Canterbury Reports Fiscal 2004 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 in its annual 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. with the Securities and Exchange Commission that revenues for the fiscal year ended November 30, 2004 were $19,992,000 versus $22,021,000 in 2003 and that the net loss for 2004 was ($2,482,000) versus a net loss of ($4,055,000) in 2003. Basic (loss) per share for 2004 was ($1.22) versus a basic loss per share of ($2.16) in 2003. Kevin J. McAndrew, President and Chief Executive Officer, was quoted as saying, "In Fiscal 2004 Canterbury's revenues decreased by 9% and our 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 was negative for the second straight year. We did make some progress in reducing our losses in the second half of 2004, but our net worth has declined from $8,664,000 in Fiscal 2003 to $6,132,000 in 2004, which is a reduction of $2,532,000. Our balance sheet remains viable, but has continued to shrink." "As of the end of April, which is the second month of the second fiscal quarter of 2005, we have not returned to profitability and we are still experiencing negative operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. . We believe that our balance sheet will sustain us as we work to increase our revenues and improve our profit margins sufficiently to 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 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion