Manaris Corporation Reports Positive Operating Cash Flow for Third Quarter
May 10 2007 - 10:31AM
PR Newswire (US)
Avensys achieves record revenues of $4.4 Million; Net operating
loss narrows to $0.17 Million MONTREAL, May 10
/PRNewswire-FirstCall/ -- Manaris Corporation
(OTC:MANSOTC:FrankfurtOTC:WKN:OTC:A0F5LD) (BULLETIN BOARD: MANS,
Frankfurt WKN: A0F5LD) , the publicly-traded holding company of
Avensys Inc, a leading manufacturer and distributor of fiber optic
components and integrator of instrumentation and turn-key systems
for environmental monitoring, today reported that revenue for the
third quarter ended March 31, climbed 57.4% to $4.6 million from
$2.9 million in the same quarter in 2006. As expected, the company
reported an operating loss of $0.17 million, substantially less
than the operating loss of $5.6 million in the year-earlier period
and narrowed sequentially from the $1.1 million operating loss
recorded in the second quarter ended December 31, 2006. Manaris
generated positive cash flows from operations of $0.32 million,
excluding changes in operating assets and liabilities. This
compared to a negative cash flow of $1.1 million for the same
period the previous year. President and Chief Executive Officer
John Fraser of Manaris Corp said, "This quarter has been an
important inflection point for the company, as we have started to
turn the corner. I'm pleased that we have been able to achieve
positive cash flow from operating activities for the third quarter,
excluding changes in operating assets and liabilities, despite the
restructuring of the businesses that we have implemented during the
past year. We are witnessing a sustainable demand for our products
and services in the marketplace and are encouraged by these
results." Segment Breakdown -- Avensys Inc. generated record
revenue of $4.4 million during the third quarter compared to $2.7
million reported during the same period a year ago. During the
quarter, undersea telecom components, DPSK demodulators as well as
fiber laser components developed by our sister company ITF labs,
were the product lines that generated the most growth for Avensys
Technology. In addition, Avensys Solutions, our environment
monitoring division, always benefits from a seasonal peak in March,
combined with a 10% year over year growth. -- C-Chip reported a
profit of $75,426 in the third quarter from revenue royalties.
C-Chip recorded royalties income of $155,091 and $216,666 for the
three and nine month periods, ended March 31, 2007, respectively.
For the nine months, ended March 31, 2007 consolidated revenue
gained 87% to $13.2 million. Net loss for the period was $1.7
million compared to a net loss of $12.0 million for the same period
a year ago. Martin d'Amours, president and chief executive officer
of Avensys Inc, said, "We believe that the initiatives we have
taken and our continued focus on Avensys as our primary growth
driver, our strong product offering, innovative technological
sophistication through ITF Labs and current market conditions will
result in building sustainable and profitable growth going
forward." Fraser continued, "We are on target with our business
plan and our results so far are demonstrating the value of our
business strategy, our ability to bring world-class management
techniques to our core operations and our ability to execute the
business strategy we have outlined." In conjunction with the
earnings release, Manaris Corp will host a conference call with
John Fraser, president and CEO, and Tony Giuliano, chief financial
officer. The call will take place tomorrow, Friday May 11 at 10:00
am (EDT) and will be simultaneously broadcast live over the
Internet at http://www.manariscorp.com/ or http://www.vcall.com/.
Please allow extra time prior to the call to visit the site and
download the streaming media software required to listen to the
Internet broadcast. The online archive of the broadcast will be
available within one hour of the live call. Those who would like to
participate on the conference call should dial +1- 877-407-8033 (US
and Canada) and +1-201-689-8033 (International). A replay of the
call will be available on the Company's Web site or by dialing
+1-877-660-6853 (US and Canada) and +1-201-612-7415
(International). When prompted please enter access code, 286 and
conference ID 241012. The replay will be available for two weeks
following the event. About Manaris Corporation Manaris operates two
wholly-owned subsidiaries. Our Avensys subsidiary, through its
manufacturing division Avensys Technologies, designs, manufactures,
distributes, and markets high reliability optical components and
modules as well as FBGs for the telecom market and high power
devices and sub- assemblies for the industrial market. Avensys is
also a pioneer in the development of packaged fiber-based sensors
and possesses leading edge intellectual property. Avensys
Solutions, is an industry leader in providing environmental
monitoring solutions for air, water and soil, as well as
geostructure in the Canadian. Our other subsidiary, C-Chip
Technologies Corporation (North America) licensed its technology to
its technology partner iMetrik Inc, whereby, C-Chip will receive
royalties from iMetrik for its worldwide sales of GSM-based "locate
and disable" products into the "Buy Here Pay Here" (BHPH) used car
market Forward-Looking Statements: Except for historical
information contained herein, the statements in this news release
are forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown risks
and uncertainties, which may cause a company's actual results,
performance and achievement in the future to differ materially from
forecasted results, performance, and achievement. These risks and
uncertainties are described in the Company's periodic filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events or changes in the Company's plans or
expectations. For more information, please contact: Truc Nguyen,
Deputy Managing Director The Global Consulting Group T:
+1-646-284-9418 E: DATASOURCE: Manaris Corporation CONTACT: Truc
Nguyen, Deputy Managing Director of The Global Consulting Group,
+1-646-284-9418, Web site: http://www.manariscorp.com/
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