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Visual Defence Inc. (VDI)

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Monday 15 September, 2008

Visual Defence Inc.

Interim Results

RNS Number : 4561D
Visual Defence Inc.
15 September 2008
 

Visual Defence Inc

('Visual Defence', the 'Company' or the 'Group') 


Interim Results for Six Months Ended 30 June 2008


RICHMOND HILL, ONTARIO - September 15, 2008 - Visual Defence, the security convergence company, today announces its interim results for the six months ended 30 June 2008. All Dollar amounts are in Canadian Dollars.


Financial Highlights


  • Revenues declined by 16 per cent. against the comparative period last year to $8.5 million (six months 30 June 2007: $10.2 million).


  • Gross Profit increased by $0.2 Million against the comparative period to $3.4 million as gross margins increased to 40.2% (six months 30 June 2007: $3.2 million and 31.7%) 


  • Net loss was reduced by $1.3 million against the comparative period to $2.5 million (six months 30 June 2007: $3.8 million)



Operating Highlights


  • Significant contract wins included:

    • The Norwegian State Railway to supply advanced mobile digital video storage solutions ($1.5M CAD)

    • The Societe de Transport de Montreal to provide Video Analytics integration ($0.9M CAD) 

    • Euromaint of Stockholm to provide advanced mobile digital video recording storage and management solutions ($1.9M CAD) 

    • Zurich Airport ($0.13 M CAD) to add to our existing applications a map based Command and Control Centre (3C) solution

    • Commencement of collection and ramp up of operations in Cote D'Ivore of our 50% owned subsidiary Avisecure

    • Development of partnership and representation agreement with Taldor of Israel and associated closure of our Israel office



Barry Tal, CEO for Visual Defence, Inc. said:


'The results for the first 6 months of the year, while below our expectations, do demonstrate the effects of our cost cutting measures reflected in our improved gross profit and reduced operating loss versus the comparable period of 2007. Continued development of our sales channels is underway and expected to yield benefits in 2009 and beyond. Recently the Company was awarded the contract to provide Command and Control applications to Zurich airport. This win represents the continuing development of our presence in the control centre market.  In addition, I am pleased with the progress of our subsidiary operation in Cote D'Ivoire where the company will deploy its newly developed Door Management System as part of our comprehensive 25 year BOT airport security management program.


'As announced earlier this year, for the remainder of 2008 the Company will be impacted by decisions by key customers to delay the delivery and implementation of projects and solutions from 2008 to 2009. These delays will impact the full year results for 2008 and as a result the Company expects full year (to 31 December 2008) revenue at $20 million CAD, with Operating Earnings below the Board's previous expectations. With the encouragement of the Board, the Company is engaging in appropriate cost reduction and mitigation activities throughout its operations. As a result of these measures and the Company's continued investment in new technologies and its sales infrastructure I am confident that the Company is well positioned for future growth and success.'


Enquiries:


Visual Defence Inc

+(1) 905 731 1254

Barry (Oved) Tal, Chairman and Chief Executive Officer


Bill Watson, Chief Financial Officer 




KBC Peel Hunt Ltd (Nominated Adviser and Broker)

+44 (0) 20 7418 8900

David Anderson 


Oliver Stratton



About Visual Defence


Visual Defence prides itself on mastering the 'Art of Integration' and providing customized solutions. The Company provides advanced security solutions for leading government, airport, mass transit and commercial clients around the world. Leveraging 3C®, its proven Security Management Software Platform, and suite of modular Integration, Video, VoIP Communication, and Situational Awareness applications, Visual Defence delivers solutions that meet exact business objectives. Visual Defence turns functionality and interoperability requirements into intelligent, scalable and easy-to-manage solutions that provide end-users with the security insight they need to improve operations and effectively prevent and mitigate risk. Additional information about Visual Defence is available at: http://www.visualdefence.com





 

 

 

 

 

 

                        Visual Defence Inc.

