Business
Allen-Vanguard reports financial results for fiscal year ended September 30th, 2006
Allen-Vanguard reports financial results for fiscal year ended September 30th, 2006.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n- Achieved record fourth quarter performance: revenue of $20.0 million,\n EBITDA of $3.0 million, EPS of $0.04\n- Generated free cash flow of $1.6 million in year\n- Balance sheet further strengthened by recent net $14.5 million\n financing\n- Announces co-development program with Lockheed Martin\n\nOTTAWA, Dec. 14 /CNW Telbec/ - Allen-Vanguard Corporation (the \"Company\"\nor \"Allen-Vanguard\") (TSX: VRS) of Ottawa, Canada today reported its financial\nresults for the fiscal year ended September 30, 2006. All figures are in\nCanadian dollars.\n\nFourth Quarter (\"Q4\") and FY 2006 Highlights\n\nRevenue was $20.0 million in Q4 2006, more than double the $9.1 million\nrecorded in Q4 2005. For the year, revenue was $56.8 million, an increase of\n11% over $51.4 million in FY 2005.\nEBITDA(1) was $3.0 million in Q4 2006, compared to an EBITDA loss of\n$3.4 million in Q4 2005. For the year, EBITDA was $4.3 million compared to an\nEBITDA loss of $3.8 million in FY 2005.\nNet earnings for Q4 2006 were $1.7 million or $0.04 per share. These\ncompare to a net loss of $23.3 million or a loss of $0.89 per share in\nQ4 2005, when the Company recorded several non-recurring items including an\nimpairment to goodwill. For the year, net income was $0.0 million or $0.00 per\nshare, compared to a net loss of $29.1 million and a loss per share of $1.09\nin FY2005.\n\nGeneral Progress Report and Outlook\n\n\"We are very pleased to report a record fourth quarter in terms of\nrevenue, operating earnings and earnings per share performance,\" said David E.\nLuxton, President and CEO. \"Following the completion of the restructuring of\nthe Company early in our second quarter, profitability has been firmly\nrestored as demonstrated by three strong back to back quarters.\"\nAllen-Vanguard's cash and cash equivalents, net of bank indebtedness were\n$4.0 million at the end of FY 2006 and working capital was $16.1 million. The\nCompany's financial position improved significantly throughout the year as\nprofitability was restored, free cash flow was positive, and long-term bank\ndebt was restructured and reduced. This resulted in a reduction in net\nborrowings from $6.1 million at the end of FY2005 to $4.3 million at\nSeptember 30th, 2006. Shareholders' equity at the end of FY2006 was\n$39.4 million, and subsequent to year end, the Company raised net...