Business
Cyberplex Announces Third Quarter Financial Results for 2005
Cyberplex Announces Third Quarter Financial Results for 2005.
About this update from Eq Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 4 /CNW/ - Cyberplex Inc. (TSX : CX) today announced\nfinancial results for its third quarter ended September 30, 2005.\nRevenue of $1.41 million was down from the $1.86 million generated in the\nprevious quarter and lower than the $2.30 million recorded during the same\nperiod a year ago. The loss before amortization and interest income for the\nquarter was $335,000 compared to a $55,000 operating profit generated in the\nprevious quarter and the $388,000 generated during the same period a year\nearlier. The resulting net loss for the quarter was $374,000. Incorporated\ninto these third quarter figures, as part of the general and administrative\nexpenses, was a significant foreign exchange loss, due to the devaluation of\nthe U.S. dollar, totaling $92,000 and a one-time charge resulting from various\nstrategic acquisition related initiatives totaling $142,000.\nGross margin for the quarter was 49%, up from the 45% recorded the\nprevious quarter, and lower than the 55% recorded during the same period a\nyear ago. The Company's top five clients accounted for approximately 62% of\nthe quarterly revenue with 31% of the revenue derived from clients in the\nUnited States. The company finished the period ended September 30, 2005 with\ncash and short-term investments of $5.21 million compared to $5.13 million at\nJune 30, 2005. Days sales outstanding were improved to 69 days, an improvement\nof 10 days while compared to 79 days at the end of third quarter of 2004.\n\"Although the third quarter was a difficult one for our professional\nservices business, we continue to make progress shifting our business toward\nthe attractive, higher growth and recurring revenue oriented managed services\nsegment\" said Dean Hopkins, Chief Executive Officer of Cyberplex, \"The initial\nresponse from our customers regarding our Managed Monitoring offer has been\nencouraging.\"\nSubsequent to the end of the quarter, Cyberplex's Board of Directors\nauthorized management to seek TSX acceptance of a Normal Course Issuer Bid.\nThis proposed share repurchase program, which is subject to TSX approval, will\nauthorize the Company to repurchase, from time to time, on the Toronto Stock\nExchange, up to approximately 10% of Cyberplex's public float over a 12 month\nperiod. Any common shares purchased by Cyberplex during the course of the\nNo...