Message #32 From:
NewsBot Date: January 23, 2007 08:00:00 AM
CVAS News Creative Vistas Inc. Expects $7.5 Million in Revenues, Positive EBITDA for Fourth Quarter of 2006
WHITBY, Ontario--(BUSINESS WIRE)--Creative Vistas, Inc., (OTCBB:CVAS), a leading provider of advanced
video security and surveillance products as well as broadband-related
services, today offered updated financial guidance for the fourth
quarter and full year ended December 31, 2006.
Revenues for the fourth quarter of 2006 are expected to total
approximately $7.5 million, up from $1.7 million from the fourth quarter
of 2005. The increase is due primarily to the revenues from Cancable, a
subsidiary acquired at the beginning of 2006. For all of 2006, Creative
Vistas expects revenues to total approximately $30 million, compared to
$8.5 million in 2005. Again, the increase is due largely to the Cancable
acquisition. The Company had originally projected revenues of $26
million for 2006.
Due to the highly volatile nature of derivative values tied to Creative
Vista’s stock price and the impact of these
values on the bottom line, the company is not providing guidance at this
time for net income or earnings per share. However, it expects that
earnings before interest, taxes, depreciation and amortization (EBITDA)
will be positive. . This represents the fourth consecutive quarter of
positive EBITDA for Creative Vistas, which also expects to reach
positive EBITDA for the fiscal year ending 2006.
“This new guidance shows the Company’s
success in executing its growth strategy financially and strategically.
The Company continues to reap the benefits of the Cancable acquisition
and other aspects of its growth strategy that includes increased sales
and margins,” said Creative Vistas Chairman
and CEO Sayan Navaratnam. “Cancable has
provided a substantial new stream of revenue, and as importantly, it
also has given us a potential platform and an addressable consumer market–
through its cable provisioning, networking and other services –
to expand the market for our original core business, networked video
surveillance services. We enter into 2007 with a strong platform for
growth in revenues, margins, and technology within all our divisions. We
are now on a fast track to full profitability amid sharply increasing
sales.”
If you would like to be added to Creative Vistas' investor email lists
or have additional questions, please contact Haris Tajyar with Investor
Relations International at htajyar@irintl.com.
About Creative Vistas
Creative Vistas, Inc., is a leading provider of security-related
technologies and systems, it also provisions the deployment of broadband
services. Operating through its wholly-owned subsidiaries AC Technical
Systems Ltd and Iview Digital Video Solutions Inc., it offers integrated
electronic security and surveillance solutions. Its systems are used by
numerous high-profile clients including government, school boards,
retail outlets, banks and hospitals. Through its subsidiary Cancable
Inc., the company also provisions the deployment and servicing of
broadband technologies to the commercial and residential market.
Creative Vistas is based in Ontario, Canada.
Forward-Looking Statements: Statements about the Company's
future expectations, including future revenues and earnings, and all
other statements in this press release other than historical facts are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as the term is defined in the Private Securities Litigation
Reform Act of 1995. The Company's actual results could differ materially
from expected results for reasons described from time to time in the
Company's public filings. The Company undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events.
