Cematrix Corp (TSXV: CVX) appears to have had a rough quarter. The company last night reported its second quarter financial results, reporting a decline in revenues on both a quarter over quarter and year over year basis, while also indicating widening losses.
Revenues for the second quarter amounted to $4.0 million, compared to $4.5 million in the first quarter and $7.4 million in the year ago period. Gross margins on a sequential basis were sliced in half, falling from $0.4 million to $0.2 million.
The declining figures were blamed on the timing of projects, with many larger projects “scheduled to be completed in the latter half of the year.” The company reportedly has a backlog of $94 million.
Despite the falling revenue, operating expenses were up quarter over quarter and year over year. The firm saw selling, general and administrative expenses climb to $1.7 million, as compared to $1.6 million in both the prior quarter and the year ago period.
Cematrix reported a comprehensive loss of $0.6 million for the three month period, as compared to an income of $0.1 million in the prior quarter, and a loss of $1.0 million in the year ago period. Adjusted EBITDA meanwhile amounted to negative $0.9 million.
The company also closed the quarter with cash and cash equivalents of $21.0 million, down from $22.2 million in the first quarter.
Cematrix last traded at $0.415 on the TSX Venture.
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