RICHMOND HILL, ON, May 1 /CNW/ - JITE Technologies Inc. ("Jite" or the
Company) (TSX-V: JTI) reports today its fourth quarter financial results for
the three-month period ended December 31, 2008 and annual financial results
for the twelve-month period ended December 31, 2008. All dollar figures are
reported in Canadian currency. The detailed financial statements and MD&A can
be found on www.sedar.com.
Some highlights of the annual and fourth quarter results:
- Sales for the 12 month period ended December 31, 2008 were
$17.9 million, a decrease of $241 thousand or 1.3% as compared with
the same period last year.
- Sales for the 3 month period ended December 31, 2008 were $4.69
million, an increase of $1.06 million, or 29.1%, from $3.64 million in
the corresponding quarter of the prior year. In comparison to the
third quarter of 2008, sales increased by $1.4 million or 8.2%.
- Gross profit for the 12 month period ended December 31, 2008 was
$3.9 million, a decrease of $0.45 million or 10.2%, compared with the
same period last year.
- Sales, general and administrative ("SG&A") expenses for 2008 were
$3.3 million, $700 thousand lower compared to $4.0 million in 2007.
SG&A expenses for the fourth quarters of 2008 and 2007 were
$751 thousand and $1.0 million, respectively.
- The Company's operating activities, before changes in non-cash working
capital balances, generated $1.88 million cash in 2008 compared to
$1.61 million in 2007. Including changes in non-cash working capital
items, positive cash generated in 2008 was $1.56 million compared to
cash used for operating activities of $172 thousand in 2007.
- Net income for the 12 month period ended December 31, 2008 was
$680 thousand, an increase of $151 thousand or 28.4% from $530
thousand in the same period last year.
"We are very pleased with the Company's overall result despite the fact
that we are facing a global recession. Although overall sales decreased in
2008, we are able to generate growth in the bottom line", said Mr. Henry Tse,
Jite's Chief Financial Officer.
"The slow down of the economy definitely has an impact on our sales, but
it has also lowered the material costs and caused us to further stream line
our operations. Under the direction of our Chairman and our COO, we have made
noticeable improvement in various areas of our operations and improved our
cash flows. With positive cash flows generated from operations, we are
confident that the Company is able to adapt well in this challenging economy."
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.
Capitalization Report for Jite Technologies Inc
Shares Issued: 106370676
Shares Escrow: 64000000
For further information:
For further information: Henry Tse, CFO, Jite Technologies Inc., TEL:
(905) 731-0380, FAX: (905) 731-0381, E-mail: email@example.com