Trading Symbol: JTI
TORONTO, May 31 /CNW/ - JITE Technologies Inc. ("Jite" or the "Company") announces that it has filed its interim financial statements and management's discussion and analysis ("MD&A") for the three month period ending March 31, 2010. The detailed financial statements and MD&A can be found on www.sedar.com.
Highlights of the first quarter results:
- Sales: $4.3 million, a growth of 8% compared to $4.0 million in the
first quarter of 2009. (Sales nominated in US dollars increased by
17% and in RMB by 36%)
- Gross profit: $1.5 million, an increase of 36% compared to
$1.1 million in the first quarter of 2009.
- Operating Income: $650,017, an increase of 83% compared to $354,639
in the first quarter of 2009.
- Net Income and Earnings per Share: net income was $595,414, an
increase of 71% compared to $319,138 in the first quarter of 2009.
Basic and diluted earnings per share were $0.028, an increase of 71%
from $0.015 in the first quarter of 2009.
- Cash flows generated by operation activities: $587,793, down from
$1.7 million for first quarter of 2009.
Management is very satisfied with the operating results of the first quarter.
"The sales resumed to grow in the quarter, indicating the recovery of the Company's business from the global slow down. More importantly, the gross margin was higher and the net income increased by 71%, reflecting the management's successful strategy in the last two years in reducing costs. The business of the Company is on the right track," said Winfield Ding, 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 certified facility.
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.
SOURCE JITE TECHNOLOGIES INC.
For further information: For further information: JITE Investor Contact: Winfield Ding, Chief Financial Officer, Tel: (416) 456-7803; email@example.com; www.jite.com (JTI.)