Caneum, Inc. (PINKSHEETS: CANM), a global provider of business process and information technology outsourcing services, today announced financial results for the three months ended June 30, 2008.
"Our pro forma loss from operations for the quarter ended June 30, 2008 was $.135M, which is slightly less than the quarterly loss for the prior year period. We are pleased that our cost cutting efforts have started to take effect and I am confident of more significant improvements in results for the rest of the year. It is noteworthy that our revenues also increased slightly in spite of the current economic slowdown," said Suki Mudan, President and Principal Executive Officer of Caneum.
Financial Summary for Three Months Ended June 30, 2008
The Company reports operating income, net income and earnings per share (EPS) on a GAAP and non-GAAP basis. The non-GAAP measures are described below and are reconciled to the corresponding GAAP measures in the accompanying financial tables. Non-GAAP operating income, non-GAAP net income and non-GAAP EPS are computed net of stock-based compensation, bad debt allowances, imputed interest, depreciation/amortization, minority interest and foreign exchange charges. Reconciliations of non-GAAP measures to GAAP operating income, net income and EPS are included at the end of this release.
Financial Highlights for Three Months ended June 30, 2008
Revenues -- The Company reported revenues of $3.28M for Q2 2008, representing a $0.04M increase over Q2 2007 revenues of $3.24M.
Cost of Revenues -- The Company reported cost of revenues of $2.74M for Q2 2008, representing an $0.20M increase over Q2 2007 cost of revenues of $2.54M.
Operating Expenses -- The Company reported operating expenses of $1.12M for Q2 2008, representing a $0.07M decrease over Q2 2007 operating expenses of $1.19M.
Stock-Based Compensation -- The Company reported stock-based compensation expenses of $0.37M for Q2 2008, representing a $0.09M increase over Q2 2007 stock-based compensation expenses of $0.28M.
Operating Loss -- The Company reported GAAP operating loss of $0.58M for Q2 2008, compared to GAAP operating Loss of $0.49M for Q2 2007.
The Company reported non-GAAP operating loss of $0.135M for Q2 2008, compared to Q2 2007 non-GAAP operating loss of $0.138M.
Net Loss -- The Company reported GAAP net loss of $0.60M for both Q2 2008 and Q2 2007. The Company reported non-GAAP net loss of $0.205M for Q2 2008, Q2 2007 non-GAAP net loss of $0.198M.
EPS -- The Company reported GAAP EPS loss of $0.06 for Q2 2008 compared to Q2 2007 GAAP EPS loss of $0.07. The Company reported non-GAAP EPS loss of $0.02 for both Q2 2008 and Q2 2007.
Source :http://www.marketwatch.com/
Source :http://www.marketwatch.com/
