Business
Cymat reports results from Q2 of fiscal 2006
Cymat reports results from Q2 of fiscal 2006.
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n\nCymat Reduces Raw Material Cost by 50%\n\nListing: TSX\nSymbol: CYM\n\nTORONTO, Dec. 12 /CNW/ - Cymat Corp. today reported financial results for\nthe second quarter of its fiscal year ending April 30, 2006\nThe Company reported revenues of $149,832 for the quarter ended\nOctober 31, 2005, compared with $43,634 for the quarter ended October 31,\n2004. The net loss for the period was $1,577,557 or $0.03 per share, compared\nwith $1,255,476, or $0.03 per share for the same period in fiscal 2005. Cash\nutilized in operating activities for the quarter ended October 31, 2005\ntotaled $764,889 as compared to $903,318 for the same period in fiscal 2005.\n\nHighlights from the Second Quarter:\n-----------------------------------\n\n - Reduced raw material costs used to manufacture SAF by 50%\n - Demonstrated commercial scale production capability for Near-net\n shape, or 3D parts\n - Broadened IP protection through 2023 with additional patents\n granted in USA and Europe\n\nIn the second quarter Cymat was able to reduce by 50% the cost of the raw\nmaterials used to manufacture Stabilized Aluminum Foam (SAF). This advance was\nachieved by a series of carefully designed experiments targeted to improve\nprocess capability and reduce overall cost. Although the raw material is now\nmuch less costly, the resulting SAF exhibits no deterioration of material\nproperties. This achievement is particularly important as Cymat's clients,\nespecially those in the automotive sector, are under enormous cost pressures.\nThis makes SAF that much more desirable, accessible and closer to meeting our\ncustomers needs for use in the fabrication of their parts on a commercial\nscale.\n\"We are delighted by this breakthrough advance in process technology,\"\nsaid Dr. Paul A. Tichauer, Cymat's President and CEO. \"This major innovation\nfurther confirms Cymat's position as the leading producer of commercial\naluminum foam, and positions the company well for future commercial success in\nthe automotive sector.\"\nDuring the second quarter Cymat continued to progress its patented LPFC\n(Low Pressure Foam Casting) technology towards full commercial scale\ncapability. As previously disclosed, the Company is working together with its\nEuropean commercialization partner to commission a low cost high volume,\nproduction scale LPFC unit at the latter's facility...