Trading Symbol: JTI
TORONTO, June 1 /CNW/ - JITE Technologies Inc. ("Jite" or the "Company")
announces today that it has filed its interim financial statements and
management's discussion and analysis ("MD&A") for the three month period
ending March 31, 2009. The detailed financial statements and MD&A can be found
Highlights of the first quarter results:
- Total sales for the first quarter of 2009 were $4.03 million, a
decrease of $208 thousand, or 4.9%, from $4.24 million in the
corresponding quarter of the prior year.
- Gross margin for the first quarter of 2009 was $1.08 million compared
to $0.89 million for the same period prior year. This represented an
increase of $0.19 million, or 21.4%. Gross margin, expressed as a
percentage of sales for the period ended March 31, 2009, was 26.7%
compared to 20.9% for the same period of prior year. The significant
increase was mainly attributable to the cost benefits from lower
copper prices due to forward purchase contracts made in latterly
- SG&A expenses in the first quarter of 2009 were approximately $744
thousand, a decrease of $146 thousand from $890 thousand in the
corresponding quarter of 2008. The decrease in SG&A expense is mainly
attributable to decrease of option compensation expense and reduction
of labor costs, partially offset by an appreciation of the Chinese
- Net Profit was $319 thousand for the first quarter of 2009, compared
to a net profit of $40 thousand in the same quarter last year.
- Cash flows generated by operation activities for the first quarter of
2009 increased to $1.69 million, compared to $494 thousand cash used
in operation activities for the same period last year.
The first quarter of 2009 proved to be another challenging quarter for
the Company. Anticipated growth in our strategic businesses were stalled by
the general global economic slowdown, which has caused a number of large OEMs
and distributors to hold off on orders and projects until there is more
clarity surrounding the current economic picture.
"A series of active measures have been taken to cope with these
challenges since 2008, and we will maintain our focus on China's growing
markets, and continuous improvement of products and cost control with the
expectation to increase our cash flow and profitability," said Henry Tse,
Chief Financial Officer of JITE.
JITE designs and manufactures electronic and electrical connection
devices for security, industrial control, automation, telecommunication, and
power supply industries. JITE is headquartered in Toronto, Canada and carries
out research and manufacturing operations in Shenzhen China at its ISO 9001
This press release contains forward-looking statements which reflect the
Corporation's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual results
could differ materially from those projected herein. Although we believe that
our expectations are based on reasonable assumptions, we can give no assurance
that our expectations will materialize.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: JITE Investor Contact: Henry Tse, Chief
Financial Officer, Tel: (416) 456-7803; www.jite.com (JTI.)