|By Marketwired .||
|February 25, 2014 05:07 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/25/14 -- Pyng Medical Corp. (TSX VENTURE: PYT) today announced financial and operating results for the three months ended December 31, 2013. All amounts are in Canadian dollars unless stated otherwise.
The Company reported total sales of $1,536,903 for the three months ended December 31, 2013, up 47% compared with $1,043,308 for the comparative quarter last year. The sales increase was primarily due to increased U.S. military demand for the FAST1 product, which represented 83% of the sales increase. Gross margin also increased to $712,925 from $523,942 reported a year ago as a result of higher sales. Gross margin as a percentage of sales decreased from 50% to 46%, which was mainly attributed to a slight increase in production costs on some parts, as well as higher labor costs and shipping costs related to backorders and raw material shortages. Operating expenses went down 1% to $722,807 from $732,888 for the first quarter of last year as a result of lower sales and marketing expenses and product development costs.
The Company reported a reduced net loss of $82,891 for this quarter, equal to loss of $0.004 per share, compared to a net loss of $260,043 or loss of $0.02 per share one year earlier. Earnings before interest, depreciation, amortization and taxes ("EBITDA") from continuing operations were $129,244, an increase of $225,794 from negative $96,551 reported for the first quarter of fiscal 2013.
As at December 31, 2013, the Company had a cash balance of $293,543, a decrease of $22,984 compared with the balance of $316,527 as at September 30, 2013. During the quarter ended December 31, 2013, the Company closed a share for debt transaction to settle a short-term loan and issued a promissory note to settle the past due accounts payable with its major manufacturing partner. As such, the working capital position was significantly improved and the working capital deficiency decreased to $24,746 as at the quarter end from $947,852 as at September 30, 2013.
The Company continues to pursue debt and/or equity financing to help fund its working capital needs and to refinance convertible debentures maturing on August 10, 2014. There can be no assurance that these initiatives will be successful.
Full audited financial results for fiscal year ended September 30, 2013 are available on SEDAR at www.sedar.com.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.
Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.
Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pyng Medical Corp.
Chief Financial Officer
(604) 303-7964 ext. 219
MeriTalk, a public-private partnership focused on improving the outcomes of government IT, today announced the results of its new report, "The Agile Advantage: Can DevOps Move Cloud to the Fast Lane?" The study, underwritten by Accenture Federal Services, reveals that approximately two-thirds of Feds say DevOps will help agencies shift into the cloud fast lane - improving IT collaboration and migration speed. But help is needed, with 66 percent saying that their agency needs to move IT services ...
May. 22, 2015 11:00 PM EDT Reads: 1,522
Red Hat, Inc. has announced Red Hat JBoss Enterprise Application Platform (JBoss EAP) 6.4 and introduced expanded benefits for JBoss EAP subscribers deploying their Java applications in hybrid cloud environments. Enterprises are under pressure to deliver new applications fast; however, many factors, including rigid proprietary stacks, inflexible licensing agreements, and cultural silos in IT can prevent enterprises from achieving the agility they need to stay competitive. Enterprises are incre...
May. 22, 2015 11:00 PM EDT Reads: 1,508
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
May. 22, 2015 10:00 PM EDT Reads: 6,062
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
May. 22, 2015 09:00 PM EDT Reads: 4,906
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
May. 22, 2015 09:00 PM EDT Reads: 4,613
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
May. 22, 2015 08:45 PM EDT Reads: 1,134
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 22, 2015 08:00 PM EDT Reads: 1,224
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 22, 2015 08:00 PM EDT Reads: 1,726
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 22, 2015 07:00 PM EDT Reads: 5,588
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
May. 22, 2015 06:00 PM EDT Reads: 2,030
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
May. 22, 2015 06:00 PM EDT Reads: 3,857
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
May. 22, 2015 05:30 PM EDT Reads: 3,757
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
May. 22, 2015 05:00 PM EDT Reads: 1,540
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
May. 22, 2015 05:00 PM EDT Reads: 1,406
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
May. 22, 2015 05:00 PM EDT Reads: 1,673