Matrikon Announces Record Fiscal 2005 Results |

Matrikon Announces Record Fiscal 2005 Results

October 212005
Edmonton, AB –October 2005 — Matrikon Inc. (TSX: MTK) today reported consolidated financial highlights for the fourth quarter and year ended August 31, 2005.

Fiscal year revenue grew by 25% to $67.81 million from $54.40 million in 2004. Net income for the year grew by 157% to $5.23 million or $0.175 per share from $2.04 million or $0.07 per share in the prior year. Revenue for the fourth quarter grew 15% to a record $19.00 million compared to revenue of $16.57 million for the fourth quarter of 2004. Net income for the three-month period was down slightly at $1.12 million, or $0.04 per share compared to $1.36 million, or $0.05 per share during the same period in fiscal 2004. Fourth quarter net income was reduced by $0.84 million or $0.02 net of tax as a result of foreign currency translation compared to $0.58 million or $0.01 net of tax in the same period of fiscal 2004.

The board of directors of Matrikon also reports that Nizar J. Somji has announced his intention to step down as chief executive officer following the company’s annual general meeting to be held December 9, 2005.

The board intends to appoint Amin Rawji, currently president of Matrikon, as CEO and to appoint Nizar as chair of Matrikon’s board following the annual general meeting. Nizar’s appointment as chair is pending his re-election as director by shareholders at the meeting. Subject to his re-election, Hugh Bolton, Matrikon’s current chairman, will become lead director.

Nizar commented on his intention to step down: “Over the past 17 years, we have built a great infrastructure with strong people and a solid business model. These years have been personally very fulfilling for me and I have had the opportunity to lead and observe the development of some of the most talented individuals in our industry. Upon much reflection, I have concluded that the time has come to allow these individuals to take Matrikon to the next level.

“Matrikon is in the best financial and operating shape ever. The future looks very positive and, with a talented management team in place, I am confident that it will remain bright. I intend to continue to be very active and involved with our company and its strategy as chairman.”

Amin Rawji stated: “I’m very pleased and excited to lead Matrikon in achieving the next phase of growth, especially given the momentum we have built and maintained throughout the year and the solid infrastructure that we have in place. Having worked alongside Nizar over the past ten years, being a part of Matrikon’s growth from 20 people to over 500 people and a single office to a global presence has given me a solid foundation to build on as we go forward. I look forward to Nizar’s continued mentorship and support as we take Matrikon to the next level.”

Annual Results
Full annual materials will be mailed on or before November 4, 2005.

Conference Call Thursday, October 20 at 5:15 Eastern
Matrikon Board Chair Hugh Bolton, CEO Nizar J. Somji and President Amin Rawji will hold a conference call at 5:15 pm Eastern on October 20 to introduce Amin and answer questions concerning these executive changes. To participate live, call 416-640-4127 in the Toronto area and 1-800-814-4890 for all other areas. A replay will be available until midnight, October 27, 2005. To access the playback service, please dial 416-640-1917 in Toronto or 1-877-289-8525 elsewhere, reservation number 21158940#

For more information visit
Did you Enjoy this Article?

Check out our free e-newsletters
to read more great articles.

Subscribe Now
Back to top
Posted in: