QUEBEC CITY, April 30 /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 year ended December 31,
- Loss before financial charges and non-recurring charges of $0.7 M.
- Development of ODM end-products in wireless and vision verticals
- Fourth quarter sales were affected by the global economy slowdown.
- Ability to conclude new financings affected by the global economy
In order to address the global economy slowdown, Lyrtech implemented in
April 2009, a temporary reduction of 25% in payroll and 10% of managers'
"This year has been chal enging 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 year 2008, total revenues from continuing operations reached
$8.4 M, compared to $10.4 M during the same period in 2007.
Gross margin from continuing operations reached 34.4% of revenues during
the year 2008 from 35.2% during the same period in 2007.
Selling and marketing expenses from continuing operations decreased by
$0.2 M during the year 2008, compared to the same period in 2007, to $1.1 M.
Administrative expenses from continuing operations totalled $1.5 M during
the year 2008, an important decrease of $1.6 M from the same period in 2007.
Research and development expenses, net of tax credits, reached $1.1 M
during the year 2008, a decrease of $0.1 M compared to the same period in
Non-recurring charges amounted to $0.9 M compared to nil in 2007.
The loss before financial charges and non-recurring charges was $0.7 M in
2008 compared to $2.0 M in 2007.
Results of the discontinued manufacturing business were recorded under
net loss from discontinued operations and totalled $1.8 M, or $0.07 per share,
during the year 2008, compared to a loss of $10.3 M, or $0.46 per share,
during the same period in 2007.
The net loss from continuing operations for the 2008 was $2.6 M, or $0.10
per basic and diluted share, compared to a loss of $3.3 M, or $0.14 per basic
and diluted share, during the same period in 2007.
The Corporation had cash totalling $0.3 M on December 31, 2008, a
non-material variance from the balance of December 31, 2007.
As of April 30, 2009, Lyrtech had 24,673,792 class A shares issued and
paid, 16,137,283 warrants outstanding and 367,743 options outstanding for a
total of 41,178,818 shares on a fully diluted basis following a share
consolidation on September 17, 2008 on a basis of ten old shares for one new
Amended Grant of options
On February 12, 2009, the Corporation granted 750,000 stock options to
Louis N. Bélanger and 750,000 options to Louis Chouinard, Lyrtech's two
founders, as well as an aggregate of 135,000 to a total of six employees. As
previously announced, these stock options were to be granted at an exercise
price of $0.07. The grant has been amended to respect the minimum exercise
price of $0.10.
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 wel 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, firstname.lastname@example.org