Condensed Consolidated Balance Sheets
Canadian dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
30 June
30 June
31 December
 
 
 
2008
2007
2007
ASSETS
 
 
(Unaudited)
(Unaudited)
(Audited)
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
 
 
$1,261
$3,478
$5,274
Available for sale securities
 
 
7,103
8,560
7,592
Trade receivables
 
 
7,928
8,763
9,564
Other accounts receivable and prepaid expenses
 
 
1,532
659
813
Inventories
 
 
1,291
1,402
1,149
 
 
 
 
 
 
 
 
 
19,115
22,862
24,392
NON-CURRENT ASSETS:
 
 
 
 
 
Restricted cash
 
 
2,370
2,423
2,325
Property and equipment
 
 
1,224
1,559
1,355
Other intangible assets
 
 
2,788
3,151
2,821
Goodwill
 
 
7,835
7,835
7,835
 
 
 
 
 
 
 
 
 
14,217
14,968
14,336
Total assets
 
 
$33,332
$37,830
$38,728
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
 
Trade payables
 
 
$1,194
$2,645
$3,589
Other accounts payable and accrued expenses
 
 
1,730
2,007
2,425
 
 
 
 
 
 
 
 
 
2,924
4,652
6,014
 
 
 
 
 
 
EQUITY:
 
 
 
 
 
Share capital
 
 
-
-
-
Additional paid-in capital
 
 
51,766
51,325
51,609
Foreign currency translation adjustments
 
 
(427)
345
(462)
Accumulated deficit
 
 
(20,931)
(18,492)
(18,433)
 
 
 
 
 
 
 
 
 
30,408
33,178
32,714
Total liabilities and equity
 
 
$33,332
$37,830
$38,728
 
 
 
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
 
 
 
 
 
The financial statements were approved and authorized for issue by Board of directors on 10 September 2008 and were signed on its behalf by:
 
 
 
 
 
 
          Bill Watson                                                         Barry (Oved) Tal
   Chief Financial Officer                      Chief Executive Officer and Chairman of the Board of Directors
 
 

 

 

 

 

 

 

                           Visual Defence Inc.

Condensed Consolidated Statements of Income (Loss)
Canadian dollars in thousands (except share and per share data)
 
 
 
 
 
Six months ended 30 June
Year ended 31 December
 
 
 
2008
2007
2007
 
 
 
(Unaudited)
(Unaudited)
(Audited)
 
 
 
 
 
 
Revenues
 
 
$8,530
$10,195
$28,368
Cost of revenues
 
 
5,098
6,955
18,966
Gross profit
 
 
3,432
3,240
9,402
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
Research and development
 
 
977
1,208
2,227
Selling and marketing
 
 
2,307
2,518
5,442
General and administrative
 
 
2,907
2,526
5,285
Total operating expenses
 
 
6,191
6,252
12,954
 
 
 
 
 
 
Operating (Loss)
 
 
(2,759)
(3,012)
(3,552)
 
 
 
 
 
 
Interest Income
 
 
184
311
562
Financial expenses
 
 
(26)
16
(39)
Foreign exchange gain (loss)
 
 
103
(1,076)
(673)
Net (loss)
 
 
($2,498)
($3,761)
($3,702)
Basic and diluted (loss) per share
 
 
($0.04)
($0.05)
($0.05)
 
 
 
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
 


 

                           Visual Defence Inc.

Condensed Consolidated Statements of Changes in Equity
Canadian dollars in thousands (except share data)
 
 
Common shares
 
 
Additional paid-in capital
 
 
Foreign currency translation adjustments
 
 
Retained earnings (accumulated deficit)
 
 
 
Total equity
 
 
Number of shares
 
 
Share capital
 
 
 
 
Balance as of 31 December 2006 (Audited)
70,556,095
 
$-
 
$50,886
 
($42)
 
($14,731)
 
$36,113
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss)
-
 
-
 
-
 
-
 
(3,761)
 
(3,761)
Foreign currency translation adjustments
-
 
-
 
-
 
387
 
-
 
387
Total recognized profit (loss) for the period
 
 
 
