Business
Cymat reports fiscal 2010 - second quarter results
Cymat reports fiscal 2010 - second quarter results
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nDec. 11, 2009 (Canada NewsWire Group) -- TORONTO, Dec. 11 /CNW/ -- Cymat Technologies Ltd (symbol CYM, TSX) reports revenue of approximately $350,000 for the second quarter of fiscal 2010 ended October 31, 2009, compared with revenue of approximately $80,000 in the previous quarter. Revenue for the six months ended October 31, 2009 totalled approximately $435,000 as compared with revenue of approximately $265,000 in the prior six month period ending April 30, 2009.Consecutive quarterly revenue has grown by more than 300% due to a number of architectural sales to European projects such as the Spanish church where Alusion was used as an exterior application as well as numerous military orders from potential customers who are testing SmartMetal(TM) in various survivability solutions.Cymat continues to bid on significant architectural opportunities for exterior and interior projects, both directly and through its extensive agent network covering North America, Europe and Australasia. Further positive economic growth should result in the increased demand for Cymat's architectural products.The company is also gaining momentum in its military industry initiatives and it is anticipated that military revenues will grow in 2010.The net loss for the second quarter totaled $1,274,254 while the loss for the six month period ended October 31, 2009 totalled $2,822,569. This translates to a loss per share of $0.02 and $0.04 for each of the periods respectively.Highlights for the quarter were:- Cymat completed its blast testing program in which Cymat contractedan independent blast testing facility to perform a series of 20 blasttests to fully characterize SmartMetal's performance under variousblast events. Blast mitigation initiatives continue to gain momentumas the company works closely with its military contractors andintegrators applying its new blast-mitigating, military grade foamnamed SmartMetal(TM), into troop safety initiatives around the world.- In August 2009, the company received a purchase order from a major USarmored vehicle manufacturer for 13 SmartMetal(TM) assemblies to bedelivered in August 2009. These prototypes will be incorporated inand tested as part of a complete armoring system for the proposedvehicle. The company, one of the attendees at Cymat's recent IndustryWeek in Nevada, will test these parts for a next gener...