Business
AFS announces 2006 financial and operating results
AFS announces 2006 financial and operating results.
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCALGARY, April 27 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or\nthe "Company") (TSX Venture: AFX) announced today the Company's financial and\noperating results for the year ended December 31, 2006. President and CEO Jim\nPerry stated, "although our major customer in Europe stopped their production\nof CNG vehicles in the last six weeks of 2006, we were still able to end up\nthe year with a small positive cash flow from operations. The customer\ncommenced production again mid-April 2007, at a low rate, and we have been\ninformed that volume should increase over the next month or two."\n\n\nFor the year ended December 31, 2006, the Company recognized revenue of\n$2,460,258 from sales to clients primarily in Europe, the U.S. and Asia. AFS\nrecorded a net loss of $100,000 ($.01 per share) for the year. Revenue for the\nyear ended December 31, 2005 totaled $2,293,000 and the net loss for this\nperiod was $194,000 ($.01 per share).\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, 2006 and December 31, 2005.\n\n\nSales Revenue\n\n\nSummary of Quarterly Results (amounts in thousands of Canadian dollars):\n\n\n-------------------------------------------------------------------------\n 2006 Q1 Q2 Q3 Q4\n-------------------------------------------------------------------------\nPressure regulator $386 $384 $600 $323\n-------------------------------------------------------------------------\nEngine management systems 195 64 142 53\n-------------------------------------------------------------------------\nIgnition systems & other parts 33 62 16 137\n -- -- -- ---\n-------------------------------------------------------------------------\n Subtotal Product Sales $614 $510 $758 $513\n-------------------------------------------------------------------------\n\n-------------------------------------------------------------------------\nEngineering services 37 21 4 4\n -- -- - -\n-------------------------------------------------------------------------\n Total $651 $531 $762 $517\n-------------------------------------------------------------------------\n\n\n-------------------------------------------------------------------------\n 2005 Q1 Q2 Q3 Q4\n------------------------...