RDM Corporation

[UrbanWaterloo]

RDM Corporation
4-608 Weber Street North, Waterloo
Toronto Stock Exchange Symbol: RC
Employees: 100
www.rdmcorp.com

<img src="http://wonderfulwaterloo.com/wdrive/Economy/RDM%20Corporation/RDMCorpLogo.jpg" width="450px" />

Company Profile
RDM is a market leader in the small document imaging, image processing and payment processing industries and has set standards in the Magnetic Ink and Character Recognition (MICR) quality assurance market.
As a provider of both hardware and software, RDM is uniquely positioned to offer complete, end-to-end remote deposit capture solutions to large, medium and small businesses. We develop, manufacture and sell a broad line of low-cost, desktop digital imaging scanners which convert paper checks and associated documents to digital form. To manage and process the captured images, RDM has developed and continues to enhance its Image & Transactions Management System (ITMS) enabling businesses to deposit checks electronically, then securely process and route them to the correct destination. RDM’s RDC hardware and software products are also supported by a large number of other solution providers.
RDM also provides quality control testing equipment for banks, check printers and corporations that print their own checks and financial documents using magnetic ink. The Company achieved world leadership in this market through its patented MICR algorithms which meet or exceed the ANSI Accredited Standards Committee's standards for MICR and image testing. RDM’s check scanners employ the same algorithms to achieve the highest MICR read rate in the industry.
RDM has over 100 employees and supplies systems, technologies, software, and services in over 35 countries through its direct and indirect sales channels including Financial Institutions, OEMs, VARs, ISOs and System Integrators.

[UrbanWaterloo]

RDM Corporation Reports Second Quarter Financial Results
April 30, 2010 | RDM Corp | Full Financial Results (http://www.rdmcorp.com/LinkClick.aspx?fileticket=rDbNSGgrSzk%3d&tabid=39)

RDM Corporation, a leading developer of specialized software and hardware products for electronic payment processing, today reported its financial results for the three month period ended March 31, 2010.

“In the second quarter we made progress on all of our key metrics – including scanner sales, ITMS end user locations, and number of channel partners – but our overall financial results were suppressed by the impact of shifting exchange rates,” said Douglas Newman, President and CEO of RDM Corporation. “We are focused on achieving the right balance between managing short‐term costs and ensuring we are well positioned to capitalize on what I continue to believe is a significant long‐term opportunity in the remote deposit capture space.”

Q2 2010 Highlights

Total revenues were $5.2 million in the second quarter of fiscal 2010, compared to $5.8 million in the second quarter of 2009.
Payment Processing Services segment revenues, which are recurring in nature, were $2.3 million in Q2 2010, compared to $2.6 million a year earlier.
Transaction volumes for RDM’s Image & Transaction Management System (ITMS®) averaged 3.6 million items per week during the second quarter, comparable to the Q2 2009 volumes, and up from 3.5 million items per week in the first quarter of 2010.
ITMS end user locations increased from 18,100 to 18,500 during the second quarter.
RDM added four additional bank distributors and three new independent sales organizations (ISOs) during the quarter.
The Company shipped 7,500 proprietary scanners in the second quarter, compared to 4,200 a year earlier.
Gross profit was $1.9 million or 37% of revenues, compared to $2.6 million or 45% of revenues in the second quarter of 2009.
Net loss was $0.9 million or $0.04 per share in Q2 2010, consistent with the second quarter of last year. The Q2 2010 net loss included a $0.4 million restructuring charge.
Cash and equivalents were $16.1 million at March 31, 2010, compared to $16.2 million at December 31, 2009.
In April, the company announced a new generation of document scanners. RDM Connect™ offers, in an affordable compact check scanner, all of the features and sophistication of an expensive large batch check scanner.

RDM generated total revenues of $5.2 million in the three months ended March 31, 2010, a decrease of $0.5 million from the second quarter of the previous year. The majority of the decrease was attributable to a $1.0 million impact from a shift in currency exchange rates over the past year, partially offset by an increase in scanner sales.

Payment Processing Services segment revenues of $2.3 million represented a decrease of $277,000 from a year earlier, as the positive impact of growth in ITMS end user locations was offset by the effect of exchange rates. Revenues in the Digital Imaging Products segment increased $148,000 to $2.6 million, driven by an increase in scanner sales, and in particular by sales of the EC7500® scanner. The Electronic Payments Solutions segment and the Quality Assurance segment, which represented a combined 7% of total revenues for the quarter, generated revenues of $87,000 and $258,000, respectively, compared to $522,000 and $229,000, respectively, in Q2 2009. Gross profit of $1.9 million in Q2 2010 was down from $2.6 million in the second quarter of the previous year. Expressed as a percentage of revenues, the overall gross margin was 37%, compared to 45% a year earlier. Decreased margins were due to the impact of exchange rates.

Sales and marketing expense was $0.9 million in Q2 2010, a decrease of $0.3 million or 24% from the previous year when the Company made a significant investment in signing new channel partners and launching Simply DepositTM. Research and development expenses increased 10% to $1.2 million as the Company continued to invest in new product development including the RDM ConnectTM scanner and new ITMS functionality such as accounts receivable integration. General and administration expenses increased 6% to $456,000.

Net loss was $0.9 million in the second quarter of 2010, or $0.04 per share, compared to a net loss of $0.9 million or $0.04 per share a year earlier. The Q2 2010 results include a $0.4 million restructuring charge incurred due to staffing reductions made during the quarter. Foreign exchange represented a gain of $288,000 in the second quarter of 2010 compared to a loss of $563,000 in Q2 2009.

RDM repurchased 17,000 shares during the second quarter under its Normal Course Issuer Bid. At March 31, 2010, the Company had 20.75 million common shares outstanding.

[UrbanWaterloo]

RDM Corporation Reports Fourth Quarter and Year End Financial Results
December 9, 2011 | RDM Corp | PDF (http://www.rdmcorp.com/Portals/0/PressReleases/2011/PR20111209-Q4.pdf)

RDM Corporation , a leading provider of specialized software and hardware products for electronic payment processing, today reported its financial results for the year and three month period ended September 30, 2011. All figures are reported in Canadian dollars unless otherwise stated.

2011 Q4 Highlights

Total revenue was $4.8 million in the fourth quarter of fiscal 2011, compared to $5.1 million in the fourth quarter of 2010 and $4.6 million in the prior quarter. Excluding the effect of foreign exchange, revenue would have been the same as the prior year quarter.
EBITDA was $569,000 in the fourth quarter of 2011 compared to a negative EBITDA of $194,000 in the fourth quarter of 2010.
The Company generated $987,000 in cash from operations during the quarter.
Payment Processing Services revenue was $2.6 million up 4% over Q3 2011.**
Gross profit was $2.2 million or 46% of revenues in the fourth quarter of 2011, compared to $1.9 million or 37% of revenues in the fourth quarter of 2010.
Net income, excluding special charges was $298,000. The special charge consisted of a $413,000 impairment to the value of tooling. In the fourth quarter of 2010 net income excluding special charges of $692,000 was $136,000.


2011 Annual Highlights

Total revenue in 2011 was $21.2 million compared to $20.8 million in 2010. Revenue increased by $0.4 million or 2% despite a 6% weakening of the U.S. dollar.
The Company added 2,982 new end user seats during the year, an increase of 16% and processed 9.2 million more transactions in 2011 compared to 2010.
Net loss for 2011 was $138,000 compared to a net loss of $3.0 million in 2010. Excluding the non‐cash special charges of $413,000 net income for the year was $275,000.
EBITDA for 2011 was $1.4 million compared to a negative EBITDA of $1.6 million in 2010.
The Company generated $2.2 million in cash from operations during the year. The cash balance was $15.5 million at the end of the year.**


“2011 was a year of transition for RDM,” said Randy Fowlie, President and Chief Executive Officer of RDM Corporation. “I am pleased to report that we have made significant progress in turning the Company around. Gross margins have improved and we grew our end‐user base 16% over the course of the year. Excluding them fourth quarter non‐cash special charge of $413,000, the Company was profitable. I look forward to working with the dedicated employees at RDM to build on this momentum in fiscal 2012.”


