RICHMOND HILL, ON, Aug. 29 /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 three month
and six month period ending June 30, 2007. The detailed financial statements
and MD&A can be found on www.sedar.com.
Jite reported increases in revenue, earnings and cash for the second
quarter of 2007. Net sales were the highest for any quarter in the company's
history and net earnings has tripled as compared to the same period last year.
Jite posted sales revenue of $4.9 million with a net quarterly profit of
$388 thousand. These results compare to a net profit of $87 thousand and
revenue of $3.7 million in the year-ago quarter, and represent revenue growth
of 33% and net profit increase of 348%. The net profit for the current quarter
also included the non cash stock-based compensation expense of $51 thousand
that was not applicable in the comparable period in 2006.
Some highlights of the second quarter results:
- Completion of a private placement of $10 million.
- Sales for the quarter ended June 30, 2007 increased by
$1.2 million (or 33%) compared with the same period last year.
- Gross profit for the quarter ended June 30, 2007 increased by
$0.56 million (or 74.4%), compared with the same period last year.
- Gross profit as a percentage of sales for the quarter ended
June 30, 2007 increased by 6.4% to 27.1% compared with the same
period last year.
- Net income for the quarter ended June 30, 2007 increased by
$301 thousand (or 348%) compared with the same period last year.
"I am very pleased with the results," said Gang Chai, Chairman of Jite,
"as we continued to demonstrate progress on all fronts - ramping revenue,
improving gross margins and building our presence in Asia and Europe. The
company's balance sheet remained strong; it has increased its total cash and
investment position during the quarter by $6.2 million, due to continued
profitability and funds raised from the private placement. We are more
confident for future growth as we continue efforts in following our growth
strategy and improve our operations."
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
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: Dr. Gang Chai, Chairman
of the Board, Tel: (416) 366-7420; Henry Tse, Chief Financial Officer, Tel:
(416) 456-7803; www.jite.com