Canterbury Reports First Quarter Loss.MEDFORD, N.J. -- Canterbury Consulting Group, Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CITI CITI Columbia Institute for Tele-Information (Columbia University) CITI Center for Information Technology Integration (University of Michigan) CITI Collaborative IRB Training Initiative .OB) announced that it will report that for the first quarter ended February 28, 2005 its revenues were $2,665,000 versus $2,635,000 for the first quarter in 2004. The Company reported a net loss of ($584,000) in the quarter versus a net loss of ($733,000) for the same period in 2004. Canterbury lost ($.22) per share in the first quarter of 2005 versus a net loss of ($.35) per share in the first quarter of 2004. Kevin J. McAndrew, President and Chief Executive Officer, was quoted as saying, "Our revenues in the first quarter of 2005 were flat as compared to the first quarter of 2004, and our losses continued although at a lower level than last year because of severe cost cutting. As of this date, our balance sheet remains viable, but it has continued to shrink. Net worth decreased by $2,028,000 from $7,931,000 in the first quarter of 2004 to $5,903,000 in the first quarter of 2005. We experienced continuing losses in cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . We lost ($112,000) in the first quarter of 2005 versus ($41,000) in 2004. At this time we have no specific news to report that would point toward an immediate return to profitability." For more information, visit www.canterburyconsultinggroup.com or to access our filings go to www.sec.gov. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial, economic, regulatory and political conditions or additional factors unknown to the Company at this time, as well as more specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended November 30, 2004 and its most recent reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and Form 10-Q Form 10-Q See 10-Q. , copies of which are available upon request or over the Internet at www.sec.gov). Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent, and disclaims any obligation, to update any such factors or forward-looking statements to reflect future events or developments. |
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