Absolute Software Reports Fiscal 2010 Year-End Results
VANCOUVER, Aug. 23 /PRNewswire-FirstCall/ - Absolute(R) Software (TSX: ABT), the leading provider of firmware-based, patented, computer theft recovery, data protection and secure computer lifecycle management solutions, announces its financial results for the three- and 12-month periods ended June 30, 2010. All figures are in Canadian dollars unless otherwise stated.
Key Financial Metrics
(in millions, except Q4 Q4 % %
per share amounts) F2010 F2009 change F2010 F2009 change
-------------------------------------------------------------------------
Cash from Operating
Activities(1.a) $0.3 $2.1 -88% $6.4 $17.4 -63%
Operating cash per
share(1.a)
Basic $0.01 $0.05 -80% $0.14 $0.37 -62%
Diluted $0.01 $0.05 -80% $0.13 $0.36 -64%
-------------------------------------------------------------------------
Sales Contracts
reported(1.a) $19.3 $20.2 -4% $69.7 $71.9 -3%
Sales Contracts
in constant
currency(1.b) $21.7 $20.2 +7% $76.7 $71.9 +7%
-------------------------------------------------------------------------
Revenue $16.6 $14.3 +16% $64.1 $53.2 +20%
-------------------------------------------------------------------------
Net Income (loss) $(3.8) $16.5 nmf $(8.2) $(2.3) -261%
(Loss) income per
share (diluted) $(0.08) $0.35 nmf $(0.18) $(0.05) -260%
Subscriptions under
contract 5.9 4.1
F2010 Highlights:
- Closed the year with a subscription base of 5.9 million computers, up
43% from 4.1 million at June 30, 2009.
- Generated Sales Contracts of $51.0 million from existing commercial
customers, or $56.2 million in constant currency, up 7% in constant
currency from $52.5 million last year.
- Deferred revenue was $102.8 million at June 30, 2010, up 7% from
$95.9 million at June 30, 2009.
- Cash, cash equivalents & investments (including long-term) were
$58.0 million at June 30, 2010, compared to $68.9 million at June 30,
2009, reflecting cash used for the acquisition of LANrev, FailSafe(R)
and Freeze(TM) and the Company's share buyback program.
- Acquired LANrev, a comprehensive computer lifecycle management
product (subsequently re-branded as Absolute Manage), and purchased
the technology assets of FailSafe and Freeze from Phoenix(R)
Technologies.
- Announced the University of Texas' selection of Absolute Manage for
deployment on all of their Mac(R) computers in December 2009, and a
$1.0 million new Absolute Manage customer sale in April 2010.
- Expanded international operations, growing international sales 41% to
$4.3 million in fiscal 2010, and opened a regional office in Japan.
- Expanded availability of Computrace(R) solutions for HP Care Pack
Services, and introduced Lenovo Lost & Found for ThinkPad laptops,
both of which were instrumental in generating growth at these OEM
partners.
- Added Intel(R) Anti-Theft Technology, geolocation, device freeze and
self-serve remote data delete functionality to Computrace LoJack for
Laptops for the consumer market.
- Purchased 400,300 common shares to date under the Company's current
normal course issuer bid (covering the period November 4, 2009 to
November 4, 2010), at a total cost of $1.7 million.
- Completed the prior normal course issuer bid which ended November 3,
2009, with a total of 3,257,000 shares purchased, at a total cost of
$10.7 million.
"In fiscal 2010, despite a lag in the PC refresh cycle and a challenging overall economic environment, our Sales Contracts in constant currency increased 7% year-over-year," said John Livingston, Chairman and CEO of Absolute. "Small acquisitions were a key part of our strategy during the year, as we repositioned ourselves as a broader player in the device and data management and security market. So far, sales of Absolute Manage have exceeded our internal targets, and now our sales team is able to lead with Computrace or Absolute Manage when pursuing new business, thus expanding our overall addressable market. We have already seen Absolute Manage win contracts against industry leaders in computer lifecycle management. Based on our results and the impact of these acquisitions, we are cautiously optimistic as we look ahead to fiscal 2011."
