Business
Mindready reports third quarter 2005 results
Mindready reports third quarter 2005 results.
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Nov. 16 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)\n(\"Mindready\"), a leading supplier of innovative solutions for test and\nembedded systems, today reported its financial results for the third quarter\nand nine months ended September 30, 2005.\nSales for the third quarter of 2005 declined to $3.2 million compared to\n$5.8 million for the same period in 2004. This decline results from several\nfactors including the closing of our Raleigh operations in the second quarter,\nlower business from Nortel and Flextronics, and an unfavourable exchange rate\nimpact on the conversion of U.S. and U.K. sales into Canadian dollars.\nOperating loss before certain items was $561,000 compared to $9,000 for the\nthird quarter of 2004.\n\"We expect a strong rebound in fourth quarter 2005 sales to approximately\n$5.0 million, reflecting the acquisition of Radical Systems closed on\nOctober 11, 2005, early revenues from the Austin office opened in July 2005,\nand increased sales efforts,\" said Claude Delage, President & CEO of\nMindready. \"Additional sales may also be recorded depending on the completion\nof the acquisition of UTTC United Tri-Tech Corporation (\"UTTC\") announced\ntoday.\"\nDetails of the UTTC acquisition are contained in a press release issued\ntoday by Mindready.\n\nFinancial position\n\nAs of September 30, 2005, Mindready held cash and cash equivalents of\n$1.8 million. These resources are in addition to a US$4.0 million credit\nfacility, of which US$1.75 remained undrawn and available.\n\"We continue to control costs as we reposition the business into high-\ngrowth areas through restructuring of internal resources and accretive\nacquisitions,\" said Marc Lamy, Chief Financial Officer.\n\nManagement Discussion and Analysis\n\nThe MD&A for the third quarter and nine months ended September 30, 2005,\nas well as the unaudited consolidated financial statements for these periods\nare available at sedar.com.\n\nAbout Mindready\n\nMindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative\nsolutions for test and embedded systems serving the aerospace & defense,\nautomotive & transportation and telecommunications markets from design to\nmanufacturing. Mindready clients include companies such as Lockheed Martin,\nRaytheon, Northrop Grumman, Boeing, Visteon, NASA, Ford, Nissan, M...