Welcome!

News Feed Item

Zedi Amends Q3-2013 Financial Statements for Non-Cash Amortization Expense

CALGARY, ALBERTA -- (Marketwired) -- 01/17/14 -- Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE: ZED). Today, Zedi filed amended financial statements as at and for the three and nine months ended September 30, 2013. While completing a systems conversion for capital asset tracking during Q4 of 2013, the Company discovered an error in the amortization of certain internally generated intangible assets which had resulted in the under-amortization of those assets over a number of years. While the impact on any individual reporting period was not considered significant, the cumulative impact of $1.49 million as of September 30, 2013 was deemed significant enough to cause the Company to elect to restate the most recent financial statements as of that date. Management has conducted a complete review of all capital and internally generated intangible assets and the historical calculation of depreciation and amortization to ensure that no further adjustments in this regard will be necessary.

As the error impacts only amortization and deferred tax amounts which are both non-cash in nature, there was no impact on EBITDA(1) or cash flow results previously reported.

The restated Q3 financial statements and MD&A are filed on SEDAR and can be accessed at www.sedar.com or on the Company's website at www.zedi.ca. Note 14 to the amended financial statements details the impact of the restatement, including impact on prior periods and comparative amounts. The impact on the 2013 statement of profit and loss is as follows:

----------------------------------------------------------------------------
(all figures,
 other than per
 share amounts,
 are in millions       For the three months         For the nine months
 of Canadian           ended September 30,          ended September 30,
 dollars)                      2013                         2013
----------------------------------------------------------------------------
                           As                           As
                   originally   Impact       As originally   Impact       As
                     reported of error restated   reported of error restated
----------------------------------------------------------------------------
Depreciation and
 Amortization
 Expense                1,867      203    2,070      5,449      612    6,061
----------------------------------------------------------------------------
Profit prior to
 Tax                    2,336    (203)    2,133      5,823    (612)    5,211
----------------------------------------------------------------------------
Taxation                  645     (51)      594      1,503    (153)    1,350
----------------------------------------------------------------------------
Profit for the
 Period                 1,691    (152)    1,539      4,320    (459)    3,861
----------------------------------------------------------------------------
Basic and diluted
 earnings per
 share                  $0.02        -    $0.02      $0.04        -    $0.04
----------------------------------------------------------------------------
EBITDA (1)              4,413        -    4,413     11,728        -   11,728
----------------------------------------------------------------------------

Zedi Inc. (TSX VENTURE: ZED) helps the world's oil and gas producers be more productive, more profitable, and more sustainable through technology backed by expert consultation and services. Our 60 years of continuous operations in North America and recognition as one of the industry's best workplaces, sets us apart in the production operations landscape. With our unique combination of award-winning automation, data management, and field and professional services, we offer solutions to our customers' challenges and help them realize their production potential.

(1) EBITDA is a non-IFRS measure and is defined as earnings (profit) before interest, taxes, depreciation and amortization and is commonly used by industry to normalize non-operating factors that are included in net income and as a proxy for the cash generating potential of a business. See section 9 of the Management Discussion and Analysis for further detail on both of these metrics.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Zedi Inc.
Debra Deane
Investor Relations
403-802-7092
403-444-1101 (FAX)
[email protected]
www.zedi.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...