Tucows Inc.
Consolidated Balance Sheets
(Dollar amounts in U.S. dollars)
|
| |
|
March 31,
2005
(unaudited) |
|
December 31,
2004 |
| |
|
Assets
|
| Current assets: |
| Cash and cash equivalents |
$ |
15,007,050 |
$ |
13,914,988 |
| Restricted cash |
|
- |
|
460,398 |
| Accounts receivable |
|
1,262,679 |
|
1,111,082 |
| Prepaid expenses and deposits |
|
1,721,738 |
|
2,156,702 |
| Prepaid domain name registry and ancillary fees, current portion |
|
17,082,065 |
|
15,601,786 |
| Deferred tax asset, current portion |
|
1,000,000
|
|
1,000,000
|
| Total current assets |
|
36,073,532 |
|
34,244,956 |
| |
| Prepaid domain name registry and ancillary fees, long-term portion |
|
6,993,852 |
|
6,471,916 |
| Property and equipment |
|
976,272 |
|
1,017,237 |
| Deferred tax asset, long-term portion |
|
2,000,000 |
|
2,000,000 |
| Intangible assets |
|
1,183,200 |
|
1,242,240 |
| Goodwill |
|
964,467 |
|
964,467 |
| Investment |
|
353,737 |
|
353,737 |
| Cash held in escrow |
|
1,013,366 |
|
1,009,650 |
| Total assets |
$ |
49,558,426
|
$ |
47,304,203
|
| |
|
|
| Liabilities and Stockholders' Equity |
| Current liabilities: |
| Accounts payable |
$ |
1,526,505 |
$ |
1,483,543 |
| Accrued liabilities |
|
1,677,947 |
|
2,688,738 |
| Customer deposits |
|
2,169,135 |
|
2,247,262 |
| Deferred revenue, current portion |
|
25,493,236 |
|
23,648,381 |
| Accreditation fees payable, current portion |
|
303,891
|
|
144,483
|
| Total current liabilities |
|
31,170,714 |
|
30,212,407 |
| |
| Deferred revenue, long term portion |
|
10,263,233 |
|
9,602,599 |
| Accreditation fees payable, long term portion |
|
43,265 |
|
31,816 |
| |
| Stockholders' equity: |
|
|
|
|
| Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding |
|
- |
|
- |
| Common stock - no par value, 250,000,000 shares authorized; 67,297,465 shares issued and outstanding at March 31, 2005 and 66,817,250 shares issued and outstanding at December 31, 2004 |
|
9,722,300 |
|
9,541,277 |
| Additional Paid-in Capital |
|
50,061,866 |
|
50,061,866 |
| Deficit |
|
(51,702,952)
|
|
(52,145,762)
|
| Total stockholders' equity |
|
8,081,214
|
|
7,457,381
|
| |
| Total liabilities and stockholders' equity |
$ |
49,558,426
|
$ |
47,304,203
|
| |
Tucows Inc.
Consolidated Statements of Operations
(Dollar amounts in U.S. dollars)
(unaudited)
|
| |
Three months ended March 31, |
| |
2005
|
2004
|
| |
| Net revenues |
$ |
11,801,706 |
$ |
10,174,909 |
| Cost of revenues |
| 7,221,205
|
| 6,445,415
|
| Gross profit |
| 4,580,501
|
| 3,729,494
|
| |
|
| Operating expenses: |
| Sales and marketing (*) |
| 1,352,454 |
| 1,220,534 |
| Technical operations and development |
| 1,322,785 |
| 1,011,422 |
| General and administrative(*) |
| 1,390,762 |
| 1,073,072 |
| Depreciation of property and equipment |
| 241,873 |
| 312,986 |
| Amortization of intangible assets |
| 59,040
|
| -
|
| Total operating expenses |
| 4,366,914
|
| 3,618,014
|
| |
|
| Income from operations |
| 213,587 |
| 111,480 |
| |
| Other income |
|
| Interest income, net |
| 77,248 |
| 37,633 |
| Total other income |
|
77,248
|
|
37,633
|
| |
|
| Income before provision for income taxes |
| 290,835 |
| 149,113 |
| Provision for (recovery of) income taxes |
| (151,975) |
| - |
| |
| |
| |
| Net income for the period |
$ |
442,810
|
$ |
149,113
|
| |
|
| Basic and diluted earnings per share |
$ |
0.01
|
$ |
0.00
|
| |
|
| Shares used in computing basic earnings per common share |
|
66,883,487
|
|
64,690,887
|
| |
|
| Shares used in computing diluted earnings per common share |
|
71,604,368
|
|
66,989,744
|
| |
| |
| (*) Stock-based compensation has been included in operating expenses as follows: |
| Sales and marketing |
$ | - |
$ | 16,834 |
| General and administrative |
$ | - |
$ | 3,759 |
Tucows Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)
(unaudited)
|
| |
Three months ended March 31, |
| |
2005
|
2004
|
| |
| Cash provided by: |
|
| Operating activities: |
|
| Net Income for the period |
$ |
442,810 |
$ |
149,113 |
| Items not involving cash: |
| |
| |
| Depreciation of property and equipment |
| 241,873 |
| 312,986 |
| Amortization of intangible assets |
| 59,040 |
| - |
| Loss on change in the fair value of forward contracts |
| 107,628 |
| 18,885 |
| Stock-based compensation |
| - |
| 20,593 |
| Change in non-cash operating working capital: |
|
| Accounts receivable |
| (151,597) |
| (62,668) |
| Prepaid expenses and deposits |
| 327,336 |
| 35,120 |
| Prepaid domain name registry fees |
| (2,002,215) |
| (2,037,012) |
| Accounts payable |
| 42,962 |
| (375,449) |
| Accrued liabilities |
| (1,010,791) |
| (255,421) |
| Customer deposits |
| (78,127) |
| (46,881) |
| Deferred revenue |
| 2,505,489 |
| 2,807,463 |
| Accreditation fees payable |
| 170,857
|
| -
|
| Cash provided by operating activities |
|
655,265
|
|
566,729
|
| |
| Financing activities: |
|
| Proceeds received on exercise of stock options |
|
181,023
|
|
153,062
|
| Cash provided by financing activities |
|
181,023
|
|
153,062
|
| |
| Investing activities: |
|
| Additions to property and equipment |
| (200,908) |
| (108,144) |
| Decrease in restricted cash - being margin security against forward exchange contracts |
| 460,398 |
| 132,500 |
| Increase in cash held in escrow |
| (3,716)
|
| -
|
| |
| Cash provided by investing activities |
|
255,774
|
|
24,356
|
| |
| Increase in cash and cash equivalents |
| 1,092,062 |
| 744,147 |
| Cash and cash equivalents, beginning of period |
|
13,914,988
|
|
12,912,811
|
| Cash and cash equivalents, end of period |
$ |
15,007,050
|
$ |
13,656,958
|