Trading Symbol: JTI
TORONTO, May 3 /CNW/ - Jite Technologies Inc. ("Jite" or the "Company")
today is pleased to announce its financial results and management's
discussion and analysis (MD&A) for the fourth quarter and the year
ended December 31, 2010. The detailed financial statements and MD&A can
be found on www.sedar.com. All amounts are in Canadian dollars unless otherwise noted.
Fiscal Year 2010 Financial Highlights
Sales: Sales for the year 2010 was $20,168,721, a growth of 30% compared to
$15,573,381 in the year 2009.
Gross profit: Gross profit 2010 was $5,228,698, an increase of 7% compared to
$4,887,717 in 2009.
Net Income and Earnings per Share: net income was $2,236,304 for 2010, an increase of 31% compared to
$1,706,859 in 2009. Basic and diluted earnings per share were $0.106
for 2010, an increase of 31% from $0.081 in 2009.
Cash flows generated by operation activities: A negative of $939,027 for 2010 compared to a positive of $3,687,122
for 2009. The significant decrease was mainly due to change in non-cash
working capital items.
Fourth Quarter Financial Highlights
Sales: Sales for the fourth quarter of 2010 was $5,512,882, a growth of 48%
compared to $3,733,708 in the fourth quarter of 2009.
Gross profit: Gross profit for the fourth quarter of 2010 was $945,060, a decrease of
17% compared to $1,140,195 in the fourth quarter of 2009.
Operating Income: Operating income before taxes for the fourth quarter of 2010 was
$189,281, a decrease of 48% compared to $367,367 in the fourth quarter
Net Income and Earnings per Share: net income was $516,827 for the fourth quarter of 2010, an increase of
44% compared to $358,181 in the fourth quarter of 2009. Basic and
diluted earnings per share were $0.024 for the fourth quarter of 2010,
an increase of 41% from $0.017 in the fourth quarter of 2009.
Cash flows generated by operation activities: A negative of $168,098 for the fourth quarter of 2010 compare to a
positive of $386,839 for the fourth quarter of 2009.
Jite (Kunshan) plant: On October 9, 2009, Jite incorporated another
wholly-owned subsidiary of Jite Industrial (Kunshan) Co., Ltd. at
Kunshan Economic and Technological Development Zone, in Jiangsu
Province, China. The Company is developing an optimal strategic
expansion plan for the Kunshan plant. The expectation is that the
resulting expansion plan will not only stabilize the existing business
operation and minimize capital expenditure in the short term, but will
also fit the Company's business growth strategy in the long term. In
December 2010 the Company established an assembling facility in the
Kunshan plant for trial production of the products currently sold to
customers. Management will review the results of the trial productions
and the costs of productions to formalize future expansion plan.
Since 2007, cost reduction initiatives had been identified and
implemented. Reductions spanned sales, manufacturing, research and
development, and administrative departments. In the second quarter of
2010, Jite restructured its production operations to increase
efficiency and reduce labour forces, inventory and capital assets by
spinning off certain parts of the screws manufacturing and the tooling,
molding, and parts productions to employee ownership.
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:
Please contact Ms. eXavier Peterson or Winfield Yongbiao Ding, CFO at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421 www.jite.com