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NUVO announces third quarter 2008 financial results
Date:10/30/2008

r 30, 2008, SG&A costs decreased 11% to $3.6 million compared to $4.0 million for the nine-month period ended September 30, 2007. The decrease is primarily attributable to activities undertaken during the third and fourth quarters of 2007, including the closure of the Company's international marketing office in Barbados and staff reductions at the corporate head office.

For the three months ended September 30, 2008, the net loss increased to $3.0 million from $2.5 million for the three months ended September 30, 2007. Included in the net loss for the third quarter is a non-cash extinguishment loss of $0.3 million related to the accounting treatment of the amendments to the November 2004 debentures which extended their maturity by one year. Included in the net loss for the comparative period is a $0.5 million gain relating to the sale of assets. Excluding the impact of these items, the net loss would have declined to $2.7 million in the current quarter compared to $3.0 million a year ago. For the nine months ended September 30, 2008, the net loss declined by 10% to $8.1 million from $9.0 million for the nine months ended September 30, 2007.

Cash used in operations was $2.2 million for the three months ended September 30, 2008 compared to $3.0 million for the three months ended September 30, 2007. Although the net loss for the quarter ended September 30, 2008 was $0.5 million higher than the comparable period it included several non-cash items including the $0.3 million extinguishment loss on the convertible debentures, higher accretion charges and a $0.3 million foreign exchange loss. In addition, the comparable quarter included a non-cash gain of $0.5 million on the sale of assets and a foreign exchange gain. Overall, cash provided by operating activities was $0.3 million in the quarter versus cash used in operating activities of $3.0 million in the third quarter of 2007. The improvement is due to the $1.4 million recovery of non-cash working capital a
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SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
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