Financial Review
Sales Contracts for F2010 were $69.7 million ($76.7 million in constant currency) compared to $71.9 million in F2009, and for Q4-F2010 were $19.3 million ($21.7 million in constant currency) compared to $20.2 million in Q4-F2009. The results were in line with Absolute's revised guidance range of $68-72 million. A majority of Absolute's sales are denominated in U.S. dollars, and therefore were negatively impacted as the U.S. dollar declined from CDN$1.16 in F2009 to CDN$1.05 in F2010. In constant currency, Sales Contracts increased 7% in F2010 compared to F2009, and also increased 7% compared to Q4-F2009.
Existing commercial customers continued to produce a majority of Absolute's sales, generating 73% of F2010 Sales Contracts (70% in fiscal 2009) and 77% of Sales Contracts in Q4-F2010 (80% in Q4-F2009). In addition, international sales increased to 6% of F2010 sales up from 4% of sales in F2009, and represented 5% of Q4-F2010 sales, compared to 6% of sales in Q4-F2009.
While sales growth has been slowed by the economy and timing of computer refresh cycles, Absolute has continued to expand its customer base, and now has 1.2 million commercial subscriptions and 1.8 million consumer subscriptions coming up for renewal in fiscal 2011.
"This existing customer base gives us a good level of confidence in our ability to continue our Sales Contract growth trend in fiscal 2011," said Rob Chase, COO. "However, readers are cautioned that our commercial expiring subscription ratio will likely decline due to the fact that our existing customers are more penetrated on average than they were last year. In addition, we expect the average selling price for our existing customer sales to decline as the expiring subscriptions have a higher weighting toward our lower priced non-theft recovery products."
Absolute's cash from Operating Activities for F2010 was in line with our guidance range at $6.4 million compared to $17.4 million in F2009, and for Q4-F2010 totaled $0.3 million compared to $2.1 million in Q4-F2009. The reduction reflects management's investment strategy, the impact of the economic downturn on sales and the weakened U.S. dollar.
Revenue for F2010 was $64.1 million, an increase of 20% from $53.2 million in F2009. Revenue for Q4-F2010 was $16.6 million, an increase of 16% from $14.3 million in Q4-F2009. Revenue is typically a lagging performance indicator as it is a function of deferred revenue as opposed to invoiced sales in the quarter. The majority of the revenue from Q4-F2010 Sales Contracts is included in deferred revenue on the balance sheet at June 30, 2010, which was $102.8 million, compared to $95.9 million at June 30, 2009.
Absolute generated an operating loss of $4.4 million in F2010, compared to an operating loss of $16.6 million in F2009, and an operating loss of $2.7 million in Q4-F2010 compared to operating income of $1.7 million in Q4-F2009. The year-over-year changes reflect a significant stock-based compensation charge recorded in F2009 as well as a $4.5 million positive adjustment related to warranty accruals and investment tax credits recorded in Q4-F2009.
The operating results adjusted for stock-based compensation and amortization of intangible assets (or the adjusted operating income or loss, a non-GAAP measure) was an adjusted operating income of $0.4 million for fiscal 2010, compared to a loss of $0.6 million in the prior year. The increased income in F2010 is due to revenue growth in excess of the rate of the cost increases associated with the Company's expansion strategies.
For Q4-F2010, the adjusted operating loss was $0.8 million, compared to an adjusted operating income of $2.4 million in Q4-F2009. The loss in Q4-FY2010 compared to income in Q4-F2009 was primarily due to the previously mentioned non-cash adjustments in Q4-F2009.
GAAP net loss was $8.2 million in F2010 ($0.18 per share), compared to $2.3 million ($0.05 per share) in F2009, and was $3.8 million in Q4-F2010 ($0.08 per share) compared to net income of $16.5 million ($0.35 per share) in Q4-F2009. Net income results for F2009 and Q4-F2009 were affected by a one-time $16.7 million non-cash income tax recovery. The additional year-over-year variances in net loss reflect the changes in operating loss, interest income and foreign exchange losses.
Absolute is in a strong financial position, with no debt and the financial resources necessary to fund its operating and capital requirements and to execute on its growth strategies. At June 30, 2010, Absolute's cash, cash equivalents, short-term investments and investments were $58.0 million compared to $68.9 million at June 30, 2009. The reduction in cash position from June 30, 2009 is primarily due to the use of $17.5 million for the purchase of LANrev and certain assets from Phoenix Technologies, which was offset in part by cash generated from operations.
