Business
Cyberplex Announces First Quarter Financial Results for 2006
Cyberplex Announces First Quarter Financial Results for 2006.
About this update from Eq Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, May 4 /CNW/ - Cyberplex Inc. (TSX : CX) today announced\nfinancial results for its first quarter ended March 31, 2006.\nSales for the three month period ended March 31, 2006 were $1.21 million,\ndown from the $1.39 million generated in the previous quarter and lower than\nthe $2.26 million recorded during the same period a year ago. The loss before\namortization and interest income for the quarter was $131,000 compared to a\n$346,000 operating loss generated in the previous quarter and the $298,000 of\noperating income generated during the same period a year earlier. The loss in\nthe fourth quarter of 2005 included a one-time restructuring accrual and other\nvarious one-time related expenses. The net loss for the first quarter of 2006\nwas $150,000.\nGross margin for the quarter was 44%, up from the 42% recorded in the\nprevious quarter, and lower than the 50% recorded during the same period a\nyear ago. The Company's top five clients accounted for approximately 65% of\nthe quarterly revenue with 52% of the revenue derived from clients in the\nUnited States. The company finished the quarter with cash and cash equivalents\nof $5.41 million compared to $5.28 million at December 31, 2005. Days sales\noutstanding improved to 46 days, down significantly from the 80 days noted at\nDecember 31, 2005.\n\"The first quarter of 2006 was a rebuilding quarter for the Company.\"\nsaid Geoffrey Rotstein chief executive officer of Cyberplex. \"During the\nquarter, we focused on many different initiatives to help further define and\ngrow our professional services practice, while at the same time actively\npursued opportunities to differentiate our revenue stream. With a strong\nbalance sheet - over $5.4 million in cash - and an experienced team, we will\ncontinue to search for value creating acquisitions in 2006.\"\n\nAbout Cyberplex\nCyberplex Inc. (www.cyberplex.com) is a specialized team of management\nand technology consultants who are dedicated to helping clients enhance,\nautomate and manage technology solutions that improve business processes.\nWith over 12 years of experience serving Fortune 1000 clients including\nThomson, Atlantic Lottery Corporation, Advanced Micro Devices (AMD), Bank of\nMontreal (BMO), Scotiabank, SunTrust Banks and the Royal Bank of Canada,\nCyberplex is frequently the firm of choice for business...