Business
CYMAT REPORTS FISCAL 2011 - FIRST QUARTER RESULTS
CYMAT REPORTS FISCAL 2011 - FIRST QUARTER RESULTS
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n Sep. 10, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n >\n\n\nTORONTO, Sept. 10 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX) reports revenue of approximately $0.4 million for the first quarter ended July 31, 2010, compared with revenue of approximately $0.1 million for the same period in the prior fiscal year.\nThe quarterly increase in revenue is due to a substantial increase in architectural sales orders driven primarily by the sale of Alusion product to the prestigious $4 billion award winning LEED's Platinum Certified project in China. In addition, the Company's network of distributors and agents were successful in securing increased orders through the first quarter ended July 31, 2010 as they continue to increase awareness of the Alusion product.\nRevenue also includes military samples shipped to a number of military customers for the purpose of evaluating SmartMetal(TM) as part of a number of armored vehicle applications.\nThe net loss for the quarter was $1.4 million compared to $1.5 million for the same period in the prior year.\n\nHighlights for the quarter were:\n\n\n >\n\n\n"We are very pleased with the progress we made in the first quarter with our commercialization activities," said Michael Liik, Cymat's Chief Executive Officer. "The inclusion of the Alusion product in the high profile LEED's Platinum Certified project in China was a significant win for Cymat and has increased the profile of our product within the architecture market. The on-going integration of SmartMetal(TM) by several military vehicle OEMs and armour integrators into their specific IED solutions has shown extremely positive results. We are optimistic that our commercialization activities will continue to gain momentum through the remainder of this year under David's leadership."\n\nKey Financial Information\n\nThe following shows key financial information for the first quarter and comparables.\n\n\n >\n\n\nThe interim finan...