XPLORE TECHNOLOGIES CORP.
Consolidated Statements of Profit and Loss—Unaudited
(in thousands of dollars, except share and per share amounts)
| Years Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| Revenue | $ | 86,939 | $ | 77,928 | ||||
| Cost of revenue | 61,047 | 55,956 | ||||||
| Gross profit | 25,892 | 21,972 | ||||||
| Expenses: | ||||||||
| Sales, marketing and support | 14,439 | 12,370 | ||||||
| Product research, development and engineering | 3,354 | 4,462 | ||||||
| General administration | 7,437 | 7,193 | ||||||
| 25,230 | 24,025 | |||||||
| Income (loss) from operations | 662 | (2,053 | ) | |||||
| Other income (expense): | ||||||||
| Interest expense | (426 | ) | (173 | ) | ||||
| Other income (expense) | 71 | (197 | ) | |||||
| (355 | ) | (370 | ) | |||||
| Income (loss) before income taxes | 307 | (2,423 | ) | |||||
| Income tax (expense) benefit | (7 | ) | (129 | ) | ||||
| Net income (loss) | $ | 300 | $ | (2,552 | ) | |||
| Income (loss) per common share, primary | $ | 0.03 | $ | (0.23 | ) | |||
| Income (loss) per common share, fully diluted | $ | 0.03 | $ | (0.23 | ) | |||
| Weighted average number of common shares outstanding, primary | 11,019,715 | 10,938,057 | ||||||
| Weighted average number of common shares outstanding, fully diluted | 11,039,715 | 10,938,057 | ||||||
XPLORE TECHNOLOGIES CORP.
Consolidated Statements of Cash Flows—Unaudited
(in thousands)
| Years Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Cash provided by (used in) operations: | ||||||||
| Net income (loss) | $ | 300 | $ | (2,552 | ) | |||
| Items not affecting cash: | ||||||||
| Depreciation and amortization | 1,765 | 1,571 | ||||||
| Provision for doubtful accounts | 233 | (91 | ) | |||||
| Stock‑based compensation expense | 588 | 511 | ||||||
| Loss on disposal of asset | — | 28 | ||||||
| Reversal of inventory reserve | 299 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (8,694 | ) | 3,916 | |||||
| Inventory | (13,057 | ) | 2,000 | |||||
| Prepaid expenses and other current assets | (671 | ) | 331 | |||||
| Accounts payable and accrued liabilities, including deferred revenue | 2,774 | (5,598 | ) | |||||
| Net cash provided by (used in) operating activities | (16,463 | ) | 116 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Net cash received (paid) in purchase transaction | — | (287 | ) | |||||
| Additions to fixed assets | (1,215 | ) | (2,098 | ) | ||||
| Net cash used in investing activities | (1,215 | ) | (2,385 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from short-term borrowings | 83,927 | 50,476 | ||||||
| Repayment of short-term indebtedness | (69,768 | ) | (50,476 | ) | ||||
| Net proceeds on issuance of Common Stock | 105 | 135 | ||||||
| Net cash provided by financing activities | 14,264 | 135 | ||||||
| CHANGE IN CASH AND CASH EQUIVALENTS | (3,414 | ) | (2,134 | ) | ||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,460 | 5,594 | ||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 46 | $ | 3,460 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS: | ||||||||
| Payments for interest | $ | 426 | $ | 173 | ||||
| Payments for income taxes, net of refunds | $ | — | $ | 129 | ||||
