Trading Symbol: JTI
TORONTO, April 14 /CNW/ - JITE Technologies Inc. ("Jite") today reports financial results for the fourth quarter and fiscal year ended December 31, 2009. All currency amounts referred to in this news release are in Canadian dollars unless stated otherwise. The detailed financial statements and MD&A can be found on www.sedar.com.
Financial Highlights for the Year Ended December 31, 2009:
- Sales were $15.6 million, a decrease of 13% compared to $17.9 million
- Gross profit was $4.9 million, an increase of 26% compared to
$3.9 million in 2008. The year-over-year increase is primarily
attributable to lower raw material purchase price which was secured
by forward purchase contracts.
- Operating income was $1.8 million, an increase of 128% compared to
$0.79 million in 2008.
- Net income was $1.7 million or $0.08 per share, an increase of 150%
compared to $0.68 million or $0.03 per share in 2008.
- Net cash provided by operating activities prior to net changes in
non-cash operating items for 2009 and 2008 was $2.76 million and
$1.88 million, respectively. Including changes in non-cash operating
items, net cash provided by operating activities for 2009 was
$3.7 million, an increase of 131% compared to $1.6 million for 2008.
This significant year-over-year increase is primarily attributable to
higher gross margin and lower operating expenses as a result of
strategic cost reduction plans.
Financial Highlights for the Fourth Quarter Ended December 31, 2009:
- Sales were $3.7 million, a decrease of 21% compared to $4.7 million
in the year-ago quarter.
- Gross profit was $1.1 million, a decrease of 15% compared to
$1.3 million in the year-ago quarter.
- Operating income was $0.38 million, a decrease of 25% compared to
$0.51 million in the year-ago quarter.
- Net income was $0.36 million or $0.017 per share, a decrease of 18%
compared to $0.44 million or $0.021 per share in the year-ago
quarter. The overall fourth quarter decrease was primarily due to the
unfavorable impact of foreign exchange rates and organic sales
decrease of approximately 5%.
"We are extremely pleased with record results we achieved this year," said Mr. Kevin Ming Zhang, Jite's Chief Financial Officer. "This impressive performance in 2009 is mainly attributable to our strategic focus on operational efficiency and profitability ever since 2007. We believe these strategic focuses are right to drive sustainable growth and deliver shareholder value over the long-term."
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. For more information, visit JITE at www.jite.com.
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: Kevin Ming Zhang, CFO, Jite Technologies Inc., TEL: (416) 298-6447, FAX: (416) 298-0244, E-mail: firstname.lastname@example.org