Lyrtech Inc. (TSX-V: LTK), an international provider of digital signal processing technologies, announced today its results for the three-month period ended September 30, 2008.
Financial highlights of the third quarter of 2008
- Second consecutive profitable quarter
- Profit before financial charges, stock-based compensation costs, and amortization, of $171,000
- Full delivery of backlog for the period
- Continued improvement of operational and financial activities
"This second consecutive profitable quarter clearly shows that Lyrtech acquired the stability and strength to deliver even better results over the quarters to come," declared Louis Bélanger, president and CEO of Lyrtech.
Financial review
The net profit from continuing operations for the third quarter of 2008 was $79,000, or $0.0032 per basic and diluted share, compared to a loss of $0.3 M, or $0.0123 per basic and diluted share, during the same period in 2007.
The net profit for the third quarter of 2008 was $30,000, or $0.0012 per basic and diluted share, compared to a loss of $0.8 M, or $0.0344 per basic and diluted share, during the same period in 2007.
For the quarter ending September 30, 2008, total revenues from continuing operations reached $2.2 M, a decrease of $0.7 M from $2.9 M during the same period in 2007.
The gross margin from continuing operations reached 50% of revenues during the third quarter of 2008 from 49% during the same period in 2007.
Operating expenses from continuing operations totalled $0.9 M in the third quarter of 2008, a decrease of $0.5 M from the same period in 2007.
Lyrtech had cash totalling $0.2 M on September 30, 2008, which is similar to the balance of December 31, 2007.
As of October 31, 2008, Lyrtech had 24,673,792 class A shares issued and paid, 16,137,283 warrants outstanding, and 574,352 options outstanding for a total of 41,385,427 shares on a fully diluted basis following a share consolidation on September 17, 2008 on a basis of ten old shares to one new share. -- www.cnxmarketlink.com
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