Market Overview

CEMATRIX Corporation Announces Third Quarter Financial Results

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CALGARY, Alberta, Nov. 16, 2017 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV:CVX) (the "Corporation" or the "Company" or "CEMATRIX") announces the release of its consolidated financial results for the three and nine months ended September 30, 2017.

"2017 has been a tough year to date," stated Jeff Kendrick, President and CEO of CERMATRIX, "as growth in infrastructure sales has still not been sufficient to offset the 98% decline in sales related to oil and gas construction sales. This decline in the oil and gas construction market was anticipated, but, not to the extent that has occurred. The good news is that infrastructure sales have grown by 66%, as compared to the same period in 2016, and these infrastructure sales are expected to replace all of the lost oil and gas construction sales in 2018, thus returning the Company to profitability, with continued upside potential."

Financial Results

Selected financial information for the three and nine months ended September 30, 2017 and 2016 is as follows:

  Three months ended September 30 Nine months ended September 30
  2017 2016 Change 2017 2016 Change
                         
Revenue $ 2,429,421   $ 2,505,273   $ (75,852 ) $ 7,165,122   $ 8,431,034   $ (1,265,912 )
                         
Gross margin $ 493,299   $ 148,962   $ 344,337   $ 1,175,153   $ 1,371,785   $ (196,632 )
                         
Operating expenses   (584,559 )   (567,194 )   (17,365 )   (1,616,709 )   (1,772,243 )   155,534  
                         
Operating loss   (91,260 )   (418,232 )   326,972     (441,556 )   (400,458 )   (41,098 )
                         
Non-cash stock based compensation   (8,822 )   (46,269 )   37,447     12,271     (109,589 )   121,860  
Finance costs   (51,336 )   (39,611 )   (11,725 )   (155,763 )   (158,900 )   3,137  
Other income   24,232     12,406     11,826     43,048     51,483     (8,435 )
Loss before income taxes   (127,186 )   (491,706 )   364,520     (542,000 )   (617,464 )   75,464  
Recovery of deferred taxes   19,446     102,586     (83,140 )   132,203     87,586     44,617  
Loss attributable to common shareholders   (107,740 )   (389,120 )   281,380     (409,797 )   (529,878 )   120,081  
Unrealized foreign exchange gain (loss) on translation of foreign subsidiary   2,430     (3,461 )   5,891     (2,807 )   (33,309 )   30,502  
Comprehensive Loss $ (105,310 ) $ (392,581 ) $ 287,271   $ (412,604 ) $ (563,187 ) $ 150,583  
                         
Loss per common share $ (0.003 ) $ (0.011 ) $ 0.008   $ (0.012 ) $
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