 
 
 
387
 
(3,761)
 
(3,374)
Issuance of Common shares upon exercise of share options
90,000
 
-
 
1
 
-
 
-
 
1
Share-based compensation
-
 
-
 
438
 
-
 
-
 
438
Balance as of 30 June 2007 (Unaudited)
70,646,095
 
-
 
51,325
 
345
 
(18,492)
 
33,178
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss)
-
 
-
 
-
 
-
 
59
 
59
Foreign currency translation adjustments
-
 
-
 
-
 
(807)
 
-
 
(807)
Total recognized profit (loss) for the period
 
 
 
 
 
 
(807)
 
59
 
(748)
Issuance of Common shares upon exercise of share options
-
 
-
 
-
 
-
 
-
 
-
Share-based compensation
-
 
-
 
284
 
-
 
-
 
284
Balance as of 31 December 2007 (Audited)
70,646,095
 
-
 
51,609
 
(462)
 
(18,433)
 
32,714
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss)
-
 
-
 
-
 
-
 
(2,498)
 
(2,498)
Foreign currency translation adjustments
-
 
-
 
-
 
35
 
-
 
35
Total recognized profit (loss) for the period
 
 
 
 
 
 
35
 
(2,498)
 
(2,463)
Issuance of Common shares upon exercise of share options-
-
 
-
 
-
 
-
 
-
 
-
Share-based compensation
-
 
-
 
157
 
-
 
-
 
157
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of 30 June 2008 (Unaudited)
70,646,095
 
$-
 
$51,766
 
($427)
 
($20,931)
 
$30,408
The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 
 


 

Visual Defence Inc.

Condensed Consolidated Statements of Cash Flows
Canadian dollars in thousands
 
 
Six months ended
 30 June
Year ended 31 December
 
2008
2007
2007
 
(Unaudited)
(Unaudited)
(Audited)
Cash flows from operating activities:
 
 
 
Net (loss)
($2,498)
($3,761)
($3,702)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation and amortization
592
579
1,155
Share-based compensation expenses
157
438
722
Decrease in accounts receivable
1,636
3,737
2,936
Decrease (increase) in other accounts receivable and prepaid expenses
(719)
96
(58)
Decrease (increase) in inventories
(142)
96
349
(Decrease) increase in trade payables
(2,395)
(943)
1
(Decrease) increase in other accounts payable and accrued expenses
(695)
(254)
164
 
 
 
 
Net cash provided by (used in) operating activities
(4,064)
(12)
1,567
 
 
 
 
Cash flows from investing activities:
 
 
 
Purchase of property and equipment
(150)
(604)
(659)
Proceeds from disposal of property and equipment
30
39
16
Development of intangible property
(254)
-
-
Increase in restricted cash
(45)
(2,423)
(1,575)
Proceeds from available for sale securities
489
4,941
5,909
 
 
 
 
Net cash provided by investing activities
70
1,953
3,691
 
 
 
 
Cash flows from financing activities:
 
 
 
Proceeds from issuance of Common shares upon exercise of options
-
-
1
 
 
 
 
Net cash provided by financing activities
-
-
1
 
 
 
 
Effect of exchange rate differences on cash and cash equivalents
(19)
388
(384)
 
 
 
 
(Decrease) Increase in cash and cash equivalents
(4,013)
2,329
4,875
Cash and cash equivalents at the beginning of the period
5,274
1,149
399
 
 
 
 
Cash and cash equivalents at the end of the period
$1,261
$3,478
$5,274
 
The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 
 


  

   Visual Defence Inc.

Notes to the Condensed Consolidated Financial Statements

Canadian dollars in thousands (except share and per share data)


Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007


NOTE 1: NATURE OF BUSINESS


Visual Defence Inc ('VDI' or 'the Company') having its principal place of business at 9225 Leslie Street, Suite 7, Richmond Hill, ON L4B3H6, Canada was incorporated on 22 February 2005 in Ontario Canada. The Company provides security systems using digital Audio-Visual (AV) signals transmitted over wireless and physical IP networks, enabling digital AV and data to be captured from a variety of sources, such as fixed or mobile cameras, microphones, infra-red sensors, access controls and burglar alarms, and delivered to local or remote locations where it can be managed and monitored.


