Business
AFS (2004) announces record year for revenue and profit
CALGARY, April 23 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Vent...
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCALGARY, April 23 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or\nthe "Company") (TSX Venture: AFX) announced today that it achieved record\nrevenue and profit for the year ended December 31, 2008. Total revenue for the\nyear, including engineering and interest receipts, was $3,916,285, more than\ndouble the $1,839,974 recorded in 2007. Profit for 2008 was $494,316 compared\nto a loss of ($582,411) in the year ended December 31, 2007. AFS President and\nCEO Jim Perry said that "We are very pleased with the results for 2008.\nDramatic increases in both of our business lines during the year not only\nresulted in record highs for revenue and profit, but also provided slightly\nmore than $1/2 million in cash flow from operations."\n\n\nIn 2008, sales of natural gas pressure regulators were strong, especially\nin the last half of the year. That business line contributed about 65% of the\nCompany's revenue in 2008. Significant growth was also recorded in the engine\nmanagement and other electronic equipment business, where shipments to\ncustomers operating primarily in Southeast Asia increased as serial production\nof new vehicles using AFS products ramped up.\n\n\nMr. Perry added that "The global financial turmoil will definitely affect\nour pressure regulator sales going forward. We previously announced that the\nEuropean manufacturer that purchased the bulk of our pressure regulators in\n2008 has ceased production of the vehicle that used our products. In contrast,\nwe are seeing considerable growth in our sales of engine management systems in\nAsia. The strong results in 2008 have resulted in AFS having a financial\nposition with good cash reserves and no debt going into these difficult\ntimes".\n\n\nManagement's Discussion and Analysis ("MD&A")\n\n\nBelow is Management's discussion and analysis of financial results for\nthe years ended December 31, 2008 and December 31, 2007.\n\n\nOperating results:\n\nSales revenue 2008\n-------------------------------------------------------------------------\n($ thousand) Q1 Q2 Q3 Q4 Total\n-------------------------------------------------------------------------\nPressure regulators $462 $566 $735 $774 $2,537\nEngine management\n systems 40 152 278 267 737\nIgnition systems &\n other parts 73 97 116 122 408\n-----------...