Business
AFS (2004) Records first ever profitable quarter
AFS (2004) Records first ever profitable quarter.
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\n\nAFS (2004) announces first quarter 2006 financial and operating results\n\nCALGARY, May 10 /CNW/ - Alternative Fuel Systems (2004) Inc.\n(\"AFS (2004)\" or the \"Company\") (TSX Venture: AFX) announced today the\nCompany's financial and operating results for the first quarter ended\nMarch 31, 2006. \"We are delighted to report that we made a modest profit\nduring the quarter,\" said President and CEO Jim Perry. \"Our largest customer\nfor pressure regulators, a major European automaker, is ramping up production\nof their natural gas fuelled taxis. Other applications for this product for\nthe same manufacturer are being discussed.\"\nMr. Perry also stated that, \"On the electronics side of the business, we\nare concentrating on higher margin products, and we are getting results from\nour efforts to make larger production runs. These higher volumes allow us to\nachieve significant savings when purchasing electronic parts. We are seeing\nincreased sales of our custom designed engine control modules, especially in\nsoutheast Asia. Sales are made both directly into the market, and through a\nU.S. based reseller. We are also finding that the mix of products we are\nselling in this area is changing toward higher technology systems that can\nhandle both ignition and fuel control.\"\nFor the three-month period ended March 31, 2006, the Company recognized\nrevenue of $651,000 from sales to clients primarily in Europe, the U.S. and\nMexico. In the first three months of 2005, revenue was $659,000. AFS (2004)\nrecorded a net income of $14,000 during the quarter, compared to a net loss of\n$61,743 in the first quarter of 2005.\n\nManagement's Discussion and Analysis (\"MD&A\")\n\nBelow is Management's discussion and analysis of financial results for\nthe three-month periods ended March 31, 2006 and March 31, 2005.\n\nSales Revenue\nSales for the first quarter were comprised of the following (amounts in\nthousands of Canadian dollars):\n\n>\n\n\n\n","length":18243,"tagName":"div"}]