TORONTO, Feb. 3, 2016 /CNW/ - Cencotech Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year ended October 31st, 2015. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2015 was $1,708,144 as compared to $1,348,186 in fiscal 2014. Income Before Tax, a key metric in gauging business performance, was $715,264 for fiscal 2015, as compared to fiscal 2014 Income Before Tax of $311,495, net of the $250,000 non-operating settlement negotiated by management on the repayment of the Company's Debenture. Comprehensive Income was; $934,264 ($0.03 per share) for fiscal 2015, as compared to $1,091,495 ($0.04 per share) for fiscal 2014. Comprehensive Income includes non-operating credits of $219,000 in 2015 as compared to $780,000 in 2014.
The consolidated financial statements and management's discussion and analysis for fiscal 2015 are available under the Company's profile on SEDAR at www.sedar.com.
K. Barry Sparks, the President of Cencotech, stated "2015 was another very good year for the Company. The "Cirreon™" group of applications hosted by the Company's subsidiary, Namsys Inc. and sold on a SaaS/"cloud" usage basis, continues to make excellent progress in the marketplace. Additional distribution agreements for the Cirreon products have recently gone into place with credible organizations and we anticipate that during the 2016 year, we will start to see revenues from Europe and select locations in South America. In addition, we have recently negotiated further sales channels for the Cirreon products in North America.
The continuing positive results from operations has also provided an opportunity for Namsys Inc. to redeem further Preference Shares. As at February 1st, 2016 the original $1,000,000 in Preference Shares issued have been reduced to $600,000. We continue to monitor our cash balances opposite our commitments and may well redeem further amounts of the outstanding Preference Shares later in fiscal 2016.
Based upon the success in the marketplace of the Cirreon products, in addition to a satisfied base of CC32 licence holders, it remains our belief that the Company should continue to make strides in achieving greater revenue and higher profits in 2016 and beyond."
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-architected" 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 may contain 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, President, (416) 369-6081, mailto:email@example.com