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| CYIOS Reports Strong Financial Results for Full Year 2007 | ||||||
-- Reports Full Year 2007 Revenue of $2.2 million: 28% Year-Over-Year Revenue Growth with 11% Positive EBITDA -- WASHINGTON, Full Year 2007 Results GAAP Results: Revenues were '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
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) 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
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
FIXED ASSETS
Computer Equipment 3,918
Accumulated Depreciation (130)
TOTAL FIXED ASSETS 3,788
TOTAL ASSETS $287,990
LIABILITIES AND STOCKHOLDERS' DEFICIT
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
SOURCE CYIOS |
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