Financial Information
10. INTEREST EXPENSE
| 2009 $ |
2008 $ |
|
| Interest on long-term debt | 61,469 | 89,745 |
| Other | 8,634 | 386 |
| 70,103 | 90,131 |
11. INCOME TAXES
| 2009 $ |
2008 $ |
|
| Current income tax | 2,269,079 | 1,952,155 |
| Future income tax | (376,000) | (677,000) |
| 1,893,079 | 1,275,155 |
Income tax expense varies from the amount that would be computed by applying the combined Federal and Provincial statutory income taxes rate as a result of the following:
| 2009 $ |
2008 $ |
|
| Income taxes based on combined Federal and Provincial statutory income tax rate of 33.08% in 2009 and 33.5% in 2008 | 1,876,675 | 1,301,723 |
| Non-deductible expenses | 23,154 | 15,560 |
| Future income tax benefit resulting from reduction in tax rates and other differences | (6,750) | (42,128) |
| Future income tax benefit resulting from reduction in tax rates and other differences | 1,893,079 | 1,275,155 |
A summary of significant components of future tax assets and liabilities calculated in accordance with Canadian generally accepted accounting principles are as follows:
| 2009 $ |
2008 $ |
|
| Non-current future income tax liabilities: | ||
| Property, plant and equipment | 104,000 | (95,000) |
| Deferred charges | 0 | (1,000) |
| Intangible assets | (225,000) | (550,000) |
| (121,000) | (646,000) | |
| Non-current future income tax assets | ||
| Deferred revenue | 961,000 | 1,110,000 |
| 961,000 | 1,110,000 | |
| Net future income tax asset | 840,000 | 464,000 |
12. COMMITMENTS
The Company is committed to operating leases for premises, vehicles, and office equipment expiring at various dates up to January 2015. Future minimum lease payments are as follows:
| Contractual Obligations | Operating Leases $ |
| 2010 | 84,008 |
| 2011 | 45,129 |
| 2012 | 28,335 |
| 2013 | 19,676 |
| 2014 | 7,576 |
| 2015 and onwards | 1,619 |
| Total Contractual Obligations | 186,343 |
13. EARNINGS PER SHARE
The following table sets forth the calculation of the basic and diluted earnings per share:
| 2009 $ |
2008 $ |
|
| Basic earnings available to common shareholders | 3,780,061 | 2,610,585 |
| Weighted average number of common shares outstanding – basic | 12,148,657 | 12,117,299 |
| Basic earnings per share | 0.31 | 0.22 |
| Weighted average number of common shares outstanding | 12,148,657 | 12,117,299 |
| Assumed exercise of outstanding dilutive options | 100,000 | 155,000 |
| Shares purchased from proceeds of assumed exercise of options | (86,051) | (146,475) |
| Weighted average number of common shares outstanding – dilutive | 12,162,606 | 12,125,824 |
| Fully diluted earnings per share | $0.31 | $0.22 |
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Testimonials
-
Everyone was courteous and professional. Will recommend your services.
-Diane, OH -
We have only set our alarm off once by accident. Rep was great. As far as we know we have not had any attempted break-ins and have not been broken into since AlarmForce was installed.
-Ivan & Mary F. -
Very satisfied and sleep securely at night. Thank you.
-F. W. -
One morning I left home earlier than planned and forgot to turn the alarm off the home setting. When I returned I saw that a representative of AlarmForce had visited our home to ensure there had been no break in, by leaving a notice in our mail box.
-Cheryl H. - Edmonton, AB -
I am more than satisfied with your product, service, technical support staff and feel safe - that is the most important fact.
-Brenda, AB -
Doing a great job! Can't beat it for the money.
-Lonnie, NC -
Excellent service and a very knowledgeable representative. Many thanks.
-Allie, ON -
We have had other alarm companies in the past and were very selective when choosing our alarm company on our last move. We checked out the local and national competitors. AlarmForce openly discussed the prices and service contract while others did not. AF also is one of the fewer companies that offer live voice through a speaker and can monitor any situation. This is great for our family and two children as it makes them feel safer knowing there is a LIVE person to talk to - or they can monitor what's really happening in our house. Sales staff is professional and never pushy.
-Jody S. - St. Albert, AB
