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CYIOS Reports Strong Financial Results for Full Year 2007 Monday March 31, 7:36 pm ET -- Reports Full Year 2007 Revenue of $2.2 million: 28% Year-Over-Year Revenue Growth with 11% Positive EBITDA --
WASHINGTON, March 31 /PRNewswire-FirstCall/ -- Celebrating its 15th year in providing innovative solutions in the defense contracting industry, CYIOS (OTC Bulletin Board: CYIO.OB - News), a leading Knowledge Management, business transformation and systems integration company, today reported its full year 2007 financial results. Full Year 2007 Results
GAAP Results: Revenues were $2.2 million for 2007, compared with $1.7 million for 2006, an increase of 28% year over year. Net income was $259,800, compared with net loss of $(877,895) in 2006. The 2007 results also include the effects of a 54% reduction in S, G&A Expenses from $305,879 (2006) to $140,614 (2007).
"We are very pleased with our strong 2007 performance as we posted record top line growth and bottom-line improvement. We believe that our financial performance reflects the growing strength of our business and our compelling value proposition," said Tim Carnahan, Chief Executive Officer of CYIOS. "In 2007, we undertook a significant overhaul of our entire operating structure and processes, and believe our financial results speak volumes about our focus and success to that end. I believe we have positioned the company for continued growth into 2008 and beyond."
Operating Highlights
-- Awarded five-year contract to build & maintain a Knowledge Management system for the Department of the Army; -- Won participation in Department of the Navy IDIQ contract to provide IT services alongside industry leader SERCO; -- Awarded Department of the Army systems integration and IT management contract as subcontractor to L3/Titan; and, -- Expanded CYIPRO(TM), project-based operating system, capabilities for applications to the broader government agency market and private industry.
About CYIOS Corporation
CYIOS Corporation (OTC Bulletin Board: CYIO.OB - News) is a leading Department of Defense (DoD) contractor providing cutting-edge, innovative solutions since 1994. This innovation extends to three distinct areas: Systems Integration, Web and Database Development, and Business Process Management and Improvement. CYIOS takes innovation quite seriously as our mission reflects: To provide Business and Technology Solutions by developing, designing, implementing and supporting innovative solutions through knowledge transfer, imagination and trust. Innovation is ingrained in CYIOS' culture and our talented employees have built a legacy that continues today for our customers. For more information, please visit www.cyios.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including, without limitation, all statements related to future financial performance, plans to grow our business and build our brand. Words such as "expect," "anticipate" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to our fluctuating operating results, seasonality in our business, our ability to acquire products on reasonable terms, our online business model, demand for our products, the strength of our brand, competition, our ability to fulfill orders and other risks detailed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the Year ended December 31, 2007 and our Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and InPhonic undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Tripp Donnelly Erinmoor Group (202) 558-9920 tdonnelly*erinmoorgroup.com
CYIOS Corporation and Subsidiaries Consolidated Statement of Operations For the years ended December 31, 2007 and 2006
2007 2006 SALES AND COST OF SALES Sales $2,185,464 $1,705,416 Cost of Sales 1,377,856 1,280,427 Gross Profit 807,608 424,989
EXPENSES Selling, general and administrative 140,614 305,879 Payroll Expense--Indirect Labor 532,261 273,179 Professional Fees 61,644 124,629 Bad Debt Expense (Note A) - 618,756 Loss on Worthless Stock - 5,400 Interest 20,332 7,723 Depreciation and amortization 130 48,904 TOTAL EXPENSES 754,981 1,384,470
Net Income/(Loss) from Operations 52,627 (959,481)
Net Income/(Loss) from Discontinued Operations 185,173 -
OTHER INCOME/(EXPENSE) Other Income 22,000 - Forgiveness of Debt - 81,586 TOTAL OTHER INCOME/(EXPENSE) 22,000 81,586
Net Income/(Loss) $259,800 $(877,895) Net income/(loss) per share--basic and fully diluted Continuing Operations $0.002 $(0.044) Discontinued Operations $0.008 $- Net income/(loss) per share $0.011 $(0.040) Weighted average shares outstanding-- basic and fully diluted 24,047,761 21,822,534
CYIOS Corporation and Subsidiaries Consolidated Balance Sheet As of December 31, 2007
ASSETS
CURRENT ASSETS Cash and Cash Equivalents $45,498 Accounts Receivable 46,398 Stock Receivable 15,000 Other Current Assets 4,900 Loan to Shareholder 172,406 TOTAL CURRENT ASSETS 284,202
LIABILITIES Current Liabilities: Line of Credit $98,817 Payroll Taxes Payable 9,703 Accrued Vacation Expense 27,817 Accounts Payable 24,622 Liabilities of Discontinued Operations 256,497
TOTAL LIABILITIES 417,456
STOCKHOLDERS' DEFICIT Convertible Preferred Stock ($.001 par value, 5,000,000 authorized: 29,713 issued and outstanding) 30 Common Stock ($.001 par value, 100,000,000 shares authorized: 25,354,210 shares issued and outstanding) 25,354 Additional Paid-in-Capital 23,886,536 Stock Receivable (Equity) (121,000) Accumulated Deficit (23,920,386)
TOTAL STOCKHOLDERS' DEFICIT (129,466)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $287,990
CYIOS Corporation and Subsidiaries Consolidated Statements of Cash Flows For the years ended December 31, 2007 and 2006
2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income/(loss) $259,800 $(877,896) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 130 48,904 Accounts Receivable written off to Bad Debt Expense - 618,756 Changes in Assets and Liabilities: (Increase)/Decrease in Accounts Receivable 8,249 (44,935) (Increase)/Decrease in Other Assets 2,735 21,441 Increase/(Decrease) In Interest Payable - (13,669) Increase/(Decrease) In Payroll Taxes Payable (7,499) (141,458) Increase/(Decrease) in Accrued Payroll Expenses 6,016 (5,962) Increase/(Decrease) In Liabilities of Discontinued Operations (185,173) - Increase/(Decrease) in Accounts Payable (12,921) 17,474 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 71,337 (377,345)
CASH FLOWS FROM INVESTING ACTIVITIES: Equipment Purchases (3,917) - NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (3,917) -
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 148,200 567,711 (Increase)/Decrease in Stockholder Receivable (Equity) (130,000) (6,000) (Increase)/Decrease Shareholder's Loan Receivable (63,365) (133,397) Increase/(Decrease) in Note Payable - (136,692) Increase/(Decrease) in borrowings on Line of Credit (2,162) 61,271
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (47,327) 352,893
NET INCREASE IN CASH AND CASH EQUIVALENTS 20,093 (24,452)
CASH AND CASH EQUIVALENTS: Beginning of Year 25,405 49,857
End of Year $45,498 $25,405
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: CASH PAID DURING THE YEAR FOR: Interest $13,344 $7,723
NON-CASH OPERATING ACTIVITIES: Value of Common Stock Options issued in exchange for services $12,200 $58,975
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