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ComnetiX(TM) Inc. reports fiscal 2006 year-end results
ComnetiX(TM) Inc. reports fiscal 2006 year-end results.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\n\nYear over Year Revenue Increases 21%\n\nTORONTO, Nov. 22 /CNW/ - ComnetiX(TM) Inc. (TSX:CXI), a leading provider\nof biometric identification and authentication solutions, reported results for\nits 2006 fiscal year and fourth quarter ended August 31, 2006.\nFor the fiscal year ended August 31, 2006, revenue was $12.5 million with\na net loss of $4.7 million, or $0.33 per share. This represents a year over\nyear increase in revenue of 21% compared to revenue of $10.3 million and a net\nloss of $2.9 million, or $0.21 loss per share for the fiscal year ended\nAugust 31, 2005.\nRevenue for the fourth quarter of fiscal 2006 was approximately\n$2.8 million with a net loss of $0.5 million, or $0.04 loss per share. This\nrepresents an increase in revenue of 13% compared to revenue for the fourth\nquarter of fiscal 2005 ended August 31, 2005, of $2.5 million with a net loss\nof $1.1 million, or $0.08 loss per share.\nComnetiX CEO Bernard Crotty said \"I am pleased to report a 21% increase\nin year over year revenue and a significant reduction in our quarterly net\nloss for the second consecutive quarter as well as a significant reduction\ncompared to the same quarter in the previous fiscal year. While we are pleased\nto see the positive impact of the expense reductions initiated in the second\nquarter of fiscal 2006, revenues in the fourth quarter of fiscal 2006 were\nadversely impacted by several contract delays including the previously\nannounced Kern County, CA contract.\"\n\nFourth Quarter and Fiscal Year Highlights\n\nThe Company continued to increase its presence as a strategic supplier of\nlaw enforcement systems in New York State and Georgia. The Georgia Bureau of\ninvestigation approved several of the Company's Intelligent Identification\nEnvironment (IIE(TM)) suite of software solutions to send images and data and\nto receive responses from the Georgia Bureau of investigations automated\nfingerprint identification system (AFIS). The certification of\nIntelliScreen(TM), IntelliBook(TM) and IntelliServ(TM) has allowed ComnetiX to\nbecome a valuable source for software centric identification solutions for\nlaw-enforcement and government agencies in this segment and position them for\nfurther market penetration in the region.\nOrders from various law enforcement and state agencies across New York\nbuilt on an already soli...