Listing: TSX Symbol: CYM
MISSISSAUGA, ON, Sept. 15 /CNW/ - Cymat Technologies Ltd. ("Cymat"), announced its results for the three months ended July 31, 2008.
Revenue for the three months ended July 31, 2008 was $324,709 compared to $736,769 for the three months ended July 31, 2007, a 56 percent decrease versus the same period last year.
The quarterly decrease is primarily as a result of decreased architectural sales of the Company's aluminum foam panels sold as the display platform for the new Audi models in their worldwide showrooms. The demand for this application decreased due to negative economic conditions but is expected to return to prior levels by the end of the current calendar year.
Cymat incurred a net loss of $1,131,721 in Q1 2009 compared to a net loss of $1,533,278 for the same period in the prior year.
"Looking ahead to the next 2 quarters, we anticipate that our efforts and initiatives in both of our automotive and blast mitigation businesses will begin to generate tangible results," said Tim Hardman, Cymat's newly appointed President and COO. He went on to say that "Our renewed focus on and increased support for our Alusion distributors should lead to growing architectural revenues as well."
Key Financial Information
The following shows key financial information for the first quarter and
comparables.
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Canadian $ Q1 2009 Q1 2008
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Revenue 324,709 736,769
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Plant operating costs 361,388 959,674
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SG&A 702,512 917,532
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Depreciation and amortization 404,932 453,434
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Net loss (1,131,721) (1,533,278)
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Weighted Average no. of shares outstanding basic
and diluted 69,367,445 54,902,615
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Loss per Common Share-basic and diluted (x) (0.02) (0.03)
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Cash and Cash equivalents 1,955,974 2,641,636
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Working Capital 1,877,466 2,447,607
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(x) Net loss per share has been calculated using the weighted average
number of common shares outstanding during the quarter ended July 31,
2008 and July 31, 2007.
The interim financial statements and management discussion have been filed on SEDAR. Cymat Technologies Ltd. trades on the TSX stock exchange under the trading symbol CYM.
About Cymat:
Cymat develops innovative materials for industry. The company has 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 revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, architectural and blast mitigation industries. For further information, visit the Web site www.cymat.com.
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.
%SEDAR: 00024103E