Business
Cymat reports record year-end results for fiscal 2007 ending April 30, 2007
Cymat reports record year-end results for fiscal 2007 ending April 30, 2007.
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nListing: TSX\n\n\nSymbol: CYM\n\n\nTORONTO, July 26 /CNW/ - Cymat Technologies Ltd. (TSX: CYM), a\nToronto-based manufacturer of stabilized aluminum foam "SAF" products,\ntargeting the automotive, architecture and blast mitigation markets, announced\nthe best quarterly and fiscal year-end results in its history.\n\n\nFiscal 2007 Highlights\n\n- Revenues increased 296 percent to $2.2 million\n- Net loss reduced by 45 percent to $3.2 million\n- Loss per share declined 45 percent to $0.06 from $0.11 in 2006\n\n\nIn 2007, the company transformed itself from a research-based to a\nrevenue-focused organization. As part of this transition, the company\nimplemented significant senior management changes including the recruitment of\na new CEO, CFO, Vice President of Operations as well as the restructuring of\nits Board of Directors. The company also completed two separate financings,\none of which involved a complex non-dilutive transaction. In addition, Cymat's\nplant was converted from a limited-run R&D facility to a production facility\nand several key commercial contracts were executed.\n\n\nChris Skillen, President and CEO of Cymat noted that "Cymat has made\nsignificant progress in the last year. This has been a very challenging year\nand the excellent results should be attributed to a team effort including our\ncustomers, staff, suppliers and our patient shareholders. A special thanks is\ndue to our key customer, Audi / Isaria Corporate Design, who were patient and\nvery supportive."\n\n\nAudi uses our Alusion products in its dealer showrooms in Europe to\nshowcase their high technology performance vehicles. Cymat anticipates a long\nterm relationship with Audi.\n\n\nTrevor Sandler, Cymat's CFO, added that "Our successful move to a\nrevenue-focused organization is providing financial contribution to the\ncompany's operations. Continued progress of this nature will move Cymat into a\nsustainable positive cash flow position".\n\n\nImportant progress has also been made on the company's blast mitigation\ninitiative including a relationship with AIGIS, a UK company that utilizes SAF\nin its fully tested and commercialized TABREshield product. SAF has been\nvalidated by a number of independent studies and explosive tests and has been\nproven to be very effective for blast mitigation and shockwav...