TORONTO, March 27, 2012 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today the results of operations for the first three months of fiscal 2012, ended January 31st. All amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2012 was $239,508 as compared to $256,084 for the same period last year. Net loss for the 2012 first quarter was $22,728 as compared to a loss of $53,613 in the first quarter of 2011.
K. Barry Sparks, the President of Cencotech, stated, "The majority of the revenue generated in the quarter was recurring in nature. This includes maintenance, systems upgrades and monitoring fees which have grown year over year and are starting to reach levels that can sustain normal overheads.
Interest in our software systems remains strong and we are hopeful that potential customers will move forward to complete transactions in the coming months. On balance, we remain optimistic that results for full year 2012 will exceed those generated previously."
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