Blackberry 2003 Annual Report Download - page 39

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36
Research฀In฀Motion฀Limited฀฀|฀฀Incorporated฀Under฀the฀Laws฀of฀Ontario฀(United฀States฀dollars,฀in฀thousands฀except฀per฀share฀data฀or฀as฀otherwise฀indicated)
37
For฀the฀years฀ended฀March฀1,฀2003,฀March฀2,฀2002฀and฀February฀28,฀2001
been฀recognized฀for฀accounting฀purposes฀as฀of฀March฀1,฀2003.฀This฀amount฀remains฀available฀for฀use฀
against฀taxes฀on฀future฀prots.฀The฀Company฀will฀continue฀to฀evaluate฀and฀examine฀the฀valuation฀
allowance฀on฀a฀regular฀basis฀and฀as฀future฀uncertainties฀are฀resolved,฀the฀valuation฀allowance฀may฀
be฀adjusted฀accordingly.
At฀March฀1,฀2003,฀the฀Company฀has฀the฀following฀net฀operating฀loss฀carryforwards฀and฀tax฀credits฀
which฀are฀not฀recognized฀for฀accounting฀purposes฀and฀are฀scheduled฀to฀expire฀in฀the฀following฀years:
฀ ฀ ฀ ฀ ฀ Net฀operating฀losses฀ Investment฀tax฀credits
2004฀ ฀฀ ฀ $฀ 10฀฀ ฀$฀ 5฀
2005฀ ฀ ฀฀ ฀ 40฀฀ ฀ ฀–฀
2006฀ ฀ ฀฀ ฀ 1,155฀฀ ฀฀ 441฀
2007฀ ฀ ฀฀ ฀ 3,717฀฀ ฀฀ 653฀
2008฀ ฀฀ ฀ ฀ 12,053฀฀ ฀฀ 2,147฀
2009฀ ฀฀ ฀ ฀ 70,194฀฀ ฀ ฀11฀
2010฀ ฀ ฀฀ ฀ 1,201฀฀ ฀ ฀12฀
2011฀ ฀ ฀ ฀ –฀฀ ฀ 4,777
2012฀ ฀ ฀฀ ฀ –฀฀ ฀฀ 8,375฀
2020฀ ฀฀ ฀ ฀ 102฀฀ ฀ –฀
2021฀ ฀฀ ฀ ฀ 255฀฀ ฀ ฀–฀
2022฀ ฀฀ ฀ ฀ 244฀฀ ฀ –฀
2023฀ ฀฀ ฀ ฀ 236฀฀ ฀ –
Indenite฀carryforward฀ ฀฀ ฀ ฀ 2,969฀฀ ฀ ฀–฀
฀ ฀฀ ฀ ฀ ฀ $฀ 92,176฀฀ ฀$฀ 16,421฀
The฀Company฀has฀not฀provided฀for฀Canadian฀future฀income฀taxes฀or฀foreign฀withholding฀taxes฀that฀
would฀apply฀on฀the฀distribution฀of฀the฀earnings฀of฀its฀non-Canadian฀subsidiaries,฀since฀these฀earnings฀
are฀intended฀to฀be฀reinvested฀indenitely.
9.฀Long-term฀Debt
The฀Company฀has฀assumed฀long-term฀debt฀as฀a฀result฀of฀acquiring฀certain฀real฀estate฀properties฀for฀
its฀ongoing฀operations.฀At฀March฀1,฀2003,฀long-term฀debt฀consisted฀of฀mortgages฀with฀interest฀rates฀
ranging฀between฀6.75%฀and฀7.90%,฀against฀which฀certain฀land฀and฀buildings฀are฀pledged฀as฀collateral.฀
All฀mortgage฀loans฀are฀denominated฀in฀Canadian฀dollars.
The฀long-term฀debt฀principal฀payments฀for฀the฀scal฀years฀2004฀through฀2008฀and฀thereafter฀
are฀as฀follows:
For฀the฀year฀ending฀฀ ฀ ฀
2004฀ ฀ ฀ ฀฀ ฀ $฀ 6,143฀
2005฀ ฀ ฀ ฀฀ ฀ ฀ 175฀
2006฀ ฀ ฀ ฀฀ ฀ ฀ 187฀
2007฀ ฀ ฀ ฀฀ ฀ ฀ 201฀
2008฀ ฀ ฀ ฀฀ ฀ ฀ 216฀
Thereafter฀ ฀ ฀ ฀฀ ฀ ฀ 4,997฀
฀ ฀ ฀ ฀฀ ฀ ฀ ฀ $฀ 11,919฀
฀
At฀March฀1,฀2003,฀the฀Company฀had฀revolving฀demand฀credit฀operating฀lines฀totalling฀$19.9฀million฀
(2002฀–฀$37.6฀million).฀As฀at฀March฀1,฀2003,฀the฀Company฀had฀drawn฀down฀on฀its฀available฀credit฀
facilities฀in฀the฀amount฀of฀$7.6฀million฀in฀the฀form฀of฀letters฀of฀credit;฀$12.3฀million฀remains฀unused.฀
The฀operating฀lines฀bear฀interest฀on฀the฀outstanding฀balance฀at฀the฀bank’s฀prime฀rate.฀Any฀balance฀
owing฀is฀due฀on฀demand฀and฀is฀subject฀to฀a฀general฀security฀agreement.฀