Business
Cymat reports 2010 year-end results
Cymat reports 2010 year-end results
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n Jul. 8, 2010 (Canada NewsWire Group) -- Listing: TSX\nSymbol: CYM\n\n Cymat Technologies Ltd. (TSX: CYM), a Toronto-based manufacturer and licensor of stabilized aluminum foam ("SAF") products, targeting the automotive, architectural and blast mitigation markets, announced its fiscal year-end results for the year ending April 30, 2010.\n\nFiscal 2010 - Key Financial Metrics\n\n\n >\n\n\nIn 2010 the company accelerated its transformation to a revenue-focused operation in its 3 lines of business and is seeing particular traction in the military sector.\nMichael Liik, Executive Chairman of Cymat noted that "the company continued to make significant strides in fiscal 2010 especially with its blast mitigation initiatives. While the slowdown in the 2008-2009 global economy affected Alusion sales, this decline was somewhat mitigated by military sales which accounted for 20% of total revenue. Additionally, the capital markets continued to validate the Company and its opportunities as Cymat was able to raise $2.7 million in a financing in trying circumstances".\nCymat anticipates that 2011 will see significant growth in its 3 targeted industry segments.\nMilitary and numerous defence contractors and armour integrators continue to work with Cymat to develop blast mitigant solutions using SmartMetal(TM). The Company completed capturing its blast data on SmartMetal(TM) which is being used to validate its efficacy in blast mitigation applications. Cymat expects that these efforts will lead to revenues in retrofit and next-generation applications this coming fiscal year.\nAutomakers continue to express an interest in noise/vibration reduction and stiffness enhancing features of SAF. The company expects that more OEM programs will be undertaken together with its Swiss partner Georg Fischer, leading to initial royalty payments in 2011 and beyond.\nRevenues from Cymat's architectural product, Alusion, are expected to grow considerably in 2011 resulting from an expansion in its distributor base in North America, Europe and Asia, a focus on external applications and an expectation that the economy in those regions will turn around.\n\nRevenue\n\nCombined revenue for the 12 months ended April 30, 2010 totaled $0.8 million, a decrease of 17 percent compared to the previous year.\nFor the three months ended April 30, 2010...