Cymat reports fiscal 2010 - First quarter results

About this update from Cymat Technologies Ltd

[{"type":"text","content":"\n\n\n\nListing: TSX\nSymbol: CYM\n\n\nTORONTO, Sept. 4 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX) reports\nrevenue of approximately $80,000 for the first quarter of fiscal 2010 ended\nJuly 31, 2009, compared with revenue of approximately $320,000 for the same\nperiod in the prior fiscal year.\n\n\nQuarterly revenue declined as architectural sales to high profile\nprojects and Audi dealership platforms in the prior year's quarter were not\nmatched in this period due to negative global economic conditions. It is\nexpected that demand for Audi showroom platforms will return to past levels by\nthe end of the current calendar year as a consequence of planned launches of\nshowroom retrofits in North America. Additionally, Cymat continues to bid on\nsignificant architectural opportunities for both exterior and interior\nprojects and any positive economic growth should see increased demand for\nCymat's architectural products.\n\n\nThe company is also gaining momentum in its military industry initiatives\nand it is anticipated that military revenues will grow substantially towards\nthe end of 2009 and into 2010.\n\n\nThe net loss for the quarter totaled $1,548,299 verses $1,131,721 for the\nsame period in the prior year. The loss for this period was greater due to\nlesser sales and associated contribution margin.\n\n\nHighlights for the quarter were:\n\n- Cymat hosted 2 blast test events at its "Industry Week" to provide\n clients with realtime SmartMetal(TM) performance data. The testing\n showed a reduction of at least 7 to 1 in blast energy transfer with a\n 50% compaction of each foam panel.\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- On July 28, 2009 Cymat shareholders approved (the "Approval") the\n conversion of subscription receipts into common shares and common\n share purchase warrants issued as part of the private placement that\n closed on April 28, 2009. As a result of the Approval, Cymat issued\n 10,359,181 new common shares and warrants and the net proceeds from\n the original sale of subscription receipts plus certain escrowed\n amounts was paid to the Company.\n\n\nIn Aug...

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