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CardioComm Solutions Inc. Announces Q2, 2005 Financial Report
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VICTORIA , B.C., August 26, 2005 CardioComm Solutions Inc. (TSX-V:CCG) (the "Company", "CardioComm"), today announced its financial results for the second quarter ended June 30, 2005 . Please refer to the Company's financial statements and management's discussion & analysis filed electronically at www.sedar.com.
Revenues for the second quarter of 2005 were $417,345 compared to $854,601 for the second quarter of 2004. This $437,256 (51%) decrease in revenue over the same period 2004 is due to a temporary gap in custom solutions development projects. CardioComm recorded a net loss of $304,355 for the second quarter 2005 as compared to a net profit of $24,826 in the same period last year.
CardioComm President and CEO Stephen Martin said, "During the quarter we had less custom solutions development work than previous quarters from one large U.S. customer." Martin added, "We are pleased to see a significant increase in co-development projects going forward."
General and Administrative expenditures were $252,026 in the second quarter of 2005 as compared to $270,096 in the same period last year. The expenses decreased by $18,070 (7%). This substantial change was due to a decrease in stock compensation and regulatory expenses.
During the first quarter, Sales and Marketing expenditures were $175,291 as compared to $260,356 in the same period last year. The expenses decreased by $85,065 (33%) for the second quarter of 2005 compared to the same period last year. The decrease in costs result from cost containment initiatives, and a decrease in various sales related expenses such as commissions.
About CardioComm Solutions Inc:
CardioComm's patented and proprietary technology is used in products for the recording, viewing, analyzing and storing of electrocardiograms (ECGs), for diagnosis and management of cardiac patients. The Company's products are sold worldwide through a combination of its external distribution network and its North American based sales team. CardioComm has achieved its technical goals of improved access and communication through the development of a real-time ECG viewer. CardioComm is the first company to provide a real-time means of viewing ECGs over a network (LAN, WAN or Internet). This tool enables ECGs to be viewed and controlled live, by physicians, over a global virtual healthcare network. This technology is marketed as Global ECG Management System (GEMST) and GlobalCardioT. CardioComm's software products have been cleared for sale in the United States by the U.S. Food and Drug Administration. The Company has earned the latest ISO 13485 certification.
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On behalf of the Board of Directors of CardioComm Solutions Inc.:
“Stephen Martin”
Stephen R. Martin, President & CEO
For investor information, please contact: Stephen Martin |