NOTE 2BASIS OF PREPARATION


The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'), applicable to interim consolidated financial statements as described in International Accounting Standard (IAS) 34 Interim Financial Reporting. The Company's unaudited condensed consolidated financial statements do not conform in all respects to the requirements of International Financial Reporting Standards for annual financial statements. The Company's condensed consolidated financial statements should be read in conjunction with the 31 December, 2007 audited consolidated financial statements and notes thereto.

  

The preparation of these unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from these estimates and the operating results for the six month period presented are not necessarily indicative of the results expected for the full year. In the opinion of management, these unaudited condensed consolidated financial statements reflect adjustments necessary to state fairly the results for the periods presented. 


  

   Visual Defence Inc.

Notes to the Condensed Consolidated Financial Statements

Canadian dollars in thousands (except share and per share data)


Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007


NOTE 3: PROPERTY AND EQUIPMENT



Computers and peripheral equipment


Office furniture and equipment


Leasehold improvements


Motor vehicles


Total

Cost:










Balance at 3December 2006 (Audited)

$1,075


$490


$262


$230


$2,057

Additions

99


244


5


260


608

Disposals

-


-


-


(39)


(39)

Foreign currency translation adjustments


-



(12)



-



-



(12)

Balance at 30 June 2007 (Unaudited)

1,174


722


267


451


2,614

Additions

34


19


7


-


60

Disposals

-


-


-


-


-

Foreign currency translation adjustments

-


-


-


-


-

Balance at 31 December 2007 (Audited)

1,208


741


274


451


2,674

Additions

81


50


19


-


150

Disposals

-


-


-


(104)


(104)

Foreign currency translation adjustments

(34)


17


2


-


(15)

Balance at 30 June 2008 (Unaudited)

1,255


808


295


347


2,705

Accumulated depreciation










Balance at 31 December 2006 (Audited)

450


173


80


133


836

Additions

120


73


20


39


252

Disposals

-


-


-


(33)


(33)

Foreign currency translation adjustments

-


-


-


-


-

Balance at 30 June 2007 (Unaudited)

570


246


100


139


1,055

Additions

163


44


24


36


267

Disposals

-


-


-


-


-

Foreign currency translation adjustments

(3)


-


-


-


(3)

Balance at 31 December 2007 (Audited)

730


290


124


175


1,319

Additions

157


72


24


46


299

Disposals

-


-


-


(104)


(104)

Foreign currency translation adjustments


-



(33)



-



-



(33)

Balance at 30 June 2008 (Unaudited)

887


329


148


117


1,481


Balance at  30 June 2008 (Unaudited)

$368


$479


$147


$230


$1,224

Balance at 30 June 2007 (Unaudited)

$604


$476


$167


$312


$1,559

Balance at 31 December 2007 (Audited)

$478


$451


$150


$276


$1,355

  

   Visual Defence Inc.

Notes to the Condensed Consolidated Financial Statements

Canadian dollars in thousands (except share and per share data)


Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007



NOTE 4: OTHER INTANGIBLE ASSETS


 
Customer relationships
 
Technology and licensing agreements
 
Total
Cost
 
 
 
 
 
Balance at 31 December 2006 (Audited)
$2,681
 
$822
 
$3,503
Additions
-
 
-
 
-
Amortization
(183)
 
(139)
 
(322)
Impairment loss
-
 
-
 
-
Foreign currency translation adjustments
-
 
(30)
 
(30)
Balance at 30 June 2007 (Unaudited)
2,498
 
653
 
3,151
Additions
-
 
-
 
-
Amortization
(184)
 
(133)
 
(317)
Impairment loss
-
 
-
 
-
Foreign currency translation adjustments
(6)
 
(7)
 
(13)
Balance at 31 December 2007 (Audited)
2,308
 
513
 
2,821
Additions
-
 
254
 
254
Amortization
(159)
 
(133)
 
(292)
Impairment loss
-
 
-
 
-
Foreign currency translation adjustments
-
 
5
 
5
Balance at 30 June 2008 (Unaudited)
$2,149
 
$639
 
$2,788





  

   Visual Defence Inc.

