Half-yearly Report

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nGenesis Worldwide Inc. announces second quarter fiscal 2007 results\n\n 47% Growth in Revenue Over Second Quarter 2006 and 26% Growth in Revenue\n Over First Quarter 2007\n\n MISSISSAUGA, ON, Aug. 1 /CNW/ - Genesis Worldwide Inc. (\"Genesis\" or the\n\"Company\"), TSX/AIM: GWI, a leading provider of green structural building\ntechnology using light steel, announces its financial results for the quarter\nended June 30, 2007. The Company reports its financial statements in\naccordance with Canadian generally accepted accounting principles (\"GAAP\") and\nreports in Canadian dollars.\n Total revenue for the second quarter ended June 30, 2007 increased 47% to\n$5,018,264, compared to $3,412,006 for the same period a year ago, and a\nsequential growth of 26% from the first quarter of 2007.\n Revenue from the licensing division for the second quarter of 2007 was\n$2,677,846, reflecting an increase of 13,065%, compared to the same quarter a\nyear ago, and a sequential growth of 279% from the first quarter of 2007.\nRevenue for the licensing division recorded for the second quarter of 2007 was\nthe highest revenue recorded in the Company's history.\n Revenue from the structural products division for the second quarter of\n2007 was $2,340,418, compared to $3,391,666 for the second quarter of 2006.\nThis decrease of 31% was due mainly to the stoppage in manufacturing activity\nfor a six-week period while the Company relocated its manufacturing operations\nto its new facility in Vaughan, Ontario. Compared to the first quarter of\n2007, revenue from this division decreased by 23%.\n Overall contribution margins for the second quarter of 2007 improved to\n$1,498,333, compared to $122,000 for the same quarter in 2006. This\nimprovement of 1,128% is a direct result of increased licensing activities and\nan improvement in the contribution margins for structural products.\nContribution margin for structural products for the second quarter of 2007 was\n16.1%, compared to 3.3% for the same period last year. This improvement is a\ndirect result of improvements made in the operations of the structural\nproducts division.\n For the second quarter ended June 30, 2007, loss before other expenses\nwas $952,529, compared to a loss of $2,203,762 for the second quarter a year\nago, and a loss of $1,174,732 for the first quarter of 2007. Net loss for t...

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