Trading Symbol: JTI
TORONTO, Aug. 27 /CNW/ - JITE Technologies Inc. ("Jite" or the "Company") announces today that it has filed its interim financial statements and management's discussion and analysis (MD&A) for the second quarter ended June 30, 2010. The detailed financial statements and MD&A can be found on www.sedar.com.
Second Quarter and First Half of 2010 Financial Highlights
- Sales: Sales for the second quarter of 2010 was $4.8 million, a
growth of 38% compared to $3.5 million in the second quarter of 2009.
Sales for the first half of 2010 were $9.2 million, a growth of 22%
from $7.5 million in the first half of 2009.
- Gross profit: Gross profit for the second quarter of 2010 was $1.37
million, an increase of 21% compared to $1.13 million in the second
quarter of 2009. Gross profit for the first half of 2010 was $2.83
million, an increase of 28% compared to $2.21 million in the first
half of 2009.
- Operating Income: Operating income for the second quarter of 2010 was
$524,050, an increase of 76% compared to $297,553 in the second
quarter of 2009. Operating income for the first half of 2010 was
$1,174,057, a growth of 80% from $652,192 from the first half of
- Net Income and Earnings per Share: net income was $517,887 for the
second quarter of 2010, an increase of 72% compared to $301,316 in
the second quarter of 2009. Net income for the first half of 2010 was
$1,113,301, a growth of 79% from $620,454 in the first half of 2009.
Basic and diluted earnings per share were $0.025 for the second
quarter of 2010, an increase of 72% from $0.014 in the second quarter
of 2009. Basic and diluted earnings per share were $0.053 for the
first half of 2010, an increase of 79% from $0.029 in the first half
- Cash flows generated by operation activities: A negative of $663,792
for the second quarter of 2010 compare to a positive of $1.4 million
for the second quarter of 2009. A negative of $75,999 for the first
half of 2010 compare to a positive $3.1 million for the first half of
2009. The significant decrease was mainly due to change in non-cash
working capital items.
The second quarter results for 2010 have shown significant growth and profitability from a year ago under the current economic environment. Except for the cash flow issue due to structural reform, the company has made improvements in almost every aspect of its operations.
"I am very pleased with another quarter of excellent operating results. Jite has delivered profit recovery and growth since McVicar took control of the company. The cost reduction for the first two years established a healthy operation. A structural reform introduced early this year has aimed at strengthening its competitiveness and has begun to show improvements in the operation." says Gang Chai, Chairman of Jite. "The company is clearly on its way to achieving accelerated growth in the future."
JITE designs and manufactures electronic and electrical connection devices for security, industrial control, automation, telecommunication, and power supply industries. JITE is headquartered in Toronto, Canada and carries out research and manufacturing operations in Shenzhen China at its ISO 9001 certified facility.
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: For further information: JITE Investor Contact: Winfield Ding, Chief Financial Officer, Tel: (416) 366 7420, www.jite.com