76,420 157,276
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Cash from (used for)
operating activities from operations (43,688) (673,905)
--------------------------------------------------------------------------
(43,688) (673,905)
--------------------------------------------------------------------------
Investing activities
Proceeds on the disposal of an investment 169,239 -
Purchase of intangible assets (602) (5,074)
Purchase of property and equipment (10,925) (1,847)
Net decrease (increase) in temporary investments (1,001,336) 3,965,384
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Cash from (used for) investing activities (843,624) 3,958,463
--------------------------------------------------------------------------
Financing activities
Repayment of obligations under capital leases (13,487) (13,006)
--------------------------------------------------------------------------
Cash from (used for) financing activities (13,487) (13,006)
--------------------------------------------------------------------------
Net change in cash and cash equivalents
and restricted cash during the period (900,799) 3,271,552
Cash and cash equivalents and restricted cash
- Beginning of period 2,067,705 2,907,028
--------------------------------------------------------------------------
Cash and cash equivalents and restricted cash
- End of period 1,166,906 6,178,580
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash and cash equivalents and
restricted cash comprise:
Cash 1,166,966 1,949,333
Short-term investments - 3,401,695
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1,166,906 5,351,028
Restricted Cash - 827,552
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1,166,906 6,178,580
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www.copernic-inc.com
Contacts: Copernic Inc. Jean-Rock Fournier, CA Vice President
Finance and Chief Financial Officer Toll Free: 877-289-4682 #139
418-527-0528 jrfournier@copernic.com
Copernic Inc. (MM) (NASDAQ:CNIC)
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