<table cellspacing="0" border="0" style="margin:0px auto;"> <tbody><tr> <td colspan="6"> <p align="center"> <b>RDM CORPORATION</b><br> <b>Consolidated Balance Sheets</b><br> (Amounts In Canadian Dollars, In Thousands) </p> </td> </tr> <tr class="cnwBoldUnderlinedCell"> <td colspan="2"> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> As at <span class="xn-chron">September 30</span> </td> <td align="right"> &nbsp; </td> <td align="right"> 2011 </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;&nbsp;&nbsp;2010 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Assets: </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Current assets: </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Cash and cash equivalents </td> <td align="right"> $ </td> <td align="right"> 15,529 </td> <td align="right"> $ </td> <td align="right"> 14,198 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Accounts receivable </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;2,934 </td> <td align="right"> &nbsp; </td> <td align="right"> 3,624 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Inventories </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;3,437 </td> <td align="right"> &nbsp; </td> <td align="right"> 3,730 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Investment tax credit receivable </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;545 </td> <td align="right"> &nbsp; </td> <td align="right"> 1,393 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Prepaid and other </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;670 </td> <td align="right"> &nbsp; </td> <td align="right"> 1,722 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Total current assets </td> <td align="right"> &nbsp; </td> <td align="right"> 23,115 </td> <td align="right"> &nbsp; </td> <td align="right"> 23,873 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Investment tax credits </td> <td align="right"> &nbsp; </td> <td align="right"> 631 </td> <td align="right"> &nbsp; </td> <td align="right"> - </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Furniture and equipment </td> <td align="right"> &nbsp; </td> <td align="right"> 2,506 </td> <td align="right"> &nbsp; </td> <td align="right"> 3,552 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> Intangible assets </td> <td align="right"> &nbsp; </td> <td align="right"> 1,175 </td> <td align="right"> &nbsp; </td> <td align="right"> 592 </td> </tr> <tr class="cnwBoldUnderlinedCell" valign="top"> <td align="left" colspan="2"> Total assets </td> <td align="right"> $ </td> <td align="right"> 27,427 </td> <td align="right"> $ </td> <td align="right"> 28,817 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Liabilities and shareholders' equity: </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Current liabilities: </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Accounts payable and accrued liabilities </td> <td align="right"> $ </td> <td align="right"> 2,561 </td> <td align="right"> $ </td> <td align="right"> 4,186 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Deferred revenue </td> <td align="right"> &nbsp; </td> <td align="right"> 292 </td> <td align="right"> &nbsp; </td> <td align="right"> 370 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> Total current liabilities </td> <td align="right"> &nbsp; </td> <td align="right"> 2,853 </td> <td align="right"> &nbsp;&nbsp; </td> <td align="right"> 4,556 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Future income tax liability </td> <td align="right"> &nbsp; </td> <td align="right"> - </td> <td align="right"> &nbsp; </td> <td align="right"> 201 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Shareholders' equity: </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Share capital (note 5) </td> <td align="right"> &nbsp; </td> <td align="right"> 28,155 </td> <td align="right"> &nbsp; </td> <td align="right"> 27,558 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Contributed surplus </td> <td align="right"> &nbsp; </td> <td align="right"> 2,224 </td> <td align="right"> &nbsp; </td> <td align="right"> 2,169 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Deficit </td> <td align="right"> &nbsp; </td> <td align="right"> (5,805) </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;(5,667) </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> Total shareholders' equity </td> <td align="right"> &nbsp; </td> <td align="right"> 24,574 </td> <td align="right"> &nbsp; </td> <td align="right"> 24,060 </td> </tr> <tr class="cnwBoldUnderlinedCell" valign="top"> <td align="left" colspan="2"> Total liabilities and shareholders' equity </td> <td align="right"> $ </td> <td align="right"> 27,427 </td> <td align="right"> $ </td> <td align="right"> 28,817 </td> </tr> </tbody></table>



