THE CALDWELL PARTNERS
INTERNATIONAL INC.
Consolidated Interim Financial
Statements
Third Quarters Ended May 31, 2022 and 2021 (unaudited)
79 Wellington Street West
TD South Tower
Suite 2410, P.O. Box 75 Toronto, ON M5K 1E7 +1 (416) 920-7702
NOTICE OF NO AUDITOR REVIEW OF CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
Section 4.3(3)(a) of National Instrument 51-102, Continuous Disclosure Obligations, provides that if an auditor has not performed a review of the consolidated interim financial statements, the interim consolidated financial statements must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The Company's external auditors, KPMG LLP, have not performed a review of these consolidated interim financial statements of The Caldwell Partners International Inc. (the Company).
/s/ "John N. Wallace" | /s/ "C. Christopher Beck" |
John N. Wallace | C. Christopher Beck |
CHIEF EXECUTIVE OFFICER | PRESIDENT, CALDWELL AND CHIEF |
FINANCIAL OFFICER | |
July 13, 2022 |
Caldwell - Consolidated Interim Financial Statements | 2 |
THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(unaudited - in $000s Canadian)
As at | As at | |
May 31 | August 31 | |
2022 | 2021 | |
Assets | ||
Current assets | ||
Cash and cash equivalents | 28,104 | 29,214 |
Accounts receivable | 28,611 | 23,218 |
Income taxes receivable (note 14) | 1,243 | - |
Unbilled revenue (note 13) | 5,356 | 4,217 |
Prepaid expenses and other assets | 2,450 | 2,332 |
65,764 | 58,981 | |
Non-current assets | ||
Restricted cash (note 4) | - | 2,624 |
Investments (notes 5 and 19) | 838 | 242 |
Advances | 292 | 506 |
Property and equipment | 1,977 | 1,970 |
Right-of-use assets (note 9) | 8,171 | 9,549 |
Intangible assets (note 4) | 196 | 234 |
Goodwill (note 4) | 8,612 | 7,960 |
Deferred income taxes | 5,076 | 5,067 |
Total assets | 90,926 | 87,133 |
Liabilities | ||
Current liabilities | ||
Accounts payable | 4,325 | 4,640 |
Compensation payable (notes 4, 7 and 8) | 43,370 | 36,852 |
Income taxes payable | - | 3,007 |
Lease liability (note 10) | 1,984 | 1,868 |
Loans Payable (notes 4 and 20) | - | 176 |
49,679 | 46,543 | |
Non-current liabilities | ||
Compensation payable (notes 4, 7 and 8) | 2,333 | 6,278 |
Lease liability (note 10) | 7,214 | 8,560 |
59,226 | 61,381 | |
Equity attributable to owners of the Company | ||
Share capital (notes 4 and 16) | 12,554 | 12,157 |
Contributed surplus (note 16) | 15,042 | 15,063 |
Accumulated other comprehensive income | 173 | 204 |
Retained earnings (deficit) | 3,931 | (1,672) |
Total equity | 31,700 | 25,752 |
Total liabilities and equity | 90,926 | 87,133 |
The accompanying notes are an integral part of these consolidated financial statements.
