Listing: TSX-V
Symbol: CYM
TORONTO, Dec. 13, 2018 /CNW/ - Today, Cymat Technologies
Ltd. ("Cymat" or the "Company") reported the results for its second
quarter of fiscal 2019, ended October 31,
2018.
Q2 Highlights
Highlights for the second quarter include:
- Revenue for the quarter was $1,030,000. Quarterly revenue from
AlusionTM, Cymat's architectural products, was
$918,000. Revenue from
SmartMetalTM, the Company's energy absorption material,
was $112,000 for the quarter.
- Issued 675,000 common shares as the result of the exercise of
$0.25 warrants.
Select financial information for the three and six months ended
October 31, 2018 and October 31, 2017 is as follows:
|
Three Months
Ended
October
31
|
Six Months
Ended
October
31
|
|
|
|
|
|
|
2018
|
2017
|
2018
|
2017
|
|
($)
|
($)
|
($)
|
($)
|
|
|
|
|
|
|
Interim Statements
of Operations
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
1,030,169
|
381,303
|
1,421,586
|
948,347
|
|
|
|
|
|
|
Plant operating
expenses
|
692,878
|
354,271
|
1,077,921
|
674,608
|
|
Research and material
testing expense
|
53,177
|
11,058
|
118,629
|
11,880
|
|
Selling, general and
administrative expenses
|
367,987
|
411,551
|
767,621
|
948,854
|
|
|
|
|
|
|
Loss from
operations
|
(83,873)
|
(395,577)
|
(542,585)
|
(686,995)
|
|
|
|
|
|
|
Net loss
|
(136,418)
|
(389,422)
|
(625,670)
|
(836,438)
|
|
|
|
|
|
|
Cash used in
operating activities
|
(152,351)
|
(335,940)
|
(374,761)
|
(715,627)
|
The Company expects AlusionTM sales to remain the
largest source of revenue growth for the balance of Cymat's fiscal
year.
"We are pleased with the results generated by our new Chinese
and South Korean sales channels," said Michael Liik, Cymat's Executive
Chairman. "We expect that Cymat's expansion into these
two Asian markets coupled with our growing pipeline of façade
projects will continue drive growth for the Alusion brand."
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.