Tucows Inc.
Consolidated Balance Sheets
(Dollar amounts in U.S. dollars)
|
| |
|
March 31,
2004
(unaudited) |
|
December 31,
2003 |
| |
|
Assets
|
| Current assets: |
| Cash and cash equivalents |
$ |
13,656,958 |
$ |
12,912,811 |
| Restricted cash |
|
- |
|
132,500 |
| Accounts receivable |
|
548,957 |
|
486,289 |
| Prepaid expenses and deposits |
|
2,007,943 |
|
2,061,948 |
| Prepaid domain name registry fees, current portion |
|
14,564,254
|
|
13,204,566
|
| Total current assets |
|
30,778,112 |
|
28,798,114 |
| |
| Prepaid domain name registry fees, long-term portion |
|
5,813,518 |
|
5,136,194 |
| Property and equipment |
|
843,558 |
|
1,048,400 |
| Investments |
|
353,737 |
|
353,737 |
| Total assets |
$ |
37,788,925
|
$ |
35,336,445
|
| |
|
|
| Liabilities and Stockholders' Equity |
| Current liabilities: |
| Accounts payable |
$ |
1,256,845 |
$ |
1,632,294 |
| Accrued liabilities |
|
1,832,814 |
|
2,088,235 |
| Customer deposits |
|
2,113,720 |
|
2,160,601 |
| Deferred revenue, current portion |
|
22,595,093
|
|
20,715,191
|
| Total current liabilities |
|
27,798,472 |
|
26,596,321 |
| |
|
|
| Deferred revenue, long-term portion |
|
8,801,562 |
|
7,874,001 |
| |
| 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; 65,039,717 shares issued and outstanding as of March 31, 2004 and 64,626,429 shares issued and outstanding as of December 31, 2003 |
|
8,693,749 |
|
8,540,687 |
| Additional Paid-in Capital |
|
49,992,129 |
|
49,992,129 |
| Deferred stock–based compensation |
|
- |
|
(20,593) |
| Deficit |
|
(57,496,987)
|
|
(57,646,100)
|
| Total stockholders' equity |
|
1,188,891
|
|
866,123
|
| |
| Total liabilities and stockholders' equity |
$ |
37,788,925
|
$ |
35,336,445
|
| |
Tucows Inc.
Consolidated Statements of Operations
(Dollar amounts in U.S. dollars)
(unaudited)
|
| |
Three months ended March 31, |
| |
2004
|
2003
|
| |
| Net revenues |
$ |
10,174,909 |
$ |
8,996,914 |
| Cost of revenues |
| 6,445,415
|
| 5,576,643
|
| Gross profit |
| 3,729,494 |
| 3,420,271 |
| |
|
| Operating expenses: |
| Sales and marketing (*) |
| 1,220,534 |
| 912,336 |
| Technical operations and development |
| 1,011,422 |
| 831,769 |
| General and administrative(*) |
| 1,073,072 |
| 622,980 |
| Depreciation of property and equipment |
| 312,986
|
| 434,965
|
| Total operating expenses |
| 3,618,014
|
| 2,802,050
|
| |
|
| Income from operations |
| 111,480 |
| 618,221 |
| |
| Other income |
|
| Interest income, net |
| 37,633 |
| 26,449 |
| Gain on disposal of Liberty Registry Management Services Inc. |
| - |
| 235,613 |
| Total other income |
|
37,633
|
|
262,062
|
| |
|
| Income before provision for income taxes |
| 149,113 |
| 880,283 |
| Provision for income taxes |
| - |
| - |
| |
| |
| |
| Net income for the period |
$ |
149,113
|
$ |
880,283
|
| |
|
| Basic and diluted earnings per share |
$ |
0.00 |
$ |
0.01 |
| |
|
| Shares used in computing basic earnings per common share |
|
64,690,887
|
|
64,626,429
|
| |
|
| Shares used in computing diluted earnings per common share |
|
72,098,757
|
|
64,626,429
|
| |
| |
| (*) Stock-based compensation has been included in operating expenses as follows: |
| Sales and marketing |
$ | 16,834 |
$ | 27,105 |
| General and administrative |
$ | 3,759 |
$ | 13,013 |
Tucows Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)
(unaudited)
|
| |
Three months ended March 31, |
| |
2004
|
2003
|
| |
| Cash provided by: |
|
| Operating activities: |
|
| Net Income for the period |
$ |
149,113 |
$ |
880,283 |
| Items not involving cash: |
| |
| |
| Depreciation of property and equipment |
| 312,986 |
| 434,965 |
| Loss (gain) on change in the fair value of forward contracts |
| 18,885 |
| (546,870) |
| Stock-based compensation |
| 20,593 |
| 40,118 |
| Gain on disposal of Liberty Registry Management Services Inc. |
| - |
| (235,613) |
| Change in non-cash operating working capital: |
|
| Accounts receivable |
| (62,668) |
| 72,374 |
| Prepaid expenses and deposits |
| 35,120 |
| (5,839) |
| Prepaid domain name registry fees |
| (2,037,012) |
| (959,424) |
| Accounts payable |
| (375,449) |
| (201,423) |
| Accrued liabilities |
| (255,421) |
| (182,772) |
| Customer deposits |
| (46,881) |
| (1,814) |
| Deferred revenue |
| 2,807,463 |
| 1,415,702 |
| Cash provided by operating activities |
|
566,729
|
|
709,687
|
| Financing activities: |
|
| Proceeds received on exercise of stock options |
|
153,062
|
|
-
|
| Cash provided by financing activities |
|
153,062
|
|
-
|
| |
| Investing activities: |
|
| Additions to property and equipment |
| (108,144) |
| (468,197) |
| Decrease in restricted cash - being margin security against forward exchange contracts |
| 132,500 |
| 225,000 |
| Proceeds on disposal of Liberty Registry Management Services Inc., net of cash disposed |
| - |
| 235,613 |
| Cash provided by (used in) investing activities |
|
24,356
|
|
(7,584)
|
| |
| Increase in cash and cash equivalents |
| 744,147 |
| 702,103 |
| Cash and cash equivalents, beginning of period |
|
12,912,811
|
|
8,844,829
|
| Cash and cash equivalents, end of period |
$ |
13,656,958
|
$ |
9,546,932
|
| |
|
| Supplemental cash flow information: |
|
| Interest paid |
$ |
- |
$ |
172 |