Signed on behalf of the Board:
/s/ "Elias Vamvakas" | /s/ "Kathryn A. Welsh" |
Elias Vamvakas | Kathryn A. Welsh |
Chair of the Board | Chair of the Audit Committee |
Caldwell - Consolidated Interim Financial Statements | 3 |
THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED INTERIM STATEMENTS OF EARNINGS
Three months ended | Nine months ended |
May 31 | May 31 |
(unaudited - in $000s Canadian, except per share amounts) | 2022 | 2021 ¹ | 2022 | 2021 ¹ |
Revenues | ||||
Professional fees (notes 12, 13 and 21) | 41,705 | 35,735 | 119,827 | 77,797 |
Direct expense reimbursements | 168 | 84 | 419 | 231 |
41,873 | 35,819 | 120,246 | 78,028 | |
Cost of sales expenses | ||||
Cost of sales (note 6) | 32,180 | 26,737 | 92,883 | 58,153 |
Government stimulus grants (notes 6 and 11) | - | (68) | - | (334) |
Reimbursed direct expenses | 168 | 84 | 419 | 231 |
32,348 | 26,753 | 93,302 | 58,050 | |
Gross profit | 9,525 | 9,066 | 26,944 | 19,978 |
Selling, general and administrative (notes 6, 7 and 8) | 7,318 | 5,058 | 17,092 | 13,621 |
Acquisition-related expenses (note 4) | 504 | 791 | 1,995 | 1,660 |
7,822 | 5,849 | 19,087 | 15,281 | |
Operating profit | 1,703 | 3,217 | 7,857 | 4,697 |
Finance expenses (income) | ||||
Interest expense on lease liability (note 10) | 102 | 121 | 321 | 348 |
Interest expense on loans payable (note 20) | - | 11 | - | 20 |
Investment income (note 5) | (15) | (5) | (22) | (19) |
Foreign exchange loss | 73 | 249 | 39 | 354 |
Earnings before income tax | 1,543 | 2,841 | 7,519 | 3,994 |
Income tax expense (note 14) | 187 | 609 | 1,916 | 458 |
Net earnings for the year attributable to owners of the Company | 1,356 | 2,232 | 5,603 | 3,536 |
Earnings per share (note 15) | ||||
Basic and Diluted | $0.053 | $0.088 | $0.218 | $0.152 |
Diluted | $0.052 | $0.086 | $0.216 | $0.150 |
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited - in $000s Canadian)
Three months ended | Nine months ended | |||
May 31 | May 31 | |||
2022 | 2021 ¹ | 2022 | 2021 ¹ | |
Net earnings for the period | 1,356 | 2,232 | 5,603 | 3,536 |
Other comprehensive income: | ||||
Items that may be reclassified subsequently to net earnings | ||||
Gain (loss) on marketable securities (note 5) | 53 | (68) | (39) | 65 |
Cumulative translation adjustment | (113) | (800) | 8 | (1,132) |
Comprehensive earnings for the year attributable to owners of the Company | 1,296 | 1,364 | 5,572 | 2,469 |
The accompanying notes are an integral part of these consolidated financial statements.
- Certain comparative figures have been restated to conform with current year presentation.
Caldwell - Consolidated Interim Financial Statements | 4 |
THE CALDWELL PARTNERS INTERNATIONAL INC.
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(unaudited - in $000s Canadian)
Accumulated Other Comprehensive | ||||||
Income (Loss) | ||||||
Retained | Cumulative | Gain/(loss) on | ||||
Earnings | Contributed | Translation | Marketable | Total | ||
(Deficit) | Share Capital | Surplus | Adjustment | Securities | Equity | |
Balance - August 31, 2020 | (6,191) | 7,515 | 15,013 | 595 | (176) | 16,756 |
Net earnings for the nine month period ended | ||||||
May 31, 2021 | 3,536 | - | - | - | - | 3,536 |
Common share issuance (notes 4 and 16) | - | 4,642 | - | - | - | 4,642 |
Share based payment expense (note 16) | - | - | 37 | - | - | 37 |
Gain on marketable securities available for sale | - | - | - | - | 65 | 65 |
Change in cumulative translation adjustment | - | - | - | (1,132) | - | (1,132) |
Balance - May 31, 2021 | (2,655) | 12,157 | 15,050 | (537) | (111) | 23,904 |
Balance - August 31, 2021 | (1,672) | 12,157 | 15,063 | 215 | (11) | 25,752 |
Net earnings for the nine month period ended | ||||||
May 31, 2022 | 5,603 | - | - | - | - | 5,603 |
Employee share option plan share issue (note 16) | - | 397 | (34) | - | - | 363 |
Share-based payment expense (note 16) | - | - | 13 | - | - | 13 |
Loss on marketable securities available for sale | - | - | - | - | (39) | (39) |
Change in cumulative translation adjustment | - | - | - | 8 | - | 8 |
Balance - May 31, 2022 | 3,931 | 12,554 | 15,042 | 223 | (50) | 31,700 |
The accompanying notes are an integral part of these consolidated financial statements.
Caldwell - Consolidated Interim Financial Statements | 5 |
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The Caldwell Partners International Inc. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 21:23:02 UTC.