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Raymor Industries Inc. (TSX VENTURE:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, today released its second quarter unaudited financial statements, along with the company's Management Discussion and Analysis (MD&A) for the second quarter 2007. Raymor, recognized as one of the NANOTECH 100, posted quarterly revenues of $906,836, a 79% increase compared to 2006 results for the same period. Raymor generated a net loss of $511,281 or $0.005 per share in its second quarter, compared to a net loss of $578,679 or $0.007 per share for the corresponding period in 2006. However, when compared to its first quarter 2007, the net loss decreased by 35% and by 13% for the same period in 2006. This increase in revenue reflects Raymor's commitment to increase its sales from each division and expand its products and technologies in different parts of the world. Raymor is proud of these results. Raymor is completely operational and with its new capacity installed and accreditation received in 2007, more revenue is expected.
Raymor realized a gross margin of 40% as compared to 12% for the same period in 2006. The gross margin realized in the second quarter is in line with results achieved in the first quarter where the gross margin was stated at 41%.
Salary, professional and administrative expenses in an amount of $435,218 increased by 38% as compared to $316,272 for the same period in 2006. However, when compared to its first quarter, these expenses decreased by 18%. The Company is constantly focused on reducing costs and improving its efficiency.
Raymor had cash and cash equivalents of $5,262,161 as at June 30, 2007 as compared to $4,113,089 as at December 31, 2006. The increase in assets is explained by its financing activities and institutional funding received during the second quarter but reduced by investments made in purchasing manufacturing equipments and deferred development costs incurred for its nanotechnology project.
Fixed assets amounted to $5,011,645 as at June 30, 2007 as compared to $4,633,339 as at December 31, 2006. This increase is related to the purchase of new equipment and leasehold improvements incurred in completing the Company's relocation and installation of additional production capacity. In its second quarter, the Company had mostly completed the purchase of all assets necessary for its production processes.
Also, deferred development costs amounted to $5,352,374 as at June 30, 2007, as compared to $4,185,832 at the end of December 31, 2006. For the second quarter, research and development costs amounted to $660,989 as compared to $700,945 for the same period in 2006 and $505,553 for its first quarter. Costs relating to the maintenance and protection of intellectual property and development of new components were among costs incurred toward the Company's nanotechnology project focused on single-walled carbon nanotubes.
Other highlights from the first quarter of 2007 Financial Statements and MD&A includes the following:
In April 2007, the Company subsidiary Raymor Aerospace received the AS 9100 certification for its thermal spray coating operations. The AS 9100 certification of the company's quality system, achieved after intense auditing, is a major milestone and a prerequisite in becoming an approved supplier to the major aerospace Original Equipment Manufacturers (OEMs).
Also, in April 2007, the Company's wholly-owned subsidiary, AP&C Advanced Powders and Coatings commenced operations on its 2nd metallic powder production unit and received a major contract of $1,230,000 for its titanium powder.
Finally, in April 15, 2007, the Company announced having completed a private placement for 2,000,000 units representing proceeds of $2,400,000.
In May 23 2007, the Company entered into a financing agreement with a local financial institution that provided asset-based financing of $4,000,000 at an interest rate of 10 % for a term of up to 10 years. In addition, a line of credit in the amount of $950,000 was arranged with the same lender supporting the company's receivables and inventories.
In June 21 2007, the TSX Venture Exchange ranked Raymor as one of the top TSX Venture 50 companies in the Diversified Industries sector based on the Company's performance over the last 12 months for a second consecutive year. Also, the Company received the Xerox Outstanding Product Achievement Award. The Company was recognized for their innovation, expertise and leadership in Canada's advanced technology community.
Stephane Robert, President and CEO of Raymor Industries had the following to say:
"Raymor is pleased with its second quarter results. More revenue is expected from our new production capacity recently installed and also, the recent launch of our three new single-walled carbon nanotubes grades will have a positive impact for the Company and the marketplace particularly in the aerospace and defense sector."
The complete 2007 second quarter results, along with the MD&A are available at http://www.sedar.com & http://www.raymor.com .
About Raymor Industries Inc.
RAYMOR INDUSTRIES INC. (TSX VENTURE:RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephane Robert, President.
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Raymor Industries Inc.
450-434-1004 ext. 444
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