Listing: TSX
Symbol: CYM
TORONTO, Dec. 4 /CNW/ - Cymat Technologies Ltd. today announced preliminary results for the second quarter of fiscal 2007. Cymat expects to report second quarter fiscal 2007 revenue in the range of $430,000 compared to revenue of approximately $142,000 reported in the first quarter of fiscal 2007.
Cymat flat panel revenues increased 270% over the prior quarter and 470% compared to the corresponding quarter in fiscal 2006.
Over the past two quarters, Cymat has significantly increased revenues from Alusion, its flat panel architectural line. This increase validates Cymat's recently announced strategy to transition from a research-based to a revenue-focused company.
Cymat's backlog for Alusion was $1.2 million at the end of the second quarter.
"Demand for our architectural products continues to grow along with our backlog" said Chris Skillen CEO. "Substantial orders from both our European and North American customers are driving this revenue growth and we expect demand to remain buoyant," he added.
Complete results for Cymat's second quarter of fiscal 2007 will be released in mid-December.
About Cymat:
Cymat develops innovative materials for industry. The company has exclusive worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten-alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a new strategic material with a wide array of benefits, including a good stiffness-to-weight ratio, mechanical energy absorption at low stress levels, thermal and acoustic insulation, recyclability and relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, transportation, blast mitigation and construction industries.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners. For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements.