Google Übersetzer
Listing: TSX
Symbol: CYM
TORONTO, March 16 /CNW/ - Cymat Technologies Ltd. is pleased to report record quarterly revenue of $568,351 for the third quarter ended January 31, 2007 compared with revenue of $79,022 for the three month period ended January 31, 2006.
This quarterly increase of over 600% was attributable to the large order from the supplier to Audi showrooms as well as other architectural projects throughout Europe and North America.
The net loss for the three-month period was $1,244,294 or $0.02 per share, compared with $1,583,454 or $0.03 per share for the same period in the prior year.
Highlights for the quarter are:
- Change in strategic focus from a research to revenue-based commercial
operation continues to yield results.
- Significant quarter on quarter revenue growth.
- Plant operational improvements have yielded shorter product delivery
times and improved productivity.
- Automotive initiatives are promising.
Cymat closed its private placement on February 27, 2007 in which it raised $2,340,000. The Company issued a total of 4,682,267 Units (comprising a common share and a warrant to purchase a common share) at $0.25 per Unit and 4,682,267 Subscription Receipts. These receipts are subject to shareholder approval.
Cymat's strategy to transition from research to a revenue-focused enterprise is yielding good results as revenues are up significantly both year-over-year and quarter-over-quarter. The private placement financial resources will allow the Company to accelerate its planned business progress. Cymat has a backlog of approximately $900,000 related to its architectural product line. The Company foresees continued revenue growth in both Europe and North America for its Alusion (architectural) products.
The company is encouraged with its entry into the blast mitigation market and has had good results in product testing.
Automotive applications are on the horizon both in Europe and in North America. Our recently announced agreement with Georg Fischer bodes well for Cymat's low pressure foam casting (LPFCTM) process technology products in the automotive sector.
Key Financial Information
The following shows key financial information for the third quarter and comparables.
Three Months ended: January 31, 2007 January 31, 2006 Revenues $568,351 $79,022 SG&A ($406,403) ($586,878) Net loss ($1,244,294) ($1,583,454) Net loss per share(x) ($0.02) ($0.03) Balance Sheet Items as at: January 31, 2007 April 30, 2006 Cash and Cash equivalents $361,727 $912,934 Working Capital ($146,431) $639,359 Shares Outstanding 51,934,437 51,421,094 (x) Net loss per share has been calculated using the weighted average number of common shares outstanding during the quarter ended January 31, 2007 and January 31, 2006.
The interim financial statements and management discussion have been filed on SEDAR. Cymat Technologies Ltd. trades on the TSX stock exchange under the trading symbol CYM.
About Cymat:
Cymat develops innovative materials for industry. The company has exclusive worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, architectural and blast mitigation industries. For further information, visit the Web site www.cymat.com.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners. For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements.
%SEDAR: 00024103E