BRIEF-Computer Modelling Group announces year end results

Fri May 20, 2016 7:17am EDT
 
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May 20 (Reuters) - Computer Modelling Group Ltd

* 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: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)