Business
Cymat reports fiscal 2010 - Third quarter results
Cymat reports fiscal 2010 - Third quarter results
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 17, 2010 (Canada NewsWire Group) -- /CNW/ -- Cymat Technologies Ltd (symbol CYM, TSX) reports revenue of approximately $165,000 for the third quarter of fiscal 2010 ended January 31, 2010, compared with revenue of approximately $260,000 in the previous quarter. Revenue for the nine months ended January 31, 2010 totalled approximately $599,000 as compared with revenue of approximately $1,000,000 in the same period in the prior year.Quarterly revenue to military customers surpassed 50% of total revenue for the first time in company history which is evidence of SmartMetal(TM) starting to gain traction in that industry and it is anticipated that military revenues will grow substantially more in 2010. Military sales consisted of prototype purchased by various OEMs in North America and Europe. Architectural sales consisted of sales to various distributors with Cymat's worldwide network. 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 net loss for the third quarter totaled $1,148,241 while the loss for the nine month period ended January 31, 2010 totalled $3,970,811. This translates to a loss per share of $0.01 and $0.05 for each of the periods respectively.Highlights for the quarter were:- Cymat appointed Lieutenant Generals (U.S. Army Retired) Jay M. Garnerand Ronald V. Hite to its newly established Advisory Board. GeneralsGarner and Hite bring extensive backgrounds in both military andcommercial operations to Cymat. Their unique insights and deeprelationships within the American and NATO industrial/militarysectors will be invaluable to Cymat as it commercializes itsSmartMetal(TM) within this industry.- Cymat received and delivered two proto-type orders from a majorUS-based OEM of light vehicles. Cymat's SmartMetal(TM) will beintegrated into a survivability solution for vehicle under bellyprotection. This solution has been designed to accommodate bothexisting vehicles through an aftermarket retrofit kit, and new OEMvehicle production. The material's anticipated success in thisapplication would mean access to numerous commercial opportunitieswithin the...