Business
Allen-Vanguard announces financial results for second quarter of fiscal 2009
OTTAWA, May 14 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company" or "Allen-Vanguard") (TSX...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nOTTAWA, May 14 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"\nor "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada reported today its financial\nresults for the second quarter of fiscal 2009 ("Q2 2009"), which ended March\n31, 2009. All figures are in Canadian dollars, except where noted.\n\n\nSummary of Q2 results\n\n\nRevenue was $56.6 million in Q2 2009, compared to revenue of $91.3\nmillion in Q2 2008. EBITDA(1) was $8.6 million in Q2 2009, versus EBITDA of\n$21.6 million in Q2 2008. Net loss was $19.6 million, or $(0.18) cents per\nshare, compared to a net loss of $34.2 million, or $(0.32) per share in Q2\n2008. The loss in fiscal 2009 included impairment of goodwill and intangible\nassets of $6.0 million and an unrealized foreign exchange loss of $6.7\nmillion.\n\n\nCash flow from operations was $1.9 million in the quarter ended March 31,\n2009, and after changes in working capital, cash used in operating activities\nwas $3.8 million. The Company repaid $3.4 million in bank indebtedness net of\nproceeds in the quarter, and at March 31, 2009 is fully compliant with all of\nthe covenants and terms of its credit facility. At March 31, 2009, $4.2\nmillion was drawn under the new revolving facility of $16.0 million under that\ncredit facility. Net debt was $239.5 million at March 31, 2009.\n\n\n"The lower revenue reported in Q2 partly reflects the over-performance\nfrom accelerated shipments in Q1 of this fiscal year," said David E. Luxton,\nPresident and CEO. "On the expense side we continue to track to our reduced\ntarget cost base as a result of the reduction measures announced at the end of\nfiscal 2008, with scope for additional operating efficiencies in the remainder\nof the year."\n\n\nIn the six months ended March 31, 2009, revenue was $129.3 million,\nEBITDA was $23.6 million and net loss was $53.6 million, or $(0.49) per share.\nThis compares to the first half of fiscal 2008 when revenue was $231.6\nmillion, EBITDA was $66.0 million and the net loss was $27.4 million or\n$(0.26) per share.\n\n\nWhile macro conditions for Allen-Vanguard products and services remain\nfavorable with the new U.S. defense budget emphasis on counter-insurgency, the\npost-U.S. presidential election budget process created a pronounced pause in\norder approval and processing Thu...