RICHMOND HILL, ON, Nov. 28 /CNW/ - JITE Technologies Inc. ("Jite") (TSX
Venture Exchange: JTI) announces today that it has filed its interim financial
statements and management's discussion and analysis (MD&A) for the nine month
period ending September 30, 2007. The detailed financial statements and MD&A
can be found on www.sedar.com.
Jite posted a net quarterly profit of $260 thousand and sales revenue of
$5.05 million. These results compare to a net profit of $40 thousand and
revenue of $3.8 million in the year-ago quarter, and represent revenue growth
of 33% percent and net profit increase of 541%.
Some highlights of the third quarter result:
- Sales for the quarter ended September 30, 2007 increased by
$187 thousand or 3.7%, compared to the previous quarter ended
June 30, 2007.
- For the nine months ended September 30, 2007, revenue totaled
$14.5 million compared to $10.8 million for the corresponding period
of 2006, an increase of $3.8 million, or 34.8%.
- Gross profit for the quarter ended September 30, 2007 increased by
$540 thousand or 72.5%, compared with the same period last year.
- Gross profit as a percentage of sales for the quarter ended September
30, 2007 increased by 5.9% to 25.5%, compared with the same period
- For the nine months ended September 30, gross margin percentage
increased to 27.4%, compared to 20.2% in the same period last year.
- For the nine months ended September 30, 2007, net income was
$992 thousand, compared to $284 thousand for the same period of 2006,
an increase of $708 thousand or 249%.
"We are very pleased to deliver another great quarter. We made noticeable
progress in almost all aspects of our business even under pressure of the
strong Canadian dollar", said Mr. Henry Tse, Jite's Chief Financial Officer.
"In comparison to the first and second quarter of 2007, the third quarter
average US$ to CDN$ exchange rate declined by 11% and 6%, respectively.
Approximately half of our sales were in US$; if the effect of changes in
currencies were removed, the increase in the current quarter's sales and net
profit would have been even greater".
JITE designs and manufactures electronic and electrical connection
devices for security, industrial control, automation, telecommunication, and
power supply industries. JITE is head quartered in Toronto, Canada and carries
out research and manufacturing operations in Shenzhen China at its ISO 9001
certified facility. For more information, visit JITE at www.jite.com.
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.
For further information:
For further information: JITE Investor Contact: Henry Tse, Chief
Financial Officer, Tel: (416) 456-7803