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Comnetix(TM) Inc reports its first quarter fiscal 2007 financial results
Comnetix(TM) Inc reports its first quarter fiscal 2007 financial results.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 12 /CNW/ - ComnetiX(TM) Inc (TSX:CXI), a leading provider\nof biometric identification and authentication solutions, reported results for\nits 2007 fiscal first quarter ended November 30, 2006. Revenue for the quarter\nwas $3.2 million compared to revenue of $3.6 million reported in the\ncomparable quarter of the previous year (which included revenue from an\nunusually large contract with a US government department). The $3.2 million of\nrevenue is a substantial sequential increase over the $2.8 million reported in\nthe fourth quarter of fiscal 2006. (All dollar amounts in this release are in\nCanadian dollars unless otherwise indicated.)\n\n\n\"I am happy to report that the Company generated positive operating cash\nflow of $209,000 prior to changes in working capital in the quarter,\" said\nBernard Crotty, Chief Executive Officer of ComnetiX. \"Our fingerprint services\ngroup generated record revenue of $787,000. The product group increased its\nbacklog of orders during the quarter and generated record maintenance\nrevenues. We are also pleased to see a reduction in our quarterly net loss for\nthe third consecutive quarter as well as a very significant reduction compared\nto the same quarter in the previous fiscal year.\"\n\n\nRevenue for the first quarter of fiscal 2007, ended November 30, 2006,\nwas $3.2 million with a net loss of $133,000, or $0.01 loss per share, versus\nrevenue for the first quarter of fiscal 2006 ended November 30, 2005, of\n$3.6 million with a net loss of $1.43 million, or $0.10 loss per share.\nResults reflect a one time gain on a settlement with a supplier in the amount\nof $242,000 and one time transaction expenses of $169,000.\n\n\nFirst Quarter Highlights\n\n\nComnetiX continued to display leadership in the Canadian Fingerprint\nServices Market by becoming certified by the RCMP to electronically transmit\nMiscellaneous Applicant Civil (MAP) fingerprint transactions to the RCMP Real\nTime Identification (RTID) new messaging infrastructure. ComnetiX successfully\ntransmitted an electronic fingerprint record to the Royal Canadian Mounted\nPolice on the first day of the RTID Release 0.5 Pilot in November of 2006. The\nCompany's fingerprint services division is working with agencies, both\ngovernmental and private, to ensure that participation in the Pilot project\nachieves the max...