Trading Symbol: JTI
TORONTO, Aug. 31 /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 second quarter ended June
30, 2009. The detailed financial statements and MD&A can be found on
Second Quarter and First Half of 2009 Financial Highlights
- Sales for the 2009 second quarter were $3.50 million, compared with
$4.65 million in the 2008 period. For the first half of 2009, sales
were $7.53 million, down from $8.88 million in the 2008 period. The
decreases are primarily the result of reduced sale volumes due to
global economic downturn.
- Gross profits for the 2009 second quarter were $1.13 million (32.3%
of sales), up from $0.97 million (20.9% of sales) in the 2008 period.
For the first half of 2009, Gross profits were $2.21 million, up from
$1.86 million in the 2008 period. This increase was attributable to a
number of factors, including lower raw material prices, less
provision of obsolete inventory and less manufacturing overhead.
- Operating expenses for the 2009 second quarter were $835 thousand
(23.8% of sales), compared with $876 thousand (18.9% of sales) in the
2008 period. For the first half of 2009, operating expenses were
$1.56 million (20.7% of sales), compared with $1.72 million (19.3% of
sales) in the 2008 period. The decreases were the result of the
company's focus on containing costs.
- Net profits for the 2009 second quarter were $301 thousand (8.6% of
sales) or $0.014 per basic and diluted share, up from $105 thousand
(2.3% of sales) or a $0.005 per basic and diluted share in the 2008
period. For the first half of 2009, net profits were $620 thousand
(8.2% of sales) or $0.029 per basic and diluted share, up from
$145 thousand (1.6% of sales) or a $0.007 per basic and diluted share
in the 2008 period. This increase was a combined result from higher
gross margin and less operating expenses.
- Cash flows generated by operation activities for the 2009 second
quarter and first six months were $1.45 million and $3.13 million,
respectively, compared with negative $0.18 million and negative
$0.68 million in the comparative prior-year periods.
The weak global economy continued to have a significant impact on our
business and our financial results in the second quarter. Anticipated growth
in our strategic businesses were stalled by the general global economic
slowdown, which has caused a number of large OEMs and distributors hold off on
orders and projects until there is more clarity surrounding the current
"In this very tough environment we will continue to execute our
initiatives to minimize costs, reduce working capital and enhance the quality
of products. In addition, the Company will continue to focus on organic growth
through strengthening strategic partnerships with big customers, OEM's and
suppliers," said Kevin Ming Zhang, Chief Financial Officer of JITE.
"Positively, we have begun to see some renewed customers' orders. We prepare
for the turnaround of our industrial sector."
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
For further information:
For further information: JITE Investor Contact: Kevin Ming Zhang, Chief
Financial Officer, Tel: (416) 366-7420, www.jite.com