Business
Komet posts first quarter 2008 results
The Company's marketing efforts are delivering the results anticipated by the planned growth stra...
About this update from Brunswick Exploration, Inc.
[{"type":"text","content":"\n\n\n\nThe Company's marketing efforts are delivering the results\n\n\nanticipated by the planned growth strategy\n\n\nMONTREAL, March 13 /CNW Telbec/ - Komet Manufacturers Inc. "Komet" \n(TSX-V: AQD) today disclosed its financial results for the first quarter of\n2008, ended December 31, 2007.\n\n\nDuring this quarter, the Company recorded revenues of $1,649,156 from its\ncontinuing commercial operations. Last year, the Company recorded revenues of\n$1,975,356. This slight decline is mainly explained by the delay of a\nsubstantial order from a major client. Carrying out this order during the last\nquarter would have enabled the Company to achieve its set objective and post\nsignificant net earnings. This order will be completed during the current\nquarter.\n\n\nKomet's net loss was $11,438, compared to net earnings of $34,426 for the\nsame period last year. This slight decline is again attributable to the\ndelayed order mentioned above.\n\n\nFurthermore, between September 30 and December 31, 2007, the long-term\ndebt fell by $65,360 following a capital repayment made on contracted loans.\nConsequently, the long-term debt was $700,117 as at December 31, 2007.\n\n\nWith regard to cash flow, cash and cash equivalents stood at $990,966 as\nat December 31, 2007. At the same date last year, the Company had a cash-flow\ndeficit of $695,587. The deficit of December 31, 2006 was absorbed by the\napproval of a credit margin of $1,200,000, of which $1,100,000 was used as at\nDecember 31, 2007, because of the increase in stock related to the delayed\nsale. For its part, the surplus $990,966 mainly comes from the reverse\ntakeover of the Company, which allowed it to release the amount of $1,083,929,\nincluding accumulated interest.\n\n\nMarketing efforts bear fruit\n\n\nIn recent months, the Company began several initiatives to support the\ndeployment of its commercialization strategy. Among these initiatives, Komet\nrecently formed two major new agreements with two Canadian retail giants. As a\nresult, Komet could strengthen its presence in the Canadian market, while\ncontinuing to pursue its previously announced planned growth strategy.\nFurthermore, it should be noted that other marketing activities are currently\nbeing pursued that come under the strategic plan adopted by the Company.\n\n\nForward looking statements\n\n\nThis...