OMT Reports Annual Results for 2008
Market Wire, April, 2009
Other expenses that reduce EBITDA to arrive at
net loss include: 2008 2007 2006
------ ------ ------
Interest, bank charges, non-cash interest accretion $585 $672 $658
Amortization 16 31 136
------ ------ ------
Total $601 $703 $794
The net loss in 2008 of $632,000 before discontinued operations is an improvement of $299,000 (32.1%) over 2007. The net loss in 2007 of $931,000 before discontinued operations was an improvement of $185,000 (16.6%) over 2006 when the loss was $1,116,000. The 2008 and 2007 improvements were primarily a result of continued expense reductions.
Loss per share of $0.022 in 2008 and $0.032 in 2007 is calculated on an average of 28,922,090 shares issued in both years.
Eight Quarter Review (numbers shown in '000s)
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2008 2007
----------------------------------------------------------------------------
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
----- ----- ----- ----- ----- ----- ------ ------
Sales $796 $665 $871 $816 $794 $637 $1,008 $781
Gross profit $521 $443 $532 $487 $492 $446 $463 $533
Gross profit % 65% 67% 61% 60% 62% 70% 46% 68%
Operating
expenses $452 $453 $608 $501 $461 $500 $605 $596
EBITDA $69 ($10) ($76) ($14) $31 ($54) ($142) ($63)
Other expenses $155 $155 $148 $143 $171 $187 $169 $176
Net loss ($86) ($165) ($224) ($157) ($140) ($241) ($311) ($239)
Net loss
per share
(basic &
diluted) ($0.003)($0.006)($0.008)($0.006)($0.005)($0.008)($0.011)($0.008)
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Total sales by quarter are consistent when compared to last year with the exception of the second quarter. In the second quarter of 2007, total sales included a large Intertain equipment implementation and a significant progress billing on a large OMT Technologies custom contract.
The large OMT Technologies custom project subsequently developed project delays, which resulted in a $47,000 net decrease in gross profit in the second quarter of 2007. The second quarter of 2007 was also impacted by the large, but lower margin, Intertain equipment order.
Operating expenses, this year and last year continue to decline on a running quarter to quarter. The exception is Q2 in both years which is when the Company attends a large annual industry sales trade show. Sale of the RPS business in May of 2007 has also helped to reduce costs over the long term.
Fourth Quarter 2008
Fourth quarter revenue at $796,000 was $2,000 (0.3%) higher than the same quarter last year and $131,000 (19.7%) higher than the third quarter this year. The increase in sales in the fourth quarter as compared to the third quarter this year was general in nature and not due to any particular product or service.
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