<table border="0" style="margin:0px auto;"> <tbody><tr> <td align="center" valign="bottom" colspan="11"> <b>RDM CORPORATION</b><br> <b>Consolidated Statements of Operations </b><br> (Amounts in Canadian Dollars, In Thousands, Except Per Share Amounts) </td> </tr> <tr> <td colspan="2"> &nbsp; </td> <td colspan="4"> &nbsp; </td> <td colspan="4"> &nbsp; </td> </tr> <tr> <td colspan="2"> &nbsp; </td> <td align="center" valign="bottom" colspan="4"> Three months ended </td> <td align="center" valign="top" colspan="4"> Twelve months ended </td> </tr> <tr> <td colspan="2"> &nbsp; </td> <td align="center" valign="top" colspan="4"> September </td> <td align="center" valign="top" colspan="4"> September </td> </tr> <tr> <td colspan="2"> &nbsp; </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> 2011 </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> 2010 </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> 2011 </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> 2010 </td> </tr> <tr class="cnwUnderlinedCell"> <td colspan="2"> &nbsp; </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> (Unaudited) </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> (Unaudited) </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> (Unaudited) </td> <td align="center" valign="top"> &nbsp; </td> <td align="center" valign="top"> (Unaudited) </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Revenue </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Payment Processing Services </td> <td align="right"> &nbsp; </td> <td align="right"> 2,602 </td> <td align="right"> &nbsp; </td> <td align="right"> 2,630 </td> <td align="right"> &nbsp; </td> <td align="right"> 10,062 </td> <td align="right"> &nbsp; </td> <td align="right"> 9,919 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Digital Imaging Products </td> <td align="right"> &nbsp; </td> <td align="right"> 2,205 </td> <td align="right"> &nbsp; </td> <td align="right"> 2,499 </td> <td align="right"> &nbsp; </td> <td align="right"> 11,118 </td> <td align="right"> &nbsp; </td> <td align="right"> 10,911 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> $ </td> <td align="right"> &nbsp;4,808 </td> <td align="right"> $&nbsp; </td> <td align="right"> 5,129 </td> <td align="right"> $ </td> <td align="right"> &nbsp;21,180 </td> <td align="right"> $ </td> <td align="right"> &nbsp;20,830 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> Cost of revenue </td> <td align="right"> &nbsp; </td> <td align="right"> 2,582 </td> <td align="right"> &nbsp; </td> <td align="right"> 3,218 </td> <td align="right"> &nbsp;&nbsp; </td> <td align="right"> 13,043 </td> <td align="right"> &nbsp; </td> <td align="right"> 12,998 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Gross Profit </td> <td align="right"> &nbsp; </td> <td align="right"> 2,226 </td> <td align="right"> &nbsp; </td> <td align="right"> 1,910 </td> <td align="right"> &nbsp; </td> <td align="right"> 8,137 </td> <td align="right"> &nbsp; </td> <td align="right"> 7,832 </td> </tr> <tr> <td colspan="2"> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> <td> &nbsp; </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Operating expenses (income): </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp; </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Sales and marketing </td> <td align="right"> &nbsp; </td> <td align="right"> 796 </td> <td align="right"> &nbsp; </td> <td align="right"> 874 </td> <td align="right"> &nbsp; </td> <td align="right"> 3,213 </td> <td align="right"> &nbsp; </td> <td align="right"> 3,812 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Research and development </td> <td align="right"> &nbsp; </td> <td align="right"> 842 </td> <td align="right"> &nbsp; </td> <td align="right"> 847 </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;&nbsp;3,339 </td> <td align="right"> &nbsp; </td> <td align="right"> 4,214 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> General and administration </td> <td align="right"> &nbsp; </td> <td align="right"> 231 </td> <td align="right"> &nbsp; </td> <td align="right"> 390 </td> <td align="right"> &nbsp; </td> <td align="right"> 1,630 </td> <td align="right"> &nbsp; </td> <td align="right"> 1,815 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Depreciation and amortization </td> <td align="right"> &nbsp; </td> <td align="right"> 44 </td> <td align="right"> &nbsp; </td> <td align="right"> 51 </td> <td align="right"> &nbsp; </td> <td align="right"> 164 </td> <td align="right"> &nbsp; </td> <td align="right"> 198 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Stock-based compensation (note 6) </td> <td align="right"> &nbsp; </td> <td align="right"> 80 </td> <td align="right"> &nbsp; </td> <td align="right"> 60 </td> <td align="right"> &nbsp; </td> <td align="right"> 260&nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> 258 </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Foreign exchange </td> <td align="right"> &nbsp; </td> <td align="right"> (6) </td> <td align="right"> &nbsp; </td> <td align="right"> (421) </td> <td align="right"> &nbsp; </td> <td align="right"> (599) </td> <td align="right"> &nbsp; </td> <td align="right"> (517) </td> </tr> <tr valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Interest Income </td> <td align="right"> &nbsp; </td> <td align="right"> (27) </td> <td align="right"> &nbsp; </td> <td align="right"> (27) </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;&nbsp;(113) </td> <td align="right"> &nbsp; </td> <td align="right"> (56) </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left"> &nbsp; </td> <td align="left"> Special charges </td> <td align="right"> &nbsp; </td> <td align="right"> 413 </td> <td align="right"> &nbsp; </td> <td align="right"> 692 </td> <td align="right"> &nbsp; </td> <td align="right"> 413 </td> <td align="right"> &nbsp; </td> <td align="right"> 1,111 </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> &nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> 2,373 </td> <td align="right"> &nbsp; </td> <td align="right"> 2,466 </td> <td align="right"> &nbsp; </td> <td align="right"> 8,307 </td> <td align="right"> &nbsp; </td> <td align="right"> 10,835 </td> </tr> <tr valign="top"> <td align="left" colspan="2"> Income (loss) before income taxes </td> <td align="right"> &nbsp; </td> <td align="right"> (147) </td> <td align="right"> &nbsp; </td> <td align="right"> (556) </td> <td align="right"> &nbsp; </td> <td align="right"> (170) </td> <td align="right"> &nbsp; </td> <td align="right"> (3,003) </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> Income tax recovery&nbsp; </td> <td align="right"> &nbsp; </td> <td align="right"> (32) </td> <td align="right"> &nbsp; </td> <td align="right"> - </td> <td align="right"> &nbsp; </td> <td align="right"> (32) </td> <td align="right"> &nbsp; </td> <td align="right"> - </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td align="left" colspan="2"> Net income (loss) and comprehensive income (loss) </td> <td align="right"> &nbsp; </td> <td align="right"> (115) </td> <td align="right"> &nbsp; </td> <td align="right"> (556) </td> <td align="right"> &nbsp; </td> <td align="right"> &nbsp;(138) </td> <td align="right"> &nbsp; </td> <td align="right"> (3,003) </td> </tr> <tr class="cnwUnderlinedCell" valign="top"> <td nowrap="nowrap" align="left" colspan="2"> Net income (loss) per share - basic and diluted (note 7) </td> <td align="right"> $ </td> <td align="right"> (0.01) </td> <td align="right"> $ </td> <td align="right"> (0.03) </td> <td align="right"> $ </td> <td align="right"> (0.01) </td> <td align="right"> $ </td> <td align="right"> (0.14) </td> </tr> </tbody></table>