Consolidated Balance Sheets
(unaudited - Prepared by management)
March 31 September 30
As at 2000 1999
Assets
Current assets:
Cash $11,157,403 $15,300,454
Accounts receivable 28,520,452 27,229,929
Contract work in process 8,290,684 3,392,111
Prepaid expenses 1,485,291 1,310,608
49,453,830 47,233,102
Restricted cash 1,136,305 545,982
Capital assets 8,586,904 7,869,486
Goodwill and other assets 21,635,483 22,186,265
Deferred income taxes 641,782 625,587
$81,454,304 $78,460,422
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and
accrued liabilities $27,584,076 $27,713,688
Deferred revenue 8,158,010 4,457,822
Income taxes payable 491,316 1,698,638
Current portion of long-term debt 1,687,067 1,827,086
37,920,469 35,697,234
Long-term debt 1,214,338 2,151,185
Shareholders' equity:
Share capital 36,242,318 35,613,907
Retained earnings 6,724,402 5,492,940
Cummulative translation adjustment (647,223) (494,844)
42,319,497 40,612,003
$81,454,304 $78,460,422
Consolidated Statements of Operations and Retained Earnings
(Unaudited - Prepared by Management)
March 31 March 31
For the six months ended 2000 1999
Revenue $96,021,650 $64,472,965
Cost of Sales 70,378,787 47,915,118
Gross Margin 25,642,863 16,557,847
Operating expenses:
Salaries and benefits 15,480,176 10,282,402
General and
administrative 4,915,939 2,726,739
Occupancy costs 1,042,618 508,759
Earnings before depreciation, goodwill amortization,
interest expense and income taxes
4,204,130 3,039,947
Depreciation 830,217 679,700
Interest expense 163,010 171,166
Income before income taxes
and goodwill amortization 3,210,903 2,189,081
Income taxes 1,444,118 767,702
Income before goodwill
amortization 1,766,785 1,421,379
Goodwill amortization, net
of taxes $12,000 (1999-nil) 535,323 229,917
Net income $1,231,462 $1,191,462
Retained earnings,
beginning of period 5,492,940 2,682,142
Less loss on redemption of
shares - 65,965
Retained earnings, end of
period $6,724,402 $3,807,639
Net income per share - basic $0.07 $0.09
Net income per share -
fully diluted 0.07 0.09
Income per share before
goodwill amortization - basic 0.10 0.10
Income per share before
goodwill amortization
- fully diluted 0.10 0.10
