(Dollar amounts in thousands)
Quarter ended Quarter ended
July 31, 2011 July 31, 2010
(Revised)
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IFRS net income $2,576 $5,083
Add (deduct):
Share-based compensation 1,307 871
Patent amortization 3,841 3,380
Imputed interest 635 746
Foreign exchange loss 197 618
Income tax expense - for the above items (1,388) (1,811)
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Adjusted net income $7,168 $8,887
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Adjusted foreign exchange (gain) is reconciled to IFRS foreign exchange loss as follows:
(Dollar amounts in thousands)
Quarter ended Quarter ended
July 31, 2011 July 31, 2010
----------------------------------------------------------------------------
IFRS foreign exchange loss $ 138 $ 544
Less: foreign exchange loss on long-term
debt 197 618
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Adjusted foreign exchange (gain) $(59) $(74)
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MOSAID Technologies Incorporated
Unaudited Consolidated Condensed Financial Statements
For the Period Ended July 31, 2011
The attached consolidated financial statements have been prepared by Management of MOSAID Technologies Incorporated and have not been reviewed by an auditor.
MOSAID TECHNOLOGIES INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands of Canadian Dollars)
(Unaudited)
July 31, April 30, May 1,
2011 2011 2010
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Current Assets
Cash and cash equivalents $111,456 $ 97,809 $ 70,732
Marketable securities (Note 12) 11,437 17,021 30,096
Accounts receivable 7,457 13,301 4,880
Prepaid expenses 549 542 698
Other asset (Note 12) 1,025 1,136 2,053
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131,924 129,809 108,459
Property and equipment 459 321 257
Acquired intangible assets (Note 5) 68,389 71,292 80,685
Deferred income tax asset (Note 9) 1,621 1,990 4,818
Investment tax credits receivable (Note
9) 16,209 16,118 15,748
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$218,602 $219,530 $209,967
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Current Liabilities
Accounts payable and accrued
liabilities $10,559 $ 12,893 $ 8,221
Deferred revenue - - 4,400
Other liability (Note 12) - - 992
Current portion of other long-term
liabilities 10,368 9,896 8,294
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20,927 22,789 21,907
Other long-term liabilities 27,272 26,911 33,132
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48,199 49,700 55,039
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Shareholders' Equity
Share capital (Note 6) 129,595 129,021 126,573
Contributed surplus 5,004 4,526 4,153
Retained earnings 35,035 35,435 22,588
Accumulated other comprehensive income 769 848 1,614
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170,403 169,830 154,928
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$218,602 $219,530 $209,967
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