F2011 Guidance
Absolute is providing guidance that it expects to continue its Sales Contracts growth trend in F2011, increasing beyond the $69.7 million achieved in F2010. In addition, Absolute expects to grow Cash from Operating Activities in F2011 beyond the $6.4 million achieved in F2010. However, Absolute is not providing specific guidance for the growth targets. Due to the unpredictable economic climate, Absolute believes that it is not practical to provide specific guidance with an acceptable degree of reliability.
Annual Filings
Management's discussion and analysis ("MD&A"), consolidated financial statements and notes thereto for fiscal 2010 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available at www.sedar.com.
Notice of Conference Call
Absolute Software will hold a conference call to discuss the contents of this release on Monday, August 23, 2010 at 2:00 p.m. PT (5:00 p.m. ET). All interested parties can join the call by dialing 647-427-7450 or 1-888-231-8191. Please dial-in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Monday, August 30, 2010 at midnight.
A live audio webcast of the conference call will be available at www.absolute.com and www.newswire.ca. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.
An archived replay of the webcast will be available for 365 days at www.newswire.ca.
To access the archived conference call, please dial 416-849-0833 or 1-800-642-1687 and enter the reservation code 89951179.
(1.a) "Sales Contracts" (invoiced sales) is used as a Non-GAAP measure of
sales performance and an indicator for future cash flow and
revenue, "Cash from Operating Activities" as a profitability
measure, and "Basic and Diluted Operating Cash per Share" (Cash
from Operating Activities divided by the average shares outstanding
for the period; diluted calculated using the treasury stock method)
as an earnings per share measure. With the exception of Cash from
Operating Activities, these are non-standard measures under
Canadian Generally Accepted Accounting Principles. Absolute
considers these measures to be key performance metrics as
substantially all Sales Contracts in each quarter are deferred on
the balance sheet, while the related costs are expensed in that
same quarter. Refer to the Business Model section in our Management
Discussion and Analysis for more details.
(1.b) Sales Contracts in constant currency refers to the Canadian dollar
sales that would have been reported had the U.S. dollar exchange
rate been unchanged from the rate in the prior year. With
approximately 95% of Sales Contracts in U.S. dollars management
believes this to be a more meaningful evaluation of the underlying
sales performance of the business.
About Absolute
Absolute Software Corporation (TSX: ABT) is the leader in tracking, managing and protecting computers and mobile devices. The Company's Computrace, Absolute Manage and LoJack(R) for Laptops solutions provide theft recovery, data protection and computer lifecycle management capabilities to organizations and consumers. The Company's software agent is embedded in the firmware of computers by global leaders, including Acer, ASUS, Dell, Fujitsu, General Dynamics Itronix, HP, Lenovo, Motion, Panasonic and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software, visit www.absolute.com and http://blog.absolute.com
Forward-Looking Statements
This press release contains certain forward-looking statements, which relate to future events or the Company's future performance, that include terms such as "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall" and similar terms. These statements involve known and unknown risks, uncertainties and other factors that are beyond the Company's control, which may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Absolute believes the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release or as of the date specified in the documents incorporated by reference into this press release.
This press release, and the documents incorporated by reference, contain forward-looking statements pertaining to expectations which include, but are not limited to: (a) a continuing need for laptop data protection, theft recovery services and computer lifecycle management solutions in difficult economic times; (b) the continued successful integration of recently-acquired products and technologies; (c) an increase in computer refresh/replacement cycles; (d) the attainment of certain sales and cash flow targets and company performance; (e) increased adoption, or attach, rates of the Company's lifecycle management, computer tracking, and computer theft recovery solutions; (f) the ability of the Company to successfully execute on its growth strategies, including attracting new distribution partners; (g) continuation of embedded firmware support from its current and anticipated PC OEM partners; (h) the demand for its products continuing to increase; (i) stable currency valuations and a sufficiently stable and healthy global economic and business environment; (j) the ability of the Company to access and gain traction in international markets and that such markets are growing as anticipated; and (j) other expectations, intentions and plans contained in this document that are not historical fact.
