Cymat reports 2009-2nd quarter results

About this update from Cymat Technologies Ltd

[{"type":"text","content":"\n\n\n\nListing: TSX\nSymbol: CYM\n\n\nTORONTO, Dec. 10 /CNW/ - Cymat Technologies Ltd. (symbol CYM, TSX)\nreports quarterly revenue of approximately $420,000 for the second quarter of\nfiscal 2009 ended October 31, 2008, compared with revenue of approximately\n$1.2 million for the same three-month period in the prior fiscal year. On a\nyear to date basis, revenue of almost $750,000 fell short of revenue in the\nsame period in the previous year by approximately $1.16 million.\n\n\nThe quarterly and year-to-date revenue decrease is primarily as a result\nof decreased architectural sales of the Company's aluminum foam panels sold as\ndisplay platforms for the new Audi models in their worldwide showrooms.\nNegative economic conditions caused a decline in the rate of dealer showroom\nretrofits in Europe and Asia. Demand is expected to return to prior levels by\nthe end of the current fiscal year as a consequence of planned launches of\nshowroom retrofits in other markets.\n\n\nDespite the slowdown of the Audi business, Cymat has been successful in\ncompleting orders for a number of high profile marquee projects to North\nAmerican customers and continues to bid on significant architectural\nopportunities.\n\n\nThe net loss for the quarter totaled $1,018,796 and is greater than the\nloss for the same period in the prior year by $165,895.\n\n\nThe net loss for the year-to-date period ended October 31, 2008 totaled\n$2,150,517 or $235,662 less than the loss for the same period in the prior\nyear.\n\n\nHighlights for the quarter were:\n\n\n- Blast mitigation initiatives continue to gain momentum as the company\n works closely with its military contractors and integrators applying\n its new blast-mitigating, military grade foam named SmartMetal(TM),\n into troop safety initiatives around the world.\n\n- Architectural orders delivered for marquee projects including the\n Vancouver Convention Center (2010 Olympics) and Microsoft office\n building.\n\n\nIn November Cymat's partner Georg Fischer Automotive received a second\nprototype order from a leading German automobile manufacturer utilizing\nCymat's proprietary aluminum foam technology. The automobile manufacturer will\nbe investigating the use of stabilized aluminum foam as a method of reducing\nnoise, vibration and harshness (NVH) levels in a specific component for a 2010\nplatform. Ge...

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