Memex Inc. Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2018; Provides Revenue Guidance for the Third Quarter of 2018 and Cash Flow Guidance for the Fourth Quarter of 2018
For the six months, the company reported revenue of CAD 1.13 million against CAD 853,000 a year ago. Net and comprehensive loss for the period was CAD 1.5 million or CAD 0.011 per basic and diluted share against CAD 2.03 million or CAD 0.018 per basic and diluted share a year ago. Cash utilized in operating activities was CAD 1,317,000 against CAD 1,904,000 a year ago.
The company anticipates recognizing between CAD 500 to CAD 750,000 in revenue for its third quarter of fiscal 2018, in addition to several larger projects moving towards completion but not anticipated to be completed in third quarter of 2018. Management is still targeting a cash flow
break-even run rate in the fourth quarter of fiscal 2018.