Innovium Announces Year-End 2009 Results
April 30 2010 - 8:30AM
Marketwired Canada
In 2009, Innovium Media Properties Corp. ("Innovium" or the "Company") (TSX
VENTURE:IN)(FRANKFURT:IH7) continued its focus on Seed Media Group LLC ("Seed").
Over the course of the year, Innovium advanced US$2,622,000 though various
instruments to Seed. In the fourth quarter of 2009, Innovium converted all
monies invested in Seed by way of debt instruments into Seed Series C
Preferreds.
The Company recorded an unrealized foreign exchange ("forex") loss of $1,913,000
on its Seed investment for year ended December 31, 2009, due to the
strengthening of the Canadian dollar compared to the US dollar. Any realized
forex gains and losses during 2009 netted out to nil compared to a foreign
exchange gain of $349,000 in 2008.
In 2009, Innovium recorded a net unrealized gain of $885,000: $989,000 was due
to the reversal of a previous unrealized write-down of its investment in RxRite
Inc. ("RxRite"); $1,391,000 due to the reversal of a previous unrealized
write-down of its investment in First Person Plural Inc. ("FPP"); $418,000 was
due to an unrealized gain on its investment in Seed, as Innovium converted its
debt into equity at a 10% discount to the par value; and, all three of these
gains were partially offset by an unrealized forex loss on the Seed investment
of $1,913,000. In 2008, the Company generated an unrealized gain of $1,574,000
comprised of an unrealized foreign exchange gain of $1,743,000 on its investment
in Seed, due to the weakening of the Canadian dollar compared to the US dollar
in 2008; an unrealized gain of $272,000 on its investment in Seed; and, an
unrealized loss of $440,000 on the a write-down of FPP.
Innovium recorded a realized loss on its investments of $2,365,000: $989,000
resulting from a write-off its investment in RxRite and the $1,376,000 balance
as a result of the write-off of its investment in FPP. In 2008, the Company had
a realized gain of $4,313,000 from completing the sale of its interest in the
Levucell suite of products to Lallemand Inc.
Interest and dividend income increased 58% to $1,253,000 compared to $793,000 in
2008, the increase a result of advancing additional funds to Seed (see
"Investing Activities" above).
General and administrative expenses ("G&A") were $1,305,000 in 2009, compared to
$1,622,000 in 2008; a 19.5% decrease.
In 2009, Innovium granted options to Directors, Officers, employees and
consultants, recording an expense of $72,000 related to their vesting versus
$444,000 in 2008. Professional fees vary from year-to-year and are generally
comprised of: work related to regulatory matters; work related to tax matters;
and consultants hired to assist with certain investee companies.
Innovium had a net loss of $1,712,000 or $0.02 per share for the year ended
December 31, 2009 compared to net earnings of $5,446,000 or $0.06 per share for
the year ended December 31, 2008.
Table of Highlights of
the Statements of Operations and Deficit and Cash Flows and the Balance Sheets
(Expressed in thousands of Canadian dollars, except
per share amounts) 2009 2008
------- -------
Interest and dividend income $ 1,253 $ 793
Unrealized gains on investments 885 1,574
Gains (losses) on investments (2,365) 4,313
Agri-products revenue --- 60
Other income --- 17
General and administrative expenses 1,305 1,622
Interest expense 152 6
Depreciation and amortization 28 32
Foreign exchange gain --- (349)
Earnings (loss) before income taxes (1,712) 5,446
Provision for income taxes 103 ---
Net earnings (loss) $ (1,815) $ 5,446
Basic and diluted earnings (loss) per share $ (0.02) $ 0.06
Cash used in operating activities (after changes in
non-cash working capital items) $ (1,184) $ (835)
Cash and cash equivalents $ 10 $ 731
Accounts receivable and other assets 40 77
Short-term investments 58 113
Venture investments 14,328 11,631
Capital assets, net 121 149
Total assets $ 14,557 $ 12,701
Accounts payable and accrued liabilities $ 108 $ 11
Term Loans 1,829 ---
Future tax liability 103 ---
Total liabilities $ 2,040 11
Shareholders' equity $ 12,620 $ 12,690
About Innovium Media Properties Corp.
Innovium's venture investment portfolio is devoted to Seed Media Group LLC, a
private media and technology company focused on the professional and consumer
science markets. Seed's award winning brands include Seed(R)
(www.seedmagazine.com) and ScienceBlogs(R) (www.scienceblogs.com). Innovium
trades under the symbol IN on the TSX Venture Exchange ("TSX - V") and IH7 on
the Frankfurt Stock Exchange ("FWB").
For additional information contact: innovium@innovium.ca.
We seek safe harbour.
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