Cymat reports results for Q3 of fiscal 2008

About this update from Cymat Technologies Ltd

[{"type":"text","content":"\n\n\n\nListing: TSX\n\n\nSymbol: CYM\n\n\nTORONTO, March 10 /CNW/ - Cymat Technologies Ltd. is pleased to report\nquarterly revenue of $553,000 for the third quarter of fiscal 2008 ended\nJanuary 31, 2008 compared with revenue of $568,000 for the same three-month\nperiod in the prior fiscal year.\n\n\nOn a year to date basis, revenue of $2.4 million for fiscal 2008\nsurpassed the previous year by 109%. This revenue increase was mainly\nattributable to the large order to supply platforms for Audi showrooms as well\nas other architectural projects throughout Europe and North America.\n\n\nThe net loss for the quarter ended January 31, 2008 was approximately\n$960,000 or $0.02 per share, compared with $1.2 million or $0.02 per share for\nthe same period in the prior year, a quarter on quarter decline of 23%.\n\n\nThe net loss includes non-cash items of approximately $570,000 relating\nto stock-based compensation and depreciation expense. The net loss for the\nquarter excluding these non-cash items is approximately $388,000 which is\nevidence of the company's success in moving to cash flow profitability and is\nattributable to the contribution margin resulting from revenue and cost\ncontainment initiatives.\n\n\nThe net loss for the nine-month period ended January 31, 2008 was\n$3.3 million or $0.05 per share, compared with $2.7 million or $0.05 per share\nfor the same period in the prior year. The prior year's results include a\none-time gain of arrangement related to the August 2006 Brompton plan of\narrangement. The net loss declined by 22% when excluding the gain from\narrangement.\n\n\n"Cymat continues to exhibit good progress since moving from an R&D focus\nto commercial production." said Trevor Sandler, Cymat's CFO, "Year-to-date\nrecord revenues and the associated contribution margin have reduced Cymat's\nnet cash loss which positions the company well to realize on our leading\ntechnology in the large markets of automotive and blast mitigation".\n\n\nHighlights for the quarter were:\n\n\n- Change in strategic focus from a research to revenue-based commercial\n operation continued to yield solid revenue.\n- Shorter product delivery times and improved productivity.\n- Cymat's partner Georg Fischer Automotive ("GF") received its first\n prototype order utilizing Cymat's proprietary aluminum fo...

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