Innovium Announces Third Quarter Results
November 29 2010 - 9:37AM
Marketwired Canada
Innovium Media Properties Corp.'s ("Innovium" or the "Company") (TSX
VENTURE:IN)(FRANKFURT:IH7) third quarter 2010 results are discussed below.
Innovium had a 2010 third quarter net loss of $814,000 compared to a third
quarter net loss of $1,179,000 in 2009 (a loss of $1,243,000 for the first nine
months of 2010 compared to a loss of $1,887,000 for the same period in 2009).
For the three months ended September 30, 2010, the Company recorded a negative
operating cash flow, after changes in non-cash working capital items, of $95,000
compared to a negative operating cash flow of $145,000 for the third quarter of
2009 (negative operating cash flow of $568,000 for the first nine months of 2010
compared to a negative cash flow of $800,000 for the first nine months of 2009).
In the third quarter of 2010, the Company recorded an unrealized foreign
exchange loss of $500,000 (unrealized foreign exchange loss of $1,139,000 for
the third quarter of 2009) on its investment in Seed. For the first nine months
of 2010, the Company recorded an unrealized foreign exchange loss of $298,000
(unrealized foreign exchange loss of $1,741,000 for the same period in 2009) on
its investment in Seed.
Compared to the third quarter of 2009, the Company experienced a 28% decrease in
general and administrative costs in the third quarter of 2010 (an 18% decrease
for the first nine months of 2010 compared to the same period in 2009).
In the third quarter of 2010, Innovium advanced an additional US$70,665 to Seed
Media Group LLC as part of a bridge facility. Subsequent to the quarter end, an
additional US$35,000 was advanced as part of this bridge.
In the third quarter of 2010, Innovium received advances totaling $160,000 in
the form of 3-year term loans bearing interest at 12% per annum. The Company has
the option of repaying these loans in full, without penalty, after six months
from the date of the advances.
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) (seedmagazine.com)
and ScienceBlogs(R) (scienceblogs.com). Innovium trades under the symbol IN on
the TSX Venture Exchange ("TSX - V") and IH7 on the Frankfurt Stock Exchange
("FWB").
Table of Highlights of the Financial Statements
Three months ended Nine months ended
September 30 September 30
-------------------------------------------
(Expressed in thousands of
Canadian dollars, except per
share amounts) 2010 2009 2010 2009
--------- ---------- ----------- ---------
Unrealized losses on investments $ (500) $ (1,139) $ (207) $ (1,741)
Interest and dividend income -- 303 2 907
General and administrative
expenses 219 303 789 966
Interest expense 89 39 233 77
Depreciation and amortization 6 7 17 21
Foreign exchange gain -- (6) (1) (11)
Net loss $ (814) $ (1,179) $ (1,243) $ (1,887)
Net loss per share $ (0.01) $ (0.01) $ (0.01) $ (0.02)
Cash used in operating
activities (after net change in
working capital balances) $ (97) $ (145) $ (570) $ (800)
As At
---------------------
(Expressed in thousands of Sept. 30, Dec.31,
Canadian dollars) 2010 2009
----------- ---------
Cash and cash equivalents $ -- $ 10
Accounts receivable and other
assets 20 40
Short-term investments 59 58
Total current assets 79 108
Venture investments 14,514 14,328
Capital assets, net 104 121
Total assets $ 14,697 $ 14,557
Bank indebtedness $ 31 $ --
Accounts payable and accrued
liabilities 308 108
Term loans 2,981 1,829
Future tax liability 103 103
Total liabilities $ 3,423 $ 2,040
Shareholders' equity $ 11,274 $ 12,517
Full financial results are available on SEDAR at sedar.com.
For additional information contact: innovium@innovium.ca.
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