TORONTO, Sept. 24, 2013 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first nine months and the third quarter of fiscal 2013, ended July 31st. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $286,553 as compared to $184,443 for the same period last year. Net income for the quarter of $29,718 ($0.00 per share) was recorded as compared to a loss of $63,842 ($0.00 per share) for the three months ended July 31st, 2012.
Revenue for the first nine months of fiscal 2013 was $790,150 as compared to revenue in the same period last year of $735,664. The Company recorded net income of $52,107 ($0.00 per share) in the nine months ended July 31st, 2013 as compared to a loss of $153,650 ($0.01 per share) in the same period last year.
K. Barry Sparks, the President of Cencotech, stated, "As reported previously, the Company is continuing to make progress in moving new product sales opportunities forward, particularly with respect to our Cirreon SaaS and related software offerings. New customers for the Company's products are increasingly requesting that products be offered on a "software as a service" basis (SaaS), as opposed to purchasing a term licence for such software from the Company. While this reduces the recording of one time larger licence sales completions, we are completing more deals on a contracted 'pay as you go' usage basis. Recurring contracted software revenue of $209,145 accounted for 73% of total sales in the quarter ended July 31st, 2013, as compared to 96.2% or $177,443 in the same period last 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 may contain 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:
Mr. K. Barry Sparks