Business
Cymat reports results from Q3 of fiscal 2006
Cymat reports results from Q3 of fiscal 2006.
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n\nListing: TSX \nSymbol: CYM\n\nTORONTO, March 10 /CNW/ - Cymat Corp. today reported financial results\nfor the third quarter of its fiscal year ending January 31, 2006\nThe Company reported revenues of $79,022 for the quarter ended January\n31, 2006, compared with $107,570 for the quarter ended January 31, 2005. The\nnet loss for the period was $1,583,454 or $0.03 per share, compared with\n$1,469,432, or $0.03 per share for the same period in fiscal 2005. Cash\nutilized in operating activities for the quarter ended January 31, 2006\ntotaled $905,711 as compared to $695,927 for the same period in fiscal 2005.\n\nHighlights from the Third Quarter:\n----------------------------------\n\n- Received repeat SAF (Stabilized Aluminum Foam) order from NASCAR\n- Achieved excellent test results on use of SAF for structural\n reinforcement\n- Completed commissioning of commercial-scale pilot aluminum foam\n production system at Georg Fischer Automotive in Switzerland\n\nCymat is continuing to advance its strategy to commercialize the use of\nStabilized Aluminum Foam (SAF) in the automotive sector. During the third\nquarter, the Company received a repeat order from NASCAR who specify the use\nof Cymat SAF in their superspeedway vehicles to protect the fuel tank from\nrupture during a crash. This repeat order confirms the safety enhancing\ncapability of Cymat SAF for protection of vehicle fuel tanks.\nIn Q3, L&L Products, Cymat's Michigan-based development partner,\ncompleted broad-based comparative mechanical testing of Cymat SAF for\nreinforcement of structural components. This testing was carried out as part\nof Cymat's joint program with L&L to develop cost-effective solutions that can\nhelp automotive OEMs meet the more stringent structural requirements that will\nbe contained in forthcoming new vehicle safety standards, particularly in the\narea of side impact and vehicle rollover protection.\nAs previously disclosed, during the third quarter Cymat and Georg Fischer\nAutomotive successfully commissioned the new, commercial-scale pilot aluminum\nfoam production system located at Georg Fischer's facility in Schaffhausen,\nSwitzerland. This system can be used by Georg Fischer to produce near-net\nshape aluminum foam components for both automotive and non-automotive\napplications.\nThe following is a summary of key financia...