TORONTO, Feb. 16, 2012 /CNW/ - Cencotech Inc. (TSXV: CTZ) announced today the results of operations for the fiscal year ended
October 31st, 2011. All amounts referenced herein are in Canadian dollars. Revenue
for the fourth quarter of 2011 was $610,504 as compared to $498,237 for
the same period last year. A profit of $199,657 ($0.01 per share) was
recorded for the three months ended October 31st, 2011 as compared to $16,202 ($0.00 per share) for the same period last
Revenue from operations for the twelve months ended October 31st, 2011 was $1,339,088 as compared to $1,740,052 in fiscal 2010. Net
income from operations for fiscal 2011 was $18,033 ($0.00 per share) as
opposed to $39,951 ($0.00 per share) in fiscal 2010.
K. Barry Sparks, the President of Cencotech, stated "the Company's
results for the fourth quarter of 2011 attest to the improvement in the
general economic outlook for North America. While the sales results for
fiscal 2011 are down from those experienced in 2010, the product mix
resulted in a substantial improvement in gross margins achieved. The
Company's wholly-owned subsidiary, Namsys Inc. continues to work
closely with major technology integrators, to ensure that their product
offerings gain the attention of the larger institutions that make up
the bulk of the market in which the Company competes. Substantial
interest is presently being indicated by the marketplace as evidenced
by the Requests for Information and the Requests for Proposals received
by both the Company and its integrator distribution partners.
In terms of the Company's hardware offerings, while there has been some
improvement in the sales environment, it has not yet translated into
significant sales of the CashNet hardware systems. These systems are
largely used by major retailers whose fortunes seem to ebb and flow
with consumers' confidence in the economic recovery. On balance, we
continue to remain optimistic that our efforts, which include the
development of new contracts with strong integrator distribution
partners, will translate into further sales gains in the coming year."
Cencotech Inc. products are designed to bring efficiency to the
processing of currency and other value instruments in financial
institutions, large retailers, public transportation operations and the gaming industry. Cencotech's proprietary software products for this
market are "open-architectured" and have been developed to interface
with clients' legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the
information contained in this release. This Media Release contains
forward-looking statements, which reflect the Corporation's current
expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those
projected herein and depend on a number of factors including the
success of the Corporation's sales strategies.
SOURCE CencoTech Inc.
For further information:
Mr. K. Barry Sparks