TORONTO, Feb. 16 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today the results of operations for the fiscal year ended October 31st, 2009. All amounts referenced herein are in Canadian dollars. Revenue for the fourth quarter of 2009 was $190,366 as compared to $497,110 for the same period last year. A loss of $114,651 ($0.01 per share) was recorded for the three months ended October 31st, 2009 as compared to a net loss of $39,990 ($0.00 per share) for the same period last year.
Revenue from operations for the twelve months ended October 31st, 2009 was $933,847 as compared to $1,503,435 in fiscal 2008. Loss from operations for fiscal 2009 was $317,325 ($0.01 per share) as opposed to $89,112 ($0.00 per share) in fiscal 2008.
K. Barry Sparks, the President of Cencotech, stated "In the face of the recession and corporate constraints on expenditures, fiscal 2009 was a difficult revenue year for the Company. Nevertheless, we have had considerable success in developing stronger relationships with potential clients and future distribution partners for our software offerings. As well, there are signs of improvement in the sales environment for the CashNET hardware systems. On balance, we remain optimistic that our efforts will translate into significant 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: For further information: Mr. K. Barry Sparks, President, (416) 369-6081, mailto:firstname.lastname@example.org