FSC / Press Release
Glenbriar Reports 2009 Q3 Results
Waterloo, Ontario CANADA, August 07, 2009 /FSC/ - Glenbriar Technologies Inc. (GTI - CNQ, G1Q - FWB), today released its unaudited financial results for the 9 months ended June 30, 2009:
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GLENBRIAR TECHNOLOGIE 9 MONTHS ENDED MARCH 31
2009 2008
Revenue $4,511,073 $4,752,804
Gross profit 1,039,771 1,114,928
EBITAS* before R&D 99,606 310,279
EBITAS* after operating and
capitalized R&D 9,606 (4,721)
Loss (272,389) (87,285)
Earnings per share $(0.008) $(0.003)
Average Common Shares
outstanding 33,136,761 31,050,872
*EBITAS = Earnings before interest, taxes, amortization, stock compensation expense and other noncash items. EBITAS is not
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Results from Operations
Revenue increased 13% in the third quarter from the second quarter of fiscal 2009, but declined by 5% for the 9 months ended June 30, 2009 from the same period of 2008. EBITAS (earnings before interest, taxes, amortization, stock compensation expense and other noncash items) after R&D (both operating and capitalized portions) for the 9 months improved marginally to a gain of $9,606 in 2009 from a loss of $4,721 in 2008, as it factors in the elimination of software capitalization in fiscal 2009. Loss tripled over the same period due to the combined effects of expensing R&D and CICA Handbook accounting policy changes and estimates that were implemented at year end.
About Glenbriar
Glenbriar Technologies Inc. (CNSX: GTI) is a leader in Enterprise IT Innovation for small and medium businesses. Glenbriar integrates information technology, voice and software strategies in a number of market verticals spearheaded by an internally developed Managed Infrastructure Services (MIS) approach. Glenbriar's software division, Peartree Software Inc., based in Waterloo, Ontario, develops advanced software solutions for targeted industries such as dealerships and manufacturing. See www.glenbriar.com for more details.
For further information call: Robert Matheson
Glenbriar Technologies Inc.
+1 (403) 450-7410
The CNSX has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Glenbriar's control. Some of these risks and uncertainties may be described in Glenbriar's corporate filings (posted at www.sedar.com). Glenbriar has no intention or obligation to update or revise any forward looking statements due to new information or events.
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Statements of Earnings & Deficits For the 9 months ended June 30
2009 2008
Revenue
Managed information services $ 2,608,138 $2,548,091
Equipment and software sales 1,891,492 2,198,067
Interest and other income 11,443 6,646
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4,511,073 4,752,804
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Expenses
Managed information services 2,046,612 1,893,169
Cost of goods sold 1,424,690 1,744,707
General and administrative 752,387 651,128
Sales and marketing 187,778 153,521
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4,411,467 4,442,525
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Earnings before the following: 99,606 310,279
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Research and development 90,000 72,000
Amortization 162,686 219,438
Interest and bank charges 29,179 30,540
Stock compensation expense 76,461 17,570
Unrealized loss on marketable securities 13,699 (3,950)
Foreign exchange loss - 1,966
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Earnings before income tax (272,389) (27,285)
Provision for future income tax - 60,000
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Net loss (272,389) (87,285)
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Deficit, beginning of year (3,334,841) (805,303)
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Deficit, end of year $ (3,607,230) $ (892,588)
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Net earnings (loss) per share $(0.008) $(0.003)
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As at
Balance Sheets June 30 September 30
2009 2008
Assets
Cash $ 181,415 $ -
Accounts receivable 756,995 1,038,557
Inventory 66,956 33,266
Marketable securities, at fair value 17,574 31,243
Prepaid expenses 24,026 28,708
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Total current assets 1,046,966 1,131,774
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Capital assets 702,458 813,657
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$ 1,749,424 $ 1,945,431
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Liabilities
Bank credit facility $ 391,854 $ 438,610
Accounts payable 661,097 645,392
Deferred revenue 234,283 314,245
Loans payable * current portion 50,000 50,000
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Total current liabilities 1,337,234 1,448,247
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Deferred leasehold allowances 7,000 21,600
Loans payable 285,000 260,000
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$ 1,629,234 $ 1,729,847
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Shareholders' equity
Common shares $ 3,727,420 $ 3,550,425
Retained earnings (3,607,230) (3,334,481)
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$ 120,190 $ 215,584
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$ 1,749,424 $ 1,945,431
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Statements of Cash Flow For the 9 months ended June 30
2009 2008
Operating
Net loss $ (272,389) $ (87,285)
Future income taxes - 60,000
Amortization 162,686 219,438
Stock compensation expense 74,461 17,570
Unrealized loss on marketable
securities 13,669 (3,950)
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(19,573) 205,773
Change in non-cash working capital 213,542 142,072
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193,969 347,845
Financing
Increase in shareholder advances 25,000 10,000
Issue of common shares * net 40,305 72,570
Change in credit facility (46,756) (133,411)
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(18,549) (50,841)
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Investing
Increase in capital assets
(2008 includes R&D) (20,103) (277,004)
Acquisition of Micro-Aid (11,000) (20,000)
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(31,103) (297,004)
Net increase in cash 181,415 -
Cash, beginning of period - -
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Cash, end of period $ 181,415 $ -
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Source: Glenbriar Technologies Inc. (CNQ: GTI) http://www.glenbriar.com
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