TORONTO, March 25 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first three months of fiscal 2010, ended January 31st. All amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2010 was $513,417 as compared to $410,521 for the same period last year. Net income for the 2010 first quarter was $122,836 as compared to a loss of $2,195 for the same period last year.
K. Barry Sparks, the President of Cencotech, stated "While sales for the quarter were 25% higher than those recorded in the same period last year, the sales mix between software and hardware in the quarter ended January 31st, 2010 was skewed towards the higher margin software products. In the first quarter of 2009, hardware income was the main driver. We are pleased to see the significant interest expressed in our software products over the past year being translated into sales.
As the crisis in the financial markets abates and business confidence begins to return to the marketplace, we hope to be successful in closing the potential clients we have qualified over the past few months. In particular, we are hopeful that the new reseller agreement that we entered into with IBM earlier this month, will encourage some larger banks and institutions, that have favorably tested our products, to complete transactions for our "Currency Controller(TM)" products.
On balance, with the improvement in the sales environment for all of our systems, we remain optimistic that significant sales gains should be forthcoming."
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.
SOURCE Cencotech Inc.
For further information: For further information: Mr. K. Barry Sparks, President, (416) 369-6081, mailto:firstname.lastname@example.org