Cymat reports record revenue

About this update from Cymat Technologies Ltd

[{"type":"text","content":"\n\n\n\nListing: TSX\n\n\nSymbol: CYM\n\n\nTORONTO, Dec. 13 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX) is\npleased to report record quarterly revenue of $1.1 million for the second\nquarter of fiscal 2008 ended October 31, 2007, compared with revenue of\n$0.4 million for the same three-month period in the prior fiscal year. Revenue\nis also 62% ahead of the previously reported quarter of $0.7 million. On a\nyear to date basis, revenue of $1.8 million surpassed the same period in the\nprevious year by 218%.\n\n\nThis quarterly revenue increase of 170% was attributable to both\nincreased demand for highlight platforms at Audi's European showrooms and from\nother architectural projects throughout Europe and North America.\n\n\nThe reported net loss for the quarter includes non-cash items of\napproximately $600,000 relating to stock-based compensation and depreciation\nexpense. The net loss excluding these non-cash items is approximately\n$265,000. This improvement has resulted largely from the increased revenue and\nstrong contribution margins from our architectural line as well as from on\ngoing cost containment initiatives.\n\n\n"We are pleased with the financial progress that Cymat has made over the\npast year and in particular in the past 3 months," said Trevor Sandler,\nCymat's CFO. He added, "With our net cash loss down to approximately $90,000\nper month, we are moving ever closer to our near term objective of achieving\ncash flow breakeven."\n\n\nHighlights for the quarter were:\n\n- Change in strategic focus from a research to revenue-based commercial\n operation continued to yield results with significant consecutive\n quarter revenue growth.\n- Shorter product delivery times and improved productivity.\n- Cymat's partner Georg Fischer Automotive received its first prototype\n order utilizing Cymat's proprietary aluminum foam technology.\n- Blast mitigation initiatives gained momentum.\n- Receipt of an additional $1.6 million order for Audi platforms.\n\n\n"These considerable recent advancements in our business lead to an\nunsolicited, non-brokered equity financing in early November," said Chris\nSkillen, Cymat's CEO. "With treasury resources of approximately $3 million on\nhand, we now have the financial flexibility to accelerate the execution of our\nlonger term plan," he add...

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