Business
Komet discloses results for the third quarter of 2008
Strengthened by major new clients such as Wal-Mart and by the development of new products, the Co...
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[{"type":"text","content":"\n\n\n\nStrengthened by major new clients such as Wal-Mart and by the development\n\n\nof new products, the Company anticipates substantial sales growth over\n\n\nthe coming months\n\n\nMONTREAL, Aug. 29 /CNW Telbec/ - Komet Manufacturers Inc. "Komet"\n(TSX-V: AQD) today disclosed its financial results for the third quarter of\n2008, ended June 30, 2008.\n\n\nDuring this quarter, the Company recorded revenues of $1,539,261 from\ncurrent business activities. Last year, the Company recorded revenues of\n$1,808,141. This decline is explained by a slight drop in sales to the\nCompany's main clients, related to the economic slowdown during these months.\nA new business relationship with a prestigious partner like Wal-Mart, combined\nwith new products and business sectors, is expected, however, to soon lead to\nincreased revenues for the Company.\n\n\nKomet's net loss was $54,530 as at June 30, 2008, compared to a net loss\nof $84,485 for the quarter ended June 30, 2007. Furthermore, it should be\nnoted that careful management of short-term assets during this period allowed\nfor significant reductions in the use of the Company's credit margins.\n\n\nIn addition, the Company's long-term debt was reduced by $65,849 during\nthe third quarter. The total repayment for the last fiscal year was $204,824.\nIn comparison, an amount of $61,767 was reimbursed during the same quarter\nlast year. The total amount paid back was $183,669.\n\n\nIn regards to cash flow, cash and cash-equivalents totalled, as at\nJune 30, 2008, $1,093 813, compared to $1,009,014 at the same date one year\nearlier. Also during the third quarter, the Company considerably lowered its\nshort-term debt, notably by reducing the use of its credit margin of $395,000,\nfollowing a reduction in client accounts of $486,295.\n\n\nPrestigious partners and new products\n\n\nStrongly backed by solid business relationships with prestigious partners\nsuch as Wal-Mart, Canadian Tire as well as large home renovation centres\nacross Canada, the Company has, as a result, strengthened its position in the\nCanadian market, and is aiming at sales growth in the coming months. At the\nsame time, the Company has been working on the development of new products and\nan expansion into new business sectors. These initiatives are already enabling\nKomet to optimize the use of its current fa...