TORONTO, May 6 /CNW/ - Cyberplex Inc. (TSX: CX), one of North America's
leading technology solutions firms, today announced financial results for its
first quarter ended March 31, 2005.
Revenue for the first quarter was $2.26 million, consistent with the
$2.29 million in the previous quarter, and up from the $2.20 million recorded
during the same period a year ago.
Earnings before amortization and interest income of $299,000 were
positive for the tenth consecutive quarter. While this was down from the
$361,000 generated last quarter and the $466,000 realized during the same
period a year ago, it is in line with the Company's expectations as we invest
in the growth of our emerging application management business. The Company
posted positive net income for the eighth consecutive quarter of $255,000, or
$0.01 per share.
Gross margin for the quarter was 50% and the Company's top 5 clients
accounted for approximately 70% of the quarterly revenue with 53% of the
revenue derived from clients in the United States. Cyberplex ended the quarter
with over $5 million in cash and its DSO's were at 84 days.
Application management is a rapidly growing sector that addresses the
difficulty that many organizations have with ensuring that their application
portfolios are properly monitored and maintained. Outsourcing an entire
application has proven ineffective, and as a result companies are looking for
alternatives. "We are excited to be providing a solution to this growing
problem and are encouraged by the customer response. We believe that the
recurring nature of the revenue is an excellent compliment to our professional
services base", said Dean Hopkins, Chief Executive Officer of Cyberplex.
"After a strong year in 2004 and a good start to 2005, we are excited
about the opportunities that lie ahead." said Geoffrey Rotstein, Chief
Financial Officer of Cyberplex. "As we continue to enhance our business model
and invest in our marketing and brand recognition efforts, we will continue to
seek out value creating acquisitions to help expand our value proposition."
About Cyberplex
Cyberplex Inc. (www.cyberplex.com) is a specialized team of management
and technology consultants who are dedicated to helping clients enhance,
automate and manage technology solutions that improve business processes.
With over 10 years of experience serving Fortune 1000 clients including
Thomson, Atlantic Lottery Corporation, Advanced Micro Devices (AMD), Bank of
Montreal (BMO), Scotiabank, SunTrust Banks and the Royal Bank of Canada,
Cyberplex is frequently the firm of choice for business leaders looking for
reliable solutions. Cyberplex serves clients across Canada and the US, and is
headquartered in Toronto, Canada with offices in Atlanta, Austin and Halifax.
<<
CYBERPLEX INC.
CONSOLIDATED BALANCE SHEETS
as at as at
March 31, December 31,
2005 2004
-------------- --------------
(unaudited) (unaudited)
ASSETS
Current Assets:
Cash, cash equivalents and short-term
investments $ 5,018,357 $ 5,200,226
Accounts receivable, net of allowance
for doubtful accounts of $211,518
(December 31, 2004 - $210,996) 2,129,404 2,128,001
Prepaid expenses and sundry assets 344,537 291,933
-------------- --------------
7,492,298 7,620,160
Capital assets 1,665,260 1,684,526
Goodwill 449,136 449,136
-------------- --------------
TOTAL ASSETS $ 9,606,694 $ 9,753,822
-------------- --------------
-------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued
liabilities $ 924,710 $ 1,313,548
Deferred lease inducements 2,157 10,482
Unearned revenue 18,509 11,157
-------------- --------------
945,376 1,335,187
Future income taxes 162,019 162,019
Other long-term liabilities 1,385,984 1,413,042
-------------- --------------
1,548,003 1,575,061
SHAREHOLDERS' EQUITY
Capital stock 70,573,337 70,559,064
Deficit (63,460,022) (63,715,490)
-------------- --------------
7,113,315 6,843,574
-------------- --------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 9,606,694 $ 9,753,822
-------------- --------------
-------------- --------------
CYBERPLEX INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
Three Month Period Ended
-------------------------------
March 31, 2005 March 31, 2004
(unaudited) (unaudited)
-------------- --------------
Revenue $ 2,263,305 $ 2,203,356
Cost of sales 1,136,839 988,861
-------------- --------------
Gross profit 1,126,466 1,214,495
Sales and marketing expenses 167,140 139,855
General and administrative expenses 660,691 608,647
-------------- --------------
827,831 748,502
Income before the undernoted 298,635 465,993
Amortization (72,763) (94,914)
Interest income 29,596 16,281
-------------- --------------
Income before income taxes 255,468 387,360
Provision for income tax - -
-------------- --------------
Net income $ 255,468 $ 387,360
-------------- --------------
-------------- --------------
Deficit - beginning of the period (63,715,490) (64,818,034)
Adjustment for stock based compensation - (168,900)
-------------- --------------
Deficit - end of period $ (63,460,022) $ (64,599,574)
-------------- --------------
-------------- --------------
Weighted average number of common shares
- basic 32,358,027 29,684,951
Weighted average number of common shares
- diluted 33,323,342 30,810,509
Basic earnings per share $ 0.01 $ 0.01
Diluted earnings per share $ 0.01 $ 0.01
>>
%SEDAR: 00005639E
Mogelijk gemaakt door 
Translate
Translate