Listing: TSX-V
Symbol: CYM
TORONTO, April 4, 2017 /CNW/ - Today, Cymat Technologies Ltd. (the "Company" or "Cymat") reported the results for its third quarter of fiscal 2017, ended January 31, 2017.
Q3 Highlights
Highlights for the third quarter include:
- Achievement of income from operations of approximately $19,000 for the nine-month period ended January 31, 2017. This is the first time that Cymat has reported positive income from operations for the opening nine months of a fiscal year and represents the best nine-month performance level by a wide margin.
- Completed the delivery of 250 SmartMetalTM vehicle blast mitigation assemblies to Panhard, a subsidiary of the Volvo Group. Expectations are that there is the potential for additional blast kit orders to be generated from this initial purchase.
Select financial information for the three and nine months ended January 31, 2017 and January 31, 2016 is as follows:
| Three Months Ended January 31 |
Nine Months Ended January 31 |
|||
| 2017 |
2016 |
2017 |
2016 |
|
| ($) |
($) |
($) |
($) |
|
| Interim Statements of Operations |
||||
| Revenue |
755,579 |
331,970 |
2,215,391 |
832,903 |
| Plant operating expenses |
389,956 |
264,214 |
1,205,072 |
945,968 |
| Research and material testing expense |
1,028 |
1,286 |
3,083 |
3,854 |
| Selling, general and administrative expenses |
340,312 |
276,351 |
988,731 |
816,970 |
| Income (loss) from operations |
24,283 |
(209,881) |
18,505 |
(933,889) |
| Net loss |
(183,098) |
(386,315) |
(587,854) |
(1,366,471) |
Outlook
Alusion™ continues to be the primary revenue driver for Cymat in the near term. For the 4th quarter, we expect to complete and ship a number of large orders including the balance of the Bolzano Technology Centre façade and a façade for a US-based IT company head office, together with other smaller orders. Our expected architectural order book for early fiscal 2018 is especially robust with a number of significant facade projects in both Europe and the US.
We are also expecting a number of our long term SmartMetal™ initiatives to come to fruition in fiscal 2018. These include follow-on orders for blast mitigation kits from Panhard, a member of the Volvo Group; initial blast mitigation kit orders for a high volume military vehicle produced in Asia; as well as other programs within the US military. Cymat also expects to build on its initial success in the French Nuclear industry with further orders from other nuclear reactor retrofits.
In the automotive sector, Cymat is in active discussions with both OEM's and part suppliers for various light-weighting and crash absorption initiatives. We are particularly encouraged by recent progress in the certification process for a North American vehicle crash absorption application.
Work on the engineering phase continues regarding our joint project with Alucoil SA. in Spain. While some technical issues remain, we are optimistic that we will shortly progress to the next stage of the venture's development.
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 either continuously produced in flat panels or as near-net shapes. 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 architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.
SOURCE Cymat Technologies Ltd.
For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Cell: (416) 704 - 6217, Email: [email protected]
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