TORONTO, May 26, 2004 (PRIMEZONE via COMTEX) -- Thinkpath Inc. (OTCBB: THTHF)
today announced positive financial results for the quarter ended March 31, 2004.
Revenues for the quarter ended March 31, 2004 were $3,056,700 compared to
$2,490,288 for the quarter ended March 31, 2003. The increase in revenue is
attributable to new contracts with existing automotive, aerospace and defense
clients that were awarded in the fourth quarter of 2003.
Gross profit for the quarter ended March 31, 2004 was 33% compared to 29% for
the quarter ended March 31, 2003. The increase in gross profit is a result of
the focus on higher margin contracts in design, drafting and technical
publishing compared to the lower margins earned on traditional on-site
engineering support.
For the quarter ended March 31, 2004, the company recorded an operating loss
from continuing operations of $29,314 compared to an operating loss of $409,908
for the quarter ended March 31, 2003. Included in the loss is depreciation
expense of $142,265 for the quarter ended March 31, 2004 and $192,064 for the
quarter ended March 31, 2003.
For the quarter ended March 31, 2004, the company recorded a net loss of
$792,230 or (0.00) per share compared to a net loss of $4,655,583 or (0.08) per
share for the quarter ended March 31, 2003. Included in the net loss for the
quarter ended March 31, 2004 is interest expense of $624,211 related to the
beneficial conversion feature on the 12% Senior Secured Convertible Debentures
issued in the first quarter pursuant to financing arrangements entered into on
December 5, 2002 and March 25, 2004.
At March 31, 2004, the company had a cash flow deficiency from operations of
today announced positive financial results for the quarter ended March 31, 2004.
Revenues for the quarter ended March 31, 2004 were $3,056,700 compared to
$2,490,288 for the quarter ended March 31, 2003. The increase in revenue is
attributable to new contracts with existing automotive, aerospace and defense
clients that were awarded in the fourth quarter of 2003.
Gross profit for the quarter ended March 31, 2004 was 33% compared to 29% for
the quarter ended March 31, 2003. The increase in gross profit is a result of
the focus on higher margin contracts in design, drafting and technical
publishing compared to the lower margins earned on traditional on-site
engineering support.
For the quarter ended March 31, 2004, the company recorded an operating loss
from continuing operations of $29,314 compared to an operating loss of $409,908
for the quarter ended March 31, 2003. Included in the loss is depreciation
expense of $142,265 for the quarter ended March 31, 2004 and $192,064 for the
quarter ended March 31, 2003.
For the quarter ended March 31, 2004, the company recorded a net loss of
$792,230 or (0.00) per share compared to a net loss of $4,655,583 or (0.08) per
share for the quarter ended March 31, 2003. Included in the net loss for the
quarter ended March 31, 2004 is interest expense of $624,211 related to the
beneficial conversion feature on the 12% Senior Secured Convertible Debentures
issued in the first quarter pursuant to financing arrangements entered into on
December 5, 2002 and March 25, 2004.
At March 31, 2004, the company had a cash flow deficiency from operations of
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