QUEBEC CITY, May 29 /CNW Telbec/ - Lyrtech Inc. (Lyrtech or the Company)
(TSX-V: LTK), a firm specializing in digital signal processing technologies,
announces today its results for the three-month period ended March 31, 2009.
2009 first-quarter highlights
- Profit before financial charges and amortization of $0.2 M.
- Development of ODM end-products in wireless and vision verticals
- First quarter sales were affected by the global economy slowdown.
- Conclusion of $0.3 M financing.
To address the slowdown of the global economy, Lyrtech implemented, in
April, 2009, a temporary reduction of 25% in its payroll and 10% of its
"This first quarter has been challenging in the aftermath of the
Innovator disposal and the resulting balance sheet. However, we have been able
to carry on our plan to position ourselves to generate product-related
recurring revenues in the wireless and vision verticals", declared Louis
Bélanger, president and CEO of Lyrtech.
During the first quarter of 2009, total revenues from continuing
operations reached $1.9 M, compared to $2.0 M during the same period in 2008.
Gross margin from continuing operations reached 41.8% of revenues during
the first quarter of 2009 from 48.6% during the same period in 2008.
Selling and marketing expenses from continuing operations decreased by
16% to $0.2 M during the first quarter of 2009 compared to the same period in
Administrative expenses from continuing operations totalled $0.3 M during
the first quarter of 2009, an important decrease of $0.3 M from the same
period in 2008.
Research and development expenses, net of tax credits, reached $0.2 M
during the first quarter of 2009, an increase of 15% compared to the same
period in 2008.
Lyrtech recorded a profit of $0.2 M, before financial charges and
The net loss for the first quarter of 2009 was $0.1 M, or $0.0041 per
basic and diluted share, compared to a loss of $0.8 M, or $0.035 per basic and
diluted share, during the same period in 2008.
The Corporation had cash totalling $0.1 M on March 31, 2009, a
non-material variance from the balance of December 31, 2008.
As of May 29, 2009, Lyrtech had 24,673,792 class A shares issued and
paid, 16,137,283 warrants outstanding and 1,995,243 options outstanding for a
total of 42,806,318 shares on a fully diluted basis following a share
consolidation on September 17, 2008 on a basis of ten old shares for one new
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.
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. 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, firstname.lastname@example.org