Matrikon announces third quarter 2006 results
Edmonton, AB - July 7, 2006 - Matrikon Inc. (TSX: MTK), a leading provider of solutions for industrial intelligence, today reported financial results for the third quarter of fiscal year 2006, which ended May 31, 2006.
"Operationally, we continue to execute well," stated Amin Rawji, president & chief executive officer of Matrikon.
"As we transition to a solutions company, the solutions that we sell will be larger and longer-term and will consist of multiple elements including product, support and consulting. This may require license revenue to be recognized over longer periods of time, which could impact us in the short term while building for a solid future. We are pleased to have signed a significant, multi-element contract in the third quarter that will be recognized over multiple years."
"We continue to make progress against our Matrikon Integrated Industrial Intelligence (MI3) strategy, the platform that is a large part of our growth strategy going forward and will be the basis of larger solutions sales. The MI3 message was first delivered to customers at our annual users conferences in late March and early May and was very well received. We have already had a few important contract wins for MI3. We are finding interest in MI3 is strong for new oil sands development."
Third quarter revenue was $17.29 million compared to $17.14 million in the second quarter of 2006 and $17.89 million in the comparable period of 2005. Net income in the third quarter was $0.93 million, or $0.03 per share, compared to $1.56 million, or $0.05 per share, in the third quarter of 2005. Third quarter net income was increased by $0.49 million ($0.31 million net of tax) or $0.01 per share for foreign currency translation gains due to the forward contracts and spot market conversions entered in the third quarter.
1. Braskem, the largest petrochemical company in Latin America, standardized on Matrikon's alarm management solution for its 13 plants in Brazil.
2. Industrial and special gases company BOC Group expanded its rollout of Matrikon's complete control and information technology solution based on ProcessSuiteT to 10 additional plants.
3. BHP Billiton Technology standardized on ProcessActT for advanced process control optimization and simulation. BHP Billiton has 10 licenses of ProcessACT to date.
4. Matrikon held its first users conference outside of North America . MVP Australia attendees represented close to 40 companies and a variety of industries.
5. Matrikon's third annual MVP in North America was held in early April in
Banff, Alberta. Attendees represented over 90 companies and 15 different countries.
MD&A and Financial Statements
The complete Management's Discussion and Analysis and Financial Statements can be found on Matrikon's website at ( www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1518660 )
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