ORLANDO, Fla. — Cygnus eTransactions Group, Inc. announced in a news report that the company achieved positive cash flows from operations in the first quarter of 2005. Cygnus reached this milestone for the first time as a result of record revenues that exceeded projections. Company revenues for the first quarter rose by more than 30 percent when compared to the same period last year.
"We are very proud of the company's first quarter performance," said Cygnus chief executive officer Rick Crowley. "Achieving record revenues and positive cash flows in what is traditionally our slowest quarter demonstrates that we are in many ways ahead of schedule in the execution of our business plan. We look forward to building on this momentum to continue to meet our profitability and market share objectives for the remainder of 2005."
Cygnus provides ticketing, reservations and financial processing technology and services on a fee-per-transaction basis to the leisure and entertainment industry. Key clients include Universal Studios Theme Parks, Cedar Point Amusement Park, Knott's Berry Farm and Snowbird Ski and Summer Resorts.
