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ComnetiX(TM) Inc Reports Continued Revenue Growth as It Reports Its First Quarter Fiscal 2006 Financial Results
ComnetiX(TM) Inc Reports Continued Revenue Growth as It Reports Its First Quarter Fiscal 2006 Financial Results.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\n\n Expanded Geographic Presence and Continued Market Penetration Account for\n Year-Over-Year Revenue Growth Rate of 68 Percent\n\nTORONTO, Jan. 11 /CNW/ -- ComnetiX(TM) Inc\n(Toronto: CXI), a leading provider of biometric identification and\nauthentication solutions, reported that strong growth continued into its first\nfiscal quarter ended November 30, 2005. The quarter's $3.7 million in revenue\nwas 68 percent higher than the quarterly revenue of $2.2 million reported in\nthe comparable quarter of the previous year, which was in turn a dramatic\nincrease over the $1.1 million in revenue reported during the quarter ended\nNovember 30, 2003. The $3.7 million in revenue was also a substantial\nsequential increase over the $2.5 million reported for the fourth fiscal\nquarter ended August 31, 2005. (All dollar amounts in this release are in\nCanadian dollars unless otherwise indicated.)\nJames P Scullion, ComnetiX CEO, said, \"I'm happy to report that this is\nthe Company's first full quarter that includes revenue, of $836,000, generated\nby ComnetiX(TM) SE, the Company's wholly owned subsidiary created as a result\nof the acquisition of Paragon Total Solutions Inc in August 2005. However,\nthat number does not include $144,000 in deferred revenue, which was in place\nprior to the acquisition and thus cannot be recognized per GAAP. In addition,\nrevenue from our applicant fingerprinting services group during the quarter\nwas $536,000, a growth rate of 69 percent over the same period last year.\nMuch of this growth may be attributed to our ongoing penetration of the US\nmarket through our agreement with IBT and our partnership with Promissor.\"\nRevenue for the first quarter of fiscal 2006, ended November 30, 2005, was\n$3.65 million with a net loss of $1.43 million, or $0.10 loss per share,\nversus revenue for the first quarter of fiscal 2005 ended November 30, 2004,\nof $2.17 million with a net loss of $811,827, or $0.07 loss per share.\nExcluding a non-cash stock compensation charge of $360,000, the loss for the\nfirst quarter of fiscal 2006 would have been $1,070,000.\nScullion continued, \"As you can see, ComnetiX continues to report growth\ncompanywide. We are much larger geographically than we were just one year\nago, and our business in the US, with state and local agencies -- and with the\nFederal Government, is mo...