May 20 (Reuters) - Computer Modelling Group Ltd CMG.TO
* Qtrly total revenue $19 million versus $20.4 million
* Qtrly earnings per share $0.05
* Q4 earnings per share view c$0.09, revenue view c$19.5
million -- Thomson Reuters I/B/E/S
* Due to adverse economic conditions in venezuela,oil & gas
industry,decided to close office in caracas effective may 2016
* "as we enter fiscal 2017, ongoing reductions in
budgets,activity levels by customers affecting utilization
levels of our software"
* Customers in caracas region will be supported from other
locations, mainly office in bogota
* "we are taking prudent measures, such as suspending
employee recruitment and reducing discretionary spending, to
control our costs"
* Company intends to adopt ifrs 9 in its consolidated
financial statements beginning april 1, 2018
* Does not expect ifrs 9 to have material impact on
consolidated financial statements
* Computer modelling group announces year end results
Source text for Eikon: ID:nMKWS76yfa
Further company coverage: CMG.TO
(Bengaluru Newsroom: +1-646-223-8780) May 20 (Reuters) - Computer Modelling Group Ltd CMG.TO
* Computer Modelling Group announces year end results
* Qtrly total revenue $19 million versus $20.4 million
* Qtrly earnings per share $0.05
* Q4 earnings per share view c$0.09, revenue view c$19.5
million -- Thomson Reuters I/B/E/S
* Due to adverse economic conditions in Venezuela, oil & gas
industry,decided to close office in Caracas effective May 2016
* "as we enter fiscal 2017, ongoing reductions in
budgets,activity levels by customers affecting utilization
levels of our software"
* Customers in Caracas region will be supported from other
locations, mainly office in Bogota
* "we are taking prudent measures, such as suspending
employee recruitment and reducing discretionary spending, to
control our costs"
* Company intends to adopt IFRS 9 in its consolidated
financial statements beginning April 1, 2018
* Does not expect IFRS 9 to have material impact on
consolidated financial statements
Source text for Eikon: ID:nMKWS76yfa
Further company coverage: CMG.TO
(Bengaluru Newsroom: +1 646 223 8780)