Dynetek Releases 3Q Results
Dynetek Industries Ltd. (Calgary, Canada) announced its third quarter results for the nine months ended September 30, 2000. This is the first quarter released since Dynetek completed its initial public offering on September 21, 2000. During the year the company changed its reporting year-end to December 31 from March 31.
Reported sales revenues for the period were $4.2 million compared to $3.0
million for the six months ending September 30, 1999. Meanwhile, gross margin improved to 44 percent for the nine months ended September 30, 2000 from 38 percent for the six months ended September 30, 1999.
Dynetek reported a loss of $0.6 million for the nine months ended September 30, 2000 ($0.05 per share) compared to the six months ended September 30, 1999 loss of $0.2 million ($0.02 per share). The loss to September 30, 2000 is claimed to be a result of the company committing greater resources to expand its research and development programs, operations, business systems and processes in order to capitalize on the opportunities identified in its business plan.
Dynetek's cash position was $41.6 million at September 30, 2000 compared
to $1.7 million at September 30, 1999. The increase reflects the company's
private placement and public offering completed in August and September 2000