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ComnetiX(TM) Inc. Reports Third Quarter 2006 Financial Results
ComnetiX(TM) Inc. Reports Third Quarter 2006 Financial Results.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\n\nPositive Trends; Receives Validation for Product and Services Offerings\n\nTORONTO, July 12 /CNW/ - ComnetiX(TM) Inc. (TSX:CXI), a leading provider\nof biometric and identification solutions, today reported its financial\nresults for the third quarter of fiscal 2006, the period ended May 31, 2006.\nAll dollar amounts are in Canadian dollars unless otherwise indicated.\n\"I am happy to report that we are beginning to see positive effects from\nthe various initiatives we have undertaken to both increase our revenues\nthrough geographic and product expansion and reduce our annual operating\nexpenses\" said Bernard Crotty, Chief Executive Officer of ComnetiX. \"We are\nbeginning to see the results of our efforts to expand into the Western US with\nsignificant contracts from both Kern County, California and the Nevada\nDepartment of Justice. The Kern County contract is a direct result of the\nincreased understanding and interest in our IIE suite of software solutions\nand validates our strategy to move forward with this product suite.\"\nRevenue for the quarter was $3.14 million, up 4.6 per cent\nfrom$3.0 million in the comparable period last year. Net loss for the period\nwas $0.97 million or $0.07 per share including a one time charge of $0.2\nmillion for restructuring compared to a loss of $0.4 million or $0.03 per\nshare in the third quarter of 2005.\nFor the nine month period, revenue was $9.73 million, an increase of 25\nper cent from the comparable period last year. The year-to-date net loss was\n$4.14 million or $0.29 per share, compared to a loss of $1.82 million or $0.15\nper share in the comparable period last year.\nThe Company initiated several steps in Q2 Fiscal 2006 to reduce its\noperating expenses including reductions in personnel, general and\nadministrative expenses and the closing of satellite offices. The Q3 operating\nloss, excluding one time restructuring charges, was reduced by 56 per cent or\n$0.8 million sequentially from Q2, while revenue for Q3 increased 7 per cent\nor $0.20 million over the preceding quarter. The Company expects the trend of\ndecreased operating costs to continue into Q4.\n\nProduct and Services Offerings Validated\n\nComnetiX continued to display market leadership in New York in Q3 with\nthe receipt of 20 new orders from various law enforcement and state agencies\nacross the St...