Blackberry 2001 Annual Report Download - page 35

>For the years ended February 28, 2001, February 29, 2000 and February 28, 1999
For periods up to and including August 31, 1999, the monetary assets and liabilities of the Company denominated
in a currency other than the Canadian dollar were translated into Canadian dollars using the exchange rate in
effect at the period-end and revenues and expenses were translated at the average rate during the period. Any
resulting gains or losses were included in income. For periods subsequent to August 31, 1999, transactions
which were incurred in currencies other than the U.S. dollar (the new functional currency) have been converted
to U.S. dollars at the exchange rate in effect at the transaction date. Carrying values of non-U.S. dollar monetary
assets and liabilities are adjusted at each balance sheet date to reflect the functional currency rate in effect
at that date and any gains and losses from this restatement are included in income. Non-monetary assets are
translated at the historical exchange rate on the date of acquisition.
Historical financial statements and notes thereto up to and including August 31, 1999 have been restated into
U.S. dollars, in accordance with Canadian GAAP, using the August 31, 1999 closing exchange rate being a rate
of Cdn.$1.4888 per U.S.$1.00.
17. Summary of Material Differences Between Generally Accepted Accounting Principles
(GAAP) in Canada and the United States
The consolidated financial statements of the Company have been prepared in accordance with accounting
principles generally accepted in Canada (“Canadian GAAP”) which conform in all material respects with
accounting principles generally accepted in the United States (“U.S. GAAP”) except as set forth below:
Consolidated Balance Sheets
February 28, 2001 February 29, 2000
Total assets under Canadian GAAP $ 970,063 $ 337,227
Adjustment – Future income taxes (a) –1,158
Adjustment – Start-up costs (b) (1,357) –
Total assets under U.S. GAAP $ 968,706 $ 338,385
Total shareholders’equity under Canadian GAAP $ 902,933 $ 311,391
Adjustment – Future income taxes (a) –1,158
Adjustment – Start-up costs (b) (1,357) –
Total shareholders’equity under U.S. GAAP $ 901,576 $ 312,549
Consolidated Statements of Operations For the year ended
February 28, 2001 February 29, 2000 February 28, 1999
Net income (loss) under Canadian GAAP $ (6,211) $ 10,498 $ 6,409
Adjustments
Future income taxes (a) –(336) 336
Start-up costs (b) (1,357) ––
Foreign currency translation (c) –8 (22)
Net income (loss) under U.S. GAAP $ (7,568) $ 10,170 $ 6,723
Earnings (loss) per share under U.S. GAAP
Basic $ (0.10) $ 0.15 $ 0.10
Diluted $ (0.10) $ 0.14 $ 0.10
Other comprehensive income (loss) (d):
Net income (loss) under U.S. GAAP $ (7,568) $ 10,170 $ 6,723
Foreign currency translation adjustment (c) –1,474 (6,236)
Comprehensive income (loss) under U.S. GAAP $ (7,568) $ 11,644 $ 487
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