Lyrtech announces 2008 second quarter financial results



    QUEBEC CITY, July 23 /CNW/ - Lyrtech Inc. ("Lyrtech") (TSX-V: LYT), a
firm specializing in digital signal processing technologies, announced today
its results for the three-month period ended June 30, 2008.

    
    2008 second quarter financial highlights

    -   Profitable quarter
    -   EBITDA before restructuring charges and stock-based compensation
        costs attained $440,000
    -   Full delivery of backlog for the period
    -   Sales performance matching-up with 2008 budget
    

    "This profitable quarter is a significant achievement for Lyrtech, and it
outlines the efficiency of our turnaround plan. We would like to take this
opportunity to thank our clients, employees, suppliers and strategic partners
such as Texas Instruments and Enigma Interconnect, for their continued
confidence while this plan was being carried out," declared Louis Bélanger,
president and CEO of Lyrtech.

    Financial review

    The net profit for the quarter ended June 30, 2008 was $55,800 or $0.0002
per basic and diluted share, compared to a loss of $1.2 M, or $0.005 per basic
and diluted share for the same period in 2007.
    The net profit from continuing operations for the quarter ended June 30,
2008 was $19,800 or $0.0001 per basic and diluted share, compared to a loss of
$25,100, or $0.0001 per basic and diluted share for the same period in 2007.
    The net profit from continuing operations for the quarter ended June 30,
2008 is net of restructuring charges of $118,000.
    For the three-month period ending June 30, 2008, total revenues from
continuing operations reached $2.75M, compared to $2.9M with the same period
in 2007.
    The gross margin from continuing operations was 41% in the second quarter
of 2008, compared to 55% in 2007.
    Lyrtech had cash totalling $0.2M on June 30, 2008, a similar level to the
balance of December 31, 2007.
    On March 31, 2008, Lyrtech had 246,737,924 Class A shares issued and paid
161,372,830 warrants outstanding and 5,743,536 options outstanding for a total
of 413,854,290 shares on a fully diluted basis.

    Forward-looking statements

    This press release contains forward-looking statements that reflect the
company's current expectations regarding future events. These forward-looking
statements involve risks and uncertainties. Actual results could differ
materially from those projected herein. The company disclaims any obligation
to update these forward-looking statements.

    About Lyrtech

    Lyrtech develops and manufactures advanced digital signal processing
solutions for companies worldwide, a vital technology to network and wireless
communications, audio and video processing, as well as electronic systems in
all fields of technology. Lyrtech offers a full range of DSP-FPGA development
platforms, as well as design, prototyping, and manufacturing of electronic
products (through its manufacturing partner Enigma Interconnect). Lyrtech
works in partnership with industry leaders such as Texas Instruments, The
MathWorks, and Xilinx. Lyrtech's customers include many prestigious names of
the consumer electronics, telecommunications, aerospace, and defence fields.
For more information, visit www.lyrtech.com.

    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.





For further information:

For further information: Louis Bélanger, president and CEO, Lyrtech
Inc., (418) 877-4644, louis.belanger@lyrtech.com

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LYRTECH INC.

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