Highlights for the Quarter
- Loss from operations for the quarter decreased by approximately $132,000, or 22%. Reductions in SG&A expenses and reductions in the non-cash expenses of depreciation, stock-based compensation and non-cash interest were the primary drivers of the operating loss reduction.
- Revenues decreased by approximately $883,000, or 78%, as the result of a decrease in Alusion™ sales regarding large architectural projects (Congress Center in Mallorca and building in Tbilisi, Georgia) of approximately $961,000 in aggregate. Other transactional sales were up by approximately $78,000, or 45%, on a quarter-over-quarter basis.
- Cymat announced the use of SmartMetalTM as an important component in an armouring panel produced by Bravo Zulu Services Inc. ("Bravo Zulu") for inclusion as part of Texas Armoring Corporation's ("TAC") new line of special explosion-resistant SUVs. In describing his company's new line of vehicles, TAC President and CEO, Trent Kimball stated "The LC100 will stop armor-piercing rounds and multiple pounds of C4—it is serious, blast-eating protection and it is exactly what our clients need to stay safe from terrorist organizations". Bravo Zulu's Jason Miller said of the LC100, "We've done something incredible here—Texas Armoring's new offering will provide clients with military-grade blast protection and the comfort of a regular SUV."
- The Company raised $837,500 as part of an on-going private equity placement.