Business
AFS (2004) reports record quarterly revenue
CALGARY, Aug. 21 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS or the Company") (TSX Venture...
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 21 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS or\nthe Company") (TSX Venture: AFX) today reported record revenue for the\nthree-month period ended June 30, 2008. President and CEO Jim Perry stated,\n"Revenue for the second quarter was $827,685 including engineering and\ninterest income. This is the highest quarterly result the Company has recorded\nsince the reorganization of 2004, and represents a jump of more than 61% over\nthe revenue generated in Q2 of 2007. The company also recorded $155,542 in\ncash flow from operations during the quarter, a substantial improvement from\nthe cash flow loss of $(4,226) recorded in the same period of 2007. Finally,\nwe recorded a profit of $36,662 during the second quarter of 2008, versus a\nloss of $(159,919) during Q2 of 2007. We are very pleased to report such\nimproved results, with solid growth coming from both our pressure regulators\nand engine management systems business lines".\n\n\nSales of the AFS "Falcon" natural gas pressure regulator have increased\nby 40% versus the same quarter of the previous year. Sales of engine\nmanagement systems are up by more than five times compared to Q2 of 2007 as\nhigher volume shipments to customers in India were recorded. The Company has\nrecently received deposits for several large runs of custom engine controllers\ndestined for Asian markets. Manufacture of the first batch of these\ncontrollers is now underway. Initial shipments to customers are expected to\nbegin before the end of the third quarter of 2008.\n\n\nThe Company previously announced that it is working on three projects for\nTata Motors of India. In addition, two different projects for another major\nIndian vehicle manufacturer have now commenced. Mr. Perry added that "we are\nseeing significant interest in our engine management systems from other Indian\nbased vehicle manufacturers that will be subject to stiff new emissions\nrequirements that take effect in 2010. Given the long development and\nvalidation cycle for such components, customers are now beginning to act. We\nbelieve that AFS is in a very good position to compete for these new\nopportunities, given the well publicized success of our work on the Tata "ACE"\nsmall CNG truck."\n\n\nForward-looking statements\n\n\nCertain statements in this new...