With respect to forward-looking statements contained in this press release, the Company has made a number of assumptions. The key assumptions underlying the aforementioned forward-looking statements are that: (a) the data security and endpoint lifecycle management markets will converge, and Absolute will be able to capitalize on this shift as a result of its recent acquisitions and an expanded product and feature set; (b) worldwide computer shipments will continue to grow, and Absolute will benefit from this trend through increased sales as a result of our investments in global sales and marketing and PC OEM partnerships; (c) our expiring subscription ratio will improve as a result of an increase in computer shipments; (d) our investments in future growth of the business will generate returns as the worldwide computer market rebounds; (e) Absolute will be able to continue to add new products and features on a global scale; and (f) Absolute will expand its portfolio of intellectual property, including patents. Certain or all of the forgoing assumptions may prove to be incorrect which could negatively impact the Company's business and the anticipated results discussed herein.
The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation: risks associated with increased competition from other producers; the impact of general, economic conditions in Canada, the United States and overseas; industry conditions, changes in technology, changes in laws and regulations (including the adoption of new privacy and data collection laws and regulations) and changes in how they are interpreted and enforced; changes in federal and provincial tax laws and legislation; the lack of availability of qualified personnel or management; fluctuations in foreign exchange or interest rates; stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof; and obtaining required approvals of regulatory authorities. Readers are cautioned that the foregoing list of risks to the Company's performance is not exhaustive and reference is made to the items under "Risk Factors" in the MD&A and the Company's Annual Information Form for the year ended June 30, 2010. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
(C)2010 Absolute Software Corporation. All rights reserved. Computrace and Absolute are registered trademarks of Absolute Software Corporation. LoJack is a registered trademark of LoJack Corporation, used under license by Absolute Software Corporation. LoJack Corporation is not responsible for any content herein. All other trademarks are property of their respective owners. Computrace U.S. patents # 5,715,174, # 5,764,892, # 5,802,280, # 5,896,497, # 6,244,758, # 6,269,392, # 6,300,863, and # 6,507,914. Canadian patents # 2,284,806 and # 2,205,370. U.K. patents # EP793823 and # GB2338101. German patent # 695 125 34.6-08. Australian patent # 699045. Japan patent # JP4067035. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
ABSOLUTE SOFTWARE CORPORATION
Consolidated Balance Sheets
June 30, 2010 and 2009
(Expressed in Canadian dollars)
-------------------------------------------------------------------------
June 30, June 30,
2010 2009
-----------------------------
ASSETS
CURRENT
Cash and cash equivalents $ 28,078,851 $ 56,078,004
Short-term investments 6,420,210 8,743,861
Accounts receivable, net of allowance
for doubtful accounts of $1,935,000
(2009 - $2,387,000) 13,888,239 15,570,780
Prepaid expenses and other 1,149,428 974,564
Current portion of deferred
contract costs 4,038,159 3,609,944
Current portion of future income
tax assets 9,904,709 10,646,521
-----------------------------
63,479,596 95,623,674
INVESTMENTS 23,527,677 4,076,211
DEFERRED CONTRACT COSTS 3,744,051 3,765,717
PROPERTY AND EQUIPMENT 2,754,271 2,644,275
FUTURE INCOME TAX ASSETS 10,308,983 11,081,073
INTANGIBLE ASSETS 20,477,801 127,775
-----------------------------
$124,292,379 $117,318,725
-----------------------------
-----------------------------
LIABILITIES
CURRENT
Accounts payable and accrued liabilities $ 8,183,219 $ 6,775,466
Income tax payable 1,575,000 1,575,000
Current portion of acquisition payable 1,728,607 -
Current portion of accrued warranty 4,702,888 5,288,520
