CYBRA Corp. (CYRP.OB) Reports 59% Q2 Revenue Increase; Notes Rising RFID Demand

QualityStocks would like to highlight CYBRA Corporation (OTCBB: CYRP), a leader in bar code and RFID technology for IBM Power Systems and other major computing platforms. An IBM Business Partner and Motorola/Symbol Partner, CYBRA is represented by a network of value added resellers throughout the United States and is represented internationally by sales and support offices.

In the company’s news yesterday,

CYBRA reported top and bottom line improvements during its fiscal second quarter ended June 30, 2010.

The company reported a 59-percent increase in revenue over the comparable 2009 quarter ended June 30, 2010, fueled by new features of its flagship MarkMagic product. A rise in sales of CYBRA’s new RFID product, EdgeMagic, also contributed to the increase, which the company says reflects increasing market acceptance of RFID technology.

CYBRA’s gross margins as a percentage of sales increased 65 percent during the second quarter; the company said it expects margins to continue to improve into the third quarter of 2010 due to lower reliance on low-margin equipment sales.

CYBRA reported a second-quarter net loss of $634,128 on a GAAP basis, non-GAAP net income, which was adjusted to eliminate the affect of the company’s debt restructuring and non-cash transactions.

CYBRA CEO Harold Brand said that the company remains optimistic about the future of the RFID market and the company’s ability to benefit from growing industry trends.

“Despite weakness in our end markets, CYBRA reported yet another quarter of increased revenues and attained profitability on a cash-basis,” Brand stated in the press release. “Looking forward, we expect to continue to benefit from a recovering economy, superior technology, and an emerging trend towards RFID integration among retailers following Wal-Mart’s latest moves to require certain of its vendors to begin using RFID tags on their products.”

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