TORONTO, Aug. 11 /CNW/ - Cyberplex Inc. (TSX : CX), one of North
America's leading technology solutions firms, today announced financial
results for its second quarter ended June 30, 2005.
Revenue for the second quarter was $1.86 million with earnings before
amortization and interest income of $55,000 and a positive net income of
$10,000.
Revenue was down from the $2.26 million generated in the previous quarter
and lower than the $2.21 million recorded during the same period a year ago.
Earnings before amortization and interest income of $55,000, was positive for
the eleventh consecutive quarter, and was down from the $299,000 generated
last quarter and from the $347,000 realized during the same period a year ago.
Gross margin for the quarter was 45%, down from the 50% realized in the
previous quarter, and the Company's top five clients accounted for
approximately 59% of total revenue, a decline in customer concentration from
70% last quarter. Revenue derived from clients in the United States accounted
for approximately 36%. Cyberplex strengthened its balance sheet during the
quarter by increasing its cash balance to over $5.13 million, and was
successful in improving its DSO's to 74 days, from the 84 days calculated last
quarter.
"Although revenue and profitability declined in the second quarter," said
Dean Hopkins, Chief Executive Officer of Cyberplex, "our balance sheet
remained strong. In addition, we remain committed to seeking out value
creating acquisitions to complement and diversify our current revenue base."
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.
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CYBERPLEX INC.
CONSOLIDATED BALANCE SHEETS
as at as at
June 30, December 31,
2005 2004
-------------- --------------
(unaudited) (unaudited)
ASSETS
Current Assets:
Cash, cash equivalents and short-term
investments $ 5,130,330 $ 5,200,226
Accounts receivable, net of allowance
for doubtful accounts of $ 181,492
(March 31, 2005 - $211,518) 1,689,723 2,128,001
Prepaid expenses and sundry assets 542,052 291,933
-------------- --------------
7,362,105 7,620,160
Capital assets 1,600,101 1,684,526
Goodwill 449,136 449,136
-------------- --------------
TOTAL ASSETS $ 9,411,342 $ 9,753,822
-------------- --------------
-------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities $ 727,921 $ 1,313,548
Deferred lease inducements - 10,482
Unearned revenue 10,243 11,157
-------------- --------------
738,164 1,335,187
Future income taxes 162,019 162,019
Other long-term liabilities 1,377,148 1,413,042
-------------- --------------
1,539,167 1,575,061
SHAREHOLDERS' EQUITY
Capital stock 70,583,928 70,559,064
Deficit (63,449,917) (63,715,490)
-------------- --------------
7,134,011 6,843,574
-------------- --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 9,411,342 $ 9,753,822
-------------- --------------
-------------- --------------
CYBERPLEX INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
Three Month Period Ended Six Month Period Ended
--------------------------- ---------------------------
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
(unaudited) (unaudited) (unaudited) (unaudited)
------------- ------------- ------------- -------------
Revenue $ 1,858,878 $ 2,206,117 $ 4,122,183 $ 4,409,473
Cost of sales 1,013,416 1,045,129 2,150,255 2,033,990
------------- ------------- ------------- -------------
Gross profit 845,462 1,160,988 1,971,928 2,375,483
Sales and marketing
expenses 175,724 176,280 342,864 316,135
General and
administrative
expenses 614,692 637,432 1,275,383 1,246,079
------------- ------------- ------------- -------------
790,416 813,712 1,618,247 1,562,214
Income before the
undernoted 55,046 347,276 353,681 813,269
Amortization (72,275) (88,109) (145,038) (183,023)
Interest income 27,334 16,740 56,930 33,021
------------- ------------- ------------- -------------
Income before
income taxes 10,105 275,907 265,573 663,267
Provision for
income tax - - - -
------------- ------------- ------------- -------------
Net income $ 10,105 $ 275,907 $ 265,573 $ 663,267
------------- ------------- ------------- -------------
Deficit - beginning
of the period (63,460,022) (64,599,574) (63,715,490) (64,818,034)
Adjustment for stock
based compensation - - - (168,900)
------------- ------------- ------------- -------------
Deficit - end of
period $(63,449,917) $(64,323,667) $(63,449,917) $(64,323,667)
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Weighted average
number of common
shares - basic 32,370,738 30,424,596 32,289,832 30,056,817
Weighted average
number of common
shares - diluted 33,183,536 31,692,800 33,128,853 31,325,021
Basic earnings per
share $ 0.00 $ 0.01 $ 0.01 $ 0.02
Diluted earnings
per share $ 0.00 $ 0.01 $ 0.01 $ 0.02
>>
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