Current portion of deferred revenue, net 52,411,595 46,577,880
-----------------------------
68,601,309 60,216,866
ACQUISITION PAYABLE 3,457,214 -
ACCRUED WARRANTY 4,518,461 5,963,650
DEFERRED REVENUE, NET 50,346,988 49,278,726
-----------------------------
126,923,972 115,459,242
SHAREHOLDERS' (DEFICIENCY) EQUITY
Share Capital 44,888,407 41,988,977
Contributed Surplus 28,393,491 26,822,975
Deficit (75,913,491) (66,952,469)
-----------------------------
(2,631,593) 1,859,483
-----------------------------
-----------------------------
$124,292,379 $117,318,725
-----------------------------
-----------------------------
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Operations and Comprehensive Loss
Three and twelve months ended June 30, 2010 and 2009
(Expressed in Canadian dollars)
-------------------------------------------------------------------------
Three months ended Twelve months ended
June 30, June 30,
--------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------
REVENUE $ 16,599,880 $ 14,330,961 $ 64,075,789 $ 53,218,894
COST OF REVENUE 4,629,530 1,278,594 15,709,686 11,733,139
--------------------------------------------------------
GROSS MARGIN 11,970,350 13,052,367 48,366,103 41,485,755
OPERATING EXPENSES
Sales and
marketing 10,877,604 7,479,674 36,205,179 29,039,585
Research and
development 2,276,465 2,014,294 8,032,503 7,259,803
General and
administration 1,608,982 3,457,514 7,707,016 8,951,743
Investment tax
credits (505,000) (2,225,000) (1,255,000) (3,000,000)
Stock-based
compensation 422,552 642,213 2,085,977 15,792,738
--------------------------------------------------------
14,680,603 11,368,695 52,775,675 58,043,869
--------------------------------------------------------
--------------------------------------------------------
OPERATING (LOSS)
INCOME (2,710,253) 1,683,672 (4,409,572) (16,558,114)
OTHER (EXPENSE)
INCOME
Interest
income, net 174,294 151,317 699,239 1,384,195
Foreign exchange
(loss) gain 598,084 (888,443) (1,772,780) 1,407,946
Loss on foreign
exchange
contracts - 663,000 - (849,500)
Restructuring
charges - - - (989,132)
Gain (loss) on
investments 257,397 (197,569) 98,134 (952,023)
--------------------------------------------------------
1,029,775 (271,695) (975,407) 1,486
--------------------------------------------------------
--------------------------------------------------------
NET (LOSS) INCOME
BEFORE INCOME
TAXES (1,680,478) 1,411,977 (5,384,979) (16,556,628)
INCOME TAX
(EXPENSE)
RECOVERY (2,128,902) 15,072,933 (2,768,902) 14,297,933
--------------------------------------------------------
NET (LOSS) INCOME
AND COMPREHENSIVE
(LOSS) INCOME $ (3,809,380) $ 16,484,910 $ (8,153,881) $ (2,258,695)
--------------------------------------------------------
--------------------------------------------------------
BASIC AND DILUTED
(LOSS) EARNINGS
PER SHARE $ (0.08) $ 0.36 $ (0.18) $ (0.05)
--------------------------------------------------------
--------------------------------------------------------
WEIGHTED AVERAGE
NUMBER OF
COMMON SHARES
OUTSTANDING,
BASIC AND
DILUTED 46,714,398 45,477,754 46,346,964 47,057,386
--------------------------------------------------------
--------------------------------------------------------
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Changes in Shareholders' Deficiency
Years ended June 30, 2010 and 2009
(Expressed in Canadian dollars)
-------------------------------------------------------------------------
Share Capital
-------------------------
Number of
Common Contributed
shares Amount Surplus Deficit Total
----------------------------------------------------------------
BALANCE,
JUNE 30,
2008 47,811,570 $41,915,225 $11,938,462 $(56,752,618) $(2,898,931)
Shares
issued on
options
exercised 762,683 1,755,488 (780,450) - 975,038
Shares
issued
under
Employee
Share
Purchase
Plan 177,097 784,416 - - 784,416
Shares
repurchased
and
cancelled
under the
Normal
Course
Issuer
Bid (3,257,000) (2,793,927) - (7,941,156) (10,735,083)
Shares
issued on
warrants
exercised 200,000 327,775 (127,775) - 200,000
Stock-based
compensation
expense
recorded on
Option and
Purchase
Plans - - 15,792,738 - 15,792,738