Notes to the Condensed Consolidated Financial Statements

Canadian dollars in thousands (except share and per share data)


Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007



NOTE 5: EQUITY


  • A summary of the Company's share option activity and related information is as follows:



Number


Weighted average exercise price in Dollars





Outstanding as of 31 December 2006 (Audited)

2,124,500


$1.01 

Granted

-


-

Exercised

(90,000)


(0.01) 

Forfeited

(313,500)


0.67 





Outstanding as of 30 June 2007 (Unaudited)

1,721,000


1.10





Granted

200,000


0.41 

Exercised

-


- 

Forfeited

(165,500)


(0.41) 





Outstanding as of 31 December 2007 (Audited)

1,755,500


0.61





Granted

88,000


0.40

Exercised

-


-

Forfeited

(186,000)


(0.45)









Outstanding as of 30 June 2008 (Unaudited)

1,657,500


$0.60


b.   The following table summarizes share-based compensation expense recorded in the income statements:



Six months ended  

30 June

Year ended 31 December


2008

2007

2007


(Unaudited)

(Unaudited)

(Audited)





Cost of revenues

$11

$2

$6

Research and development

5

23

8

Selling and marketing

5

177

446

General and administrative

136

236

262


$157

$438

$722


  

   Visual Defence Inc.

Notes to the Condensed Consolidated Financial Statements

Canadian dollars in thousands (except share and per share data)


Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007



NOTE 6DEPRECIATION AND AMORTIZATION


The following table summarizes depreciation and amortization expenses and impairment losses recorded in the income statements:



Six months ended  

30 June

Year ended 31 December


2008

2007

2007


(Unaudited)

(Unaudited)

(Audited)





Research and development

$134

$141

$272

Selling and marketing

159

185

367

General and administrative

299

253

516


$592

$579

$1,155


NOTE 7: JOINT VENTURE


The following amounts have been recognized in the Company's condensed consolidated financial statements representing its 50% share in joint venture 'Avisecure':



Six months ended  

30 June

Year ended 31 December


2008

2007

2007


(Unaudited)

(Unaudited)

(Audited)

Current assets

$729

$-

$396

Current liabilities

-

-

-





Net current assets

$729

$-

$396





Revenue

$310

$-

$-

Expenses

234

-

34





Profit (Loss) after tax

$76

$-

($34)

  

   Visual Defence Inc.

Notes to the Condensed Consolidated Financial Statements

Canadian dollars in thousands (except share and per share data)


Six months ended 30 June 2008, 30 June 2007 and year ended 31 December 2007




NOTE 8: SEGMENTAL INFORMATION


The company manages its business on the basis of one business segment. All revenues are derived from customers located in North America and Middle East, Europe and Africa however a substantial portion of the Company's assets are situated in North America. The following table presents information by the Company's geographical segment for the six month period ended 30 June 2008 and 2007 and the year ended 31 December 2007



North America



Europe



Other



Total

Six month ended 30 June 2008








External revenue

$2,802


$4,954


$774


$8,530

Total assets

$32,789


$-


$543


$33,332

Capital expenditure

$404


$-


$-


$404



North America



Europe



Other



Total

Six month ended 30 June 2007








External revenue

$4,253


$5,573


$369


$10,195

Total assets

$37,460


$-


$370


$37,830

Capital expenditure

$604


$-


$-


$604



North America



Europe



Other



Total

Year ended 31 December 2007








External revenue

$10,276


$17,315


$777


$28,368

Total assets

$38,236


$17


$475


$38,728

Capital expenditure

$648


$3


$8


$659





This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR ILFLVADIELIT