Cymat reports 2009 - Third quarter results

About this update from Cymat Technologies Ltd

[{"type":"text","content":"\n\n\n\nListing: TSX\nSymbol: CYM\n\n\nTORONTO, March 11 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX)\nreports revenue of approximately $260,000 for the third quarter of fiscal 2009\nended January 31, 2009, compared with revenue of approximately $630,000 for\nthe same period in the prior fiscal year. For the fiscal year-to-date period\nended January 31, 2009 revenue totalled approximately $1 million which is\nabout $1.5 million less than revenue in the same period in the previous year.\n\n\nQuarterly and year-to-date revenue declined over the same periods in the\nprior fiscal year primarily as a result of a decline in architectural sales to\nAudi showrooms. Negative global economic conditions caused a decline in the\nrate of dealer showroom retrofits in Europe and Asia. It is expected that\ndemand will return to prior levels by the end of the current calendar year as\na consequence of planned launches of showroom retrofits in North America.\n\n\nDespite the slowdown of the Audi business, Cymat continues to bid on\nsignificant architectural opportunities for both exterior and interior\nprojects.\n\n\nThe company is also gaining momentum in its military industry initiatives\nwith the confirmation of an order from the Canadian Department of National\nDefence in early February 2009. It is anticipated that military revenues will\ngrow substantially towards the end of 2009 and into 2010.\n\n\nThe net loss for the quarter totaled $1,113,275 and is greater than the\nloss for the same period in the prior year by $154,369 due to lesser sales and\nassociated contribution margin.\n\n\nThe net loss for the year-to-date period ended January 31, 2009 totaled\n$3,263,792 or $81,292 less than the loss for the same period in the prior\nyear.\n\n\nHighlights for the quarter were:\n\n- Major-General (Ret'd) Lewis MacKenzie was appointed as a new\n corporate director of Cymat.\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- Cymat's products and process were showcased on US Discovery Channel\n in January 2009 increasing the awareness and profile of SmartMetal\n (TM) as a high-performance blast mitigating material.\n- In November 20...

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