Net loss - - - (2,258,695) (2,258,695)
----------------------------------------------------------------
BALANCE,
JUNE 30,
2009 45,694,350 $41,988,977 $26,822,975 $(66,952,469) $1,859,483
----------------------------------------------------------------
----------------------------------------------------------------
Shares
issued on
options
exercised 741,552 1,659,071 (259,911) - 1,399,160
Shares
issued
under
Employee
Share
Purchase
Plan 231,188 786,895 - - 786,895
Shares
repurchased
and
cancelled
under the
Normal
Course
Issuer
Bid (238,000) (202,086) - (807,141) (1,009,227)
Shares
issued on
warrants
exercised 400,000 655,550 (255,550) - 400,000
Stock-based
compensation
expense
recorded on
Option and
Purchase
Plans - - 2,085,977 - 2,085,977
Net loss - - - (8,153,881) (8,153,881)
----------------------------------------------------------------
BALANCE,
JUNE 30,
2010 46,829,090 $44,888,407 $28,393,491 $(75,913,491) $(2,631,593)
----------------------------------------------------------------
----------------------------------------------------------------
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Cash Flows
Three and twelve months ended June 30, 2010 and 2009
(Expressed in Canadian dollars)
-------------------------------------------------------------------------
Three months ended Twelve months ended
June 30, June 30,
--------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------
OPERATING
ACTIVITIES
Net loss $ (3,809,380) $ 16,484,910 $ (8,153,881) $ (2,258,695)
Items not
involving cash
Amortization
of property
and equipment 374,170 446,333 1,366,800 1,238,642
Amortization
of intangible
assets 1,493,931 31,943 2,737,602 127,774
Stock-based
compensation 422,552 642,213 2,085,977 15,792,738
Future income
taxes 3,573,902 (16,772,933) 1,513,902 (18,872,933)
(Gain) loss on
investments (257,397) 197,569 (98,134) 952,023
(Gain) loss on
foreign
exchange
contract - (38,000) - 849,500
Change in non-cash
working capital
Accounts
receivable (2,956,756) (2,145,301) 1,682,541 2,825,951
Prepaid
expenses and
other 96,301 (165,111) (174,864) (67,772)
Deferred
contract costs (177,631) (292,675) (406,549) (1,076,001)
Accounts payable
and accrued
liabilities 1,291,916 133,709 1,380,952 534,525
Income tax
payable (1,950,000) (525,000) - 1,575,000
Accrued
warranty (997,955) (2,806,810) (2,030,821) (592,423)
Deferred
revenue 3,151,818 6,959,134 6,521,658 16,394,273
--------------------------------------------------------
CASH FROM
OPERATING
ACTIVITIES 255,471 2,149,981 6,425,183 17,422,602
INVESTING
ACTIVITIES
Purchase of
property and
equipment (354,839) (670,343) (1,459,797) (1,911,915)
Acquisition of
LANrev (4,144) - (10,288,400) -
Purchase of
intangible
assets (7,223,287) - (7,223,287) -
Realized loss
on foreign
exchange
contract - 38,000 - (849,500)
Proceeds from
maturities of
short-term
investments 2,615,227 5,590,000 9,926,691 15,570,571
Purchase of
short-term
investments - (5,646,510) (7,504,905) (14,778,288)
Proceeds from
maturities of
investments 1,304,228 38,061 1,304,228 8,375,000
Purchase of
investments (439,288) - (20,755,694) (5,435,137)
--------------------------------------------------------
CASH (USED IN)
FROM INVESTING
ACTIVITIES (4,102,103) (650,792) (36,001,164) 970,731
FINANCING
ACTIVITIES
Repurchase of
common shares
for cancellation (900,288) - (1,009,227) (10,637,373)
Issuance of
common shares 520,261 355,324 2,586,055 1,861,745
--------------------------------------------------------
CASH FROM (USED
IN) FINANCING
ACTIVITIES (380,027) 355,324 1,576,828 (8,775,628)
--------------------------------------------------------
--------------------------------------------------------
(DECREASE)
INCREASE IN
CASH AND CASH
EQUIVALENTS (4,226,659) 1,854,513 (27,999,153) 9,617,705
CASH AND CASH
EQUIVALENTS,
BEGINNING
OF YEAR 32,305,510 54,223,491 56,078,004 46,460,299
--------------------------------------------------------
CASH AND CASH
EQUIVALENTS,
END OF YEAR $ 28,078,851 $ 56,078,004 $ 28,078,851 $ 56,078,004
--------------------------------------------------------
--------------------------------------------------------
SOURCE Absolute Software Corporation
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