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PreMD Reports First Quarter Results
Date:5/15/2008

n expenses amounted to $444,000 for Q1 2008 compared with $641,000 in Q1 2007, a decrease of $197,000. Significant causes of the variance include:

- an increase in stock-based compensation, a non-cash expense, of

$18,000 resulting from payment of directors fees in stock options in

lieu of cash. This is offset by a reduction in directors fees of

$33,000;

- a decrease of $91,000 in professional fees for legal, audit and human

resources; the 2007 amount includes expenses of a business

development consultant;

- a decrease of $22,000 in salaries and benefits for administrative

personnel due to reductions in staff; and

- a reduction in annual report costs of $30,000 due to a significant

reduction in the number of copies printed.

Interest on long term debt amounted to $172,000 in Q1 2008 compared with $164,000 in Q1 2007. The 2008 amount includes $7,000 for interest on the senior unsecured debentures, issued on March 12, 2008. Interest on convertible debentures (issued on August 30, 2005) amounted to $165,000 in Q1 2008 compared with $164,000 in Q1 2007. The debentures bear interest at an annual rate of 7%, payable quarterly in either cash or stock. The amount accrued for Q1 2008 was subsequently paid in common shares, whereas the amount for Q1 2007 was paid partly in shares ($134,000) and partly in cash. Imputed interest of $275,000 and $248,000 in Q1 2008 and 2007 respectively, represents the expense related to the accretion of the liability component at an effective interest rate of approximately 15%.

The loss on foreign exchange was $281,000 for Q1 2008, compared with a gain of $84,000 for Q1 2007. The major contributing factor for the change was the impact of foreign exchange rates on the convertible debentures which are repayable in US dollars.

Investment tax credits receivable ("ITCs") reduced by $175,000 during Q1 2008 as a result of rec
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SOURCE PreMD Inc.
Copyright©2008 PR Newswire.
All rights reserved

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