NTI Newmerical Inc. Reports Excellent Third Quarter 2008 Results
20 November 2008 - 6:19PM
Marketwired
NTI Newmerical Inc. (TSX VENTURE: CFD) today reported its financial
results for the 3rd quarter (Q3) ended September 30, 2008, and
provided a review of recent developments in its business
activities.
HIGHLIGHTS
- Q3 had record revenues and net profit; a substantial growth
over the corresponding quarter in 2007.
- These excellent results were achieved despite current
difficult general economic conditions.
- Expenses were kept at a moderate level, thus improving
profitability.
- The drastic decline of the Canadian dollar vs. the US dollar
should help NTI, since more than 95% of our sales are outside
Canada, all in U.S. dollars.
- The appointment of Beijing Vision Strategy Technology as NTI
representative in China had immediate positive results. A joint
strategy is expected to yield continued strong results.
- As an example, 4 senior engineers from the First Aircraft
Institute of AVIC1 in Xi'an successfully just completed an
intensive training on FENSAP-ICE, in Montreal, for an entire month.
This highlights the commitment by China to NTI's technology for a
range of new Regional Jets and Cargo aircraft. Important
engineering projects and research follow-ups were discussed.
- Three multinational companies (Bell Helicopter, Airbus France
and SNECMA Moteurs) have renewed their license agreement,
highlighting again how NTI's software is still the ONLY one that
can simulate in-flight icing for all 3 types of aerospace
applications.
- Several European clients were visited recently and are
currently evaluating major proposals from NTI. They will be
revisited in December, as will be many of our Japanese
customers.
- The Company just hired a seasoned Sales Engineer in the US for
the wind engineering market.
- NTI welcomes the recent opportunity of appointing, a fourth,
high-profile, value-added Director.
RESULTS OF OPERATIONS
Quarter ended September 30, 2008 vs. Quarter ended September 30,
2007
Revenue for Q3-2008 was $218,089, compared to $124,436 for
Q3-2007; a net increase of 82%.
Gross profit for Q3-2008 was $141,741 compared to $41,640 in
Q3-2007; a 240% growth.
Net profit for Q3-2008 was $38,116 compared to a net loss of
$19,173 in Q3-2007.
Revenue for the first 9 months was $618,020 compared to $393,155
in the first 9 months of 2007; a net increase of 57%.
Gross profit for the first 9 months was $396,828 compared to
$167,905 in the first 9 months of 2007; a 137% growth.
Net profit for the first 9 months was $115,770 compared to a net
loss of $77,544 in the first 9 months of 2007.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents totaled $199,826 on September 30,
2008, compared to $36,404 for the same period in 2007.
NTI is totally debt-free: it has absolutely no bank debt and no
long-term debt.
OUTSTANDING SHARES
As of September 30, 2008 the number of outstanding common shares
was 24,627,000.
Additional information on NTI's results of operations for the
period ended September 30, 2008, including management's discussion
and analysis, may be found on SEDAR at
http://url.ie/wzr,
or on www.newmerical.com/investors
The TSX Venture Exchange Inc. does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: NTI Newmerical Inc. Mr. Martin Aube Vice-President
Operations 514-398-2671 martin.aube@newmerical.com
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