Business
Cymat Reports First Quarter 2009 Financial Results
Listing: TSX Symbol: CYM MISSISSAUGA, ON, Sept. 15 /CNW/ - Cymat Technologies Ltd. ("Cymat"), ann...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nListing: TSX\nSymbol: CYM\n\n\nMISSISSAUGA, ON, Sept. 15 /CNW/ - Cymat Technologies Ltd. ("Cymat"),\nannounced its results for the three months ended July 31, 2008.\n\n\nRevenue for the three months ended July 31, 2008 was $324,709 compared to\n$736,769 for the three months ended July 31, 2007, a 56 percent decrease\nversus the same period last year.\n\n\nThe quarterly decrease is primarily as a result of decreased\narchitectural sales of the Company's aluminum foam panels sold as the display\nplatform for the new Audi models in their worldwide showrooms. The demand for\nthis application decreased due to negative economic conditions but is expected\nto return to prior levels by the end of the current calendar year.\n\n\nCymat incurred a net loss of $1,131,721 in Q1 2009 compared to a net loss\nof $1,533,278 for the same period in the prior year.\n\n\n"Looking ahead to the next 2 quarters, we anticipate that our efforts and\ninitiatives in both of our automotive and blast mitigation businesses will\nbegin to generate tangible results," said Tim Hardman, Cymat's newly appointed\nPresident and COO. He went on to say that "Our renewed focus on and increased\nsupport for our Alusion distributors should lead to growing architectural\nrevenues as well."\n\n\nKey Financial Information\n\nThe following shows key financial information for the first quarter and\ncomparables.\n\n-------------------------------------------------------------------------\nCanadian $ Q1 2009 Q1 2008\n-------------------------------------------------------------------------\nRevenue 324,709 736,769\n-------------------------------------------------------------------------\nPlant operating costs 361,388 959,674\n-------------------------------------------------------------------------\nSG&A 702,512 917,532\n-------------------------------------------------------------------------\nDepreciation and amortization 404,932 453,434\n-------------------------------------------------------------------------\nNet loss (1,131,721) (1,533,278)\n-------------------------------------------------------------------------\nWeighted Average no. of shares outstanding basic\n and diluted 69,367,445 54,902,615\n-------------------------------------------------------------------------\nLoss per Common Share-basic and diluted (x) (0.02) (0.03)...