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RDM Corporation Reports First Quarter Financial Results

Toronto Stock Exchange Symbol: RC

WATERLOO, ON, Feb. 8 /PRNewswire-FirstCall/ – RDM Corporation (TSX: RC), a leading developer of specialized software and hardware products for electronic payment processing, today reported its financial results for the three month period ended December 31, 2010.  All figures are reported in Canadian dollars unless otherwise stated.

Q1 2011 Highlights

  • The Special Committee of the Board concluded its work and recommended a renewed focus on profitability. Management changes were also announced and Mr. Randy Fowlie was named as interim CEO.
  • Total revenues were $6.3 million in the first quarter of fiscal 2011, compared to $5.7 million in the first quarter of 2010.
  • Digital Imaging Product revenue increased 21% to $3.6 million in the first quarter of fiscal 2001, compared to $3.0 million in the first quarter of 2010.
  • RDM’s Image & Transaction Management System (ITMS®) revenue, which is recurring in nature, was $2.4 million in the first quarter of 2011, compared to $2.4 million in the first quarter of 2010.
  • Gross profit was $2.1 million or 33% of revenues, in the first quarter of 2011, compared to $2.3 million or 40% of revenues in the first quarter of 2010.
  • Net loss was $85,000 or $(0.00) per share in the first quarter of 2011, compared to a loss of $489,000 or $(0.02) per share in Q1 2010.
  • Cash and equivalents were $14.6 million at December 31, 2010, up from $14.2 million at September 30, 2010.

"Progress is being made towards returning the Company to profitability.  We are not quite there, but this will remain a primary focus for 2011.  In addition, we saw some indications in the first quarter that the remote deposit capture market may return to growth this year.  In particular, scanner revenue, which can be a leading indicator of new RDC deployments, increased 21% over the prior year" said Randy Fowlie, President and Chief Executive Officer of RDM Corporation.  "I believe we can grow the business this year while focusing on our top priority of returning the Company to profitability."

Conference Call

www.rdmcorp.com www.sedar.com

About RDM Corporation

www.RDMCorp.com

RDM CORPORATION
Consolidated Balance Sheets
(Amounts In Canadian Dollars, In Thousands)
     
 
Assets:    
     
Current assets:    
  Cash and cash equivalents $     14,619       $  14,198
  Accounts receivable 4,554             3,539
  Inventories 3,383             3,821
  Investment tax credit receivable 1,430             1,393
  Prepaid and other assets 1,438             1,921
Total current assets 25,424             24,872
     
Furniture and equipment 3,396             3,552
Intangible assets 411             393
Total assets $     29,231       $  28,817
     
Liabilities and shareholders’ equity:    
     
Current liabilities:    
  Accounts payable and accrued liabilities $     4,215       $  4,186
  Deferred revenue 349             370
Total current liabilities 4,564             4,556
     
Future income tax liability 201             201
                  
Shareholders’ equity:                 
  Share capital 28,189             27,558
  Contributed surplus 2,029             2,169
  Deficit (5,752)             (5,667)
Total shareholders’ equity 24,466             24,060
Commitments    
Total liabilities and shareholders’ equity $  29,231       $ 28,817

RDM CORPORATION
Consolidated Statements of Operations
(Amounts in Canadian Dollars, In Thousands, Except Per Share Amounts)
   
Three months ended December 31
     
Revenue $  6,284 $  5,702
Cost of revenue 4,214 3,446
Gross profit 2,070 2,256
     
Operating expenses (income):    
  Sales and marketing 874 1,069
  Research and development 908 1,182
  General and administration 638 553
  Amortization 47 47
  Stock-based compensation 60 75
  Foreign exchange loss (gain) (340) (172)
  Interest (32) (9)
  2,155 2,745
     
Income (Loss) before income taxes (85) (489)
     
Income tax expense    
  Current
  Future
 
     
Net income (loss) and comprehensive income (loss) $   (85) $  (489)
     
Net loss per share  – basic and diluted $ (0.00) $ (0.02 )

RDM CORPORATION
Consolidated Statement of Changes in Shareholder’s Equity
(Amounts in Canadian Dollars, In Thousands)
         
  Share capital Deficit Total
         
Balance as at September 30, 2009 $ 27,639 $ 1,886 $ (2,664) $ 26,861
         
Net loss and comprehensive loss (3,003) (3,003)
         
Repurchase of share capital (81) 25 (56)
         
Stock-based compensation   258   258
Balance as at December 31, 2009 $ 27,639 $ 1,886 $ (2,664) $ 26,861
Balance as at September 30, 2010 $ 27,558 $ 2,169 $ (5,667) $ 24,060
         
Net income (loss) and comprehensive income (loss) (85) (85)
Repurchase of share capital (105) 21 (84)
         
Issuance of share capital 736 (221) 515
         
Stock-based compensation 60 60
Balance as at December 31, 2010 $ 28,189   $ 2,029 $ (5,752) $ (24,466)

RDM CORPORATION
Consolidated Statements of Cash Flows
(Amounts in Canadian Dollars, In Thousands)
 
Three months ended December 31
     
Cash provided by (used in):    
     
Operations:    
Net income (loss) and comprehensive income (loss) $ (85) $ (489)
  Items not involving cash:    
    Amortization of furniture and equipment 246 279
    Amortization of intangible assets 9 8
    Stock-based compensation 60 75
  Change in non-cash operating working capital (123) 685
Cash provided by operations 107 558
     
Financing:    
  Issuance of share capital 515
  Cash provided by financing activities 515
     
Investing:    
  Repurchase of share capital (84) (28)
  Purchase of furniture and equipment (90) (57)
  Additions to intangible assets (27) (40)
Cash used in investing activities (201) (125)
     
Increase (decrease) in cash and cash equivalents 421 433
Cash and cash equivalents, beginning of year 14,198 15,718
Cash and cash equivalents, end of year $ 14,619    $ 16,151

SOURCE RDM Corporation

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