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With sales having dropped by 9.4%, the Management’s efforts to cut costs have helped to reduce
expenditures by over $400,000 and consequently minimize the blow caused by the current economic
slowdown. Management is of the opinion that, had it not been for unusually high administrative expenses,
the reduction of expenditures would have enabled the Company to achieve a small profit, even
during these difficult times. In spite of efforts made in the fourth quarter, orders did not reach expected
levels, which affected unfavorably the final results for this fiscal year.
Quarterly Financial Information
2009 2008
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
$ $ $ $ $ $ $ $
Total sales 1,040,461 1,294,858 1,265,917 1,519,682 1,312,526 1,733,898 1,502,403 1,105,274
Net earnings / (net losses) (71,610 ) 7,262 (110,784 ) 75,533 (122,731 ) 100,829 (66,538 ) (138,780 )
Earnings / loss per share (0.004 ) - (0.005 ) 0.004 (0.006 ) 0.005 (0.004 ) (0.007 )
Earnings / loss per share diluted (0.004 ) - (0.005 ) 0.004 (0.006 ) 0.005 (0.004 ) (0.007 )
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+ FOURTH QUARTER FISCAL 2009
Sales for the fourth quarter of 2009 were lower than for the same period last year. The nature of
goods sold is affected by tightened credit and access to financing. Several of the Company’s customers
have seen their operational budgets postponed or completely cut which means that, as a result, the
Company’s sales have been lower than anticipated.
As in past years, some adjustments were made following the physical inventory to take into account
outdated and broken equipment. Moreover, during this last quarter, an expense of $36,000 was recorded
to account for compensation following the granting of options that became exercisable on April 30,
2009.
+ GLOBAL PERFORMANCE
The Company’s performance can be affected greatly by sectoral factors, mostly those connected to
the automotive, metallurgical, aerospace and pharmaceutical industries. And yet, these industries have
been considerably affected by the financial crisis of 2008, and suffered decreases in productivity and
in sales. The effect was almost immediate for the Company as it also affected sales in the last two
quarters of fiscal 2009. Moreover, the worldwide recession lead to even longer delays in customers’
procurement departments, some requiring more stringent approval processes.
In addition, due in large part to non-recurring sales, and sales cycles that may vary between three to
twelve months, financial results can differ from one quarter to the next.
Meanwhile, to overcome this downturn in the manufacturing industries, the Company joint effort with
a French partner and has taken steps to develop a high-tech device aimed at the biomedical market,
specifically for hematology. Image analysis systems are perfectly suited for such applications. However,
developing such an instrument requires a high level of compliance with ISO standards for this particular
industry and also requires a high level of market knowledge. With this new partner, and with the assistance
of NRC-IRAP, it is now possible to take this new path, which will bring the Company considerable
potential sales.
The setting up of a workshop for micro-machining during this fiscal year allows the Company greater
autonomy in the development of its products while reducing production time and manufacturing expenses.
Already, after a few months, parts have been produced and the results far exceed expectations.
This project will be profitable in the short-term and reduce the cost of goods sold in addition to improving
their quality significantly.
Finally, given the economic situation, the Company reduced its inventory level, conforming to declining
customer orders. However, the Company does maintain a minimum inventory of components throughout
the year from suppliers that require 4 to 6 weeks for delivery.
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+ OUTSTANDING STOCK OPTION PLAN
The Company’s outstanding stock option plan is as follows:
In quantity Aug. 27th April 30th April 30th
2009 2009 2008
Stock options issued - 39,500 498,000
Options outstanding 984,500 984,500 987,000
Share units issued and outstanding 20,749,810 20,749,810 18,743,810
+ LIQUIDITY AND CAPITAL RESOURCES
Financial Condition on April 30, 2009 and April 30, 2008.
Balance Sheet
The following variations in the Company’s balance sheets reflect changes related primarily to investing
activities for the micro-machining workshop. Working capital elements have reached $987,547 as at
April 30, 2009 from $746,764 in 2008, an increase of $240,783 that stems mainly from the decrease in
bank indebtedness and accounts payable.
Short term tax credits receivable strictly represent Quebec refundable tax credits. Tax credits decreased
　
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