TORONTO, Feb. 16, 2012 /CNW/ - Cencotech Inc. (TSXV: CTZ) announced today the results of operations for the fiscal year ended October 31st, 2011. All amounts referenced herein are in Canadian dollars. Revenue for the fourth quarter of 2011 was $610,504 as compared to $498,237 for the same period last year. A profit of $199,657 ($0.01 per share) was recorded for the three months ended October 31st, 2011 as compared to $16,202 ($0.00 per share) for the same period last year.
Revenue from operations for the twelve months ended October 31st, 2011 was $1,339,088 as compared to $1,740,052 in fiscal 2010. Net income from operations for fiscal 2011 was $18,033 ($0.00 per share) as opposed to $39,951 ($0.00 per share) in fiscal 2010.
K. Barry Sparks, the President of Cencotech, stated "the Company's results for the fourth quarter of 2011 attest to the improvement in the general economic outlook for North America. While the sales results for fiscal 2011 are down from those experienced in 2010, the product mix resulted in a substantial improvement in gross margins achieved. The Company's wholly-owned subsidiary, Namsys Inc. continues to work closely with major technology integrators, to ensure that their product offerings gain the attention of the larger institutions that make up the bulk of the market in which the Company competes. Substantial interest is presently being indicated by the marketplace as evidenced by the Requests for Information and the Requests for Proposals received by both the Company and its integrator distribution partners.
In terms of the Company's hardware offerings, while there has been some improvement in the sales environment, it has not yet translated into significant sales of the CashNet hardware systems. These systems are largely used by major retailers whose fortunes seem to ebb and flow with consumers' confidence in the economic recovery. On balance, we continue to remain optimistic that our efforts, which include the development of new contracts with strong integrator distribution partners, will translate into further sales gains in the coming year."
Cencotech Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. Cencotech's proprietary software products for this market are "open-architectured" and have been developed to interface with clients' legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.
For further information:
Mr. K. Barry Sparks