Genesis Worldwide Inc. Announces Third Quarter ...

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[{"type":"text","content":"\n \n\nFOR: GENESIS WORLDWIDE INC.\n\nTSX, AIM SYMBOL: GWI\n\nNovember 6, 2008\n\nGenesis Worldwide Inc. Announces Third Quarter Fiscal 2008 Results\n\nLicensing Division Achieves Sequential Operating Profitability and Signs Fourth License in Fiscal 2008 for the\nBaltic Market\n\nMISSISSAUGA, ONTARIO--(Marketwire - Nov. 6, 2008) - Genesis Worldwide Inc. (\"Genesis\" or the \"Company\"),\n(TSX:GWI)(AIM:GWI), a leading provider of 'green' building technology, announces its financial results for the\nthird quarter ended September 30, 2008. The Company reports its financial statements in accordance with\nCanadian generally accepted accounting principles (\"GAAP\") and reports in Canadian dollars.\n\nThree Months Ended September 30, 2008\n\n- Total revenue for the third quarter ended September 30, 2008 deceased\n 24.7% to $5,301,563, compared to $7,037,823 for the third quarter of 2007.\n\n- Operating expenses, excluding severance, for the third quarter ended\n September 30, 2008 decreased 16.6% to $2,679,749, compared to $3,214,409\n for the second quarter of 2008.\n\n- Revenue for the licensing division for the third quarter ended\n September 30, 2008 decreased 15.2% to $2,746,520, compared to $3,239,065\n for the same period in 2007. Comparative quarterly results will vary for\n this division depending primarily on the timing of shipments of its\n industrial products.\n\n- Revenue for the structural products division for the third quarter ended\n September 30, 2008 decreased 32.7% to $2,555,043, compared to $3,798,758\n recorded in the third quarter of 2007.\n\n- Total contribution margin decreased by 32.5% in the third quarter ended\n September 30, 2008 to $1,677,391, compared to $2,486,840 for the same\n quarter last year.\n\n- Net loss for the third quarter ended September 30, 2008 increased to\n $1,906,844, or ($0.06) per common share, compared to a net loss of\n $872,748, or ($0.03) per common share for the third quarter of 2007.\n\n- The cash balance for the three months ended September 30, 2008 was\n $706,056.\n\n- The Company continues to look at other options/alternatives to add\n additional capital in the form of debt or new capital, which would allow\n the Company to advance its growth initiatives.\n\nThree Months Ended September 30, 2008\n-------------------------------------\n Structural\n(unaudited, in thousands of d...

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