Business
AFS announces profitable second quarter
AFS announces profitable second quarter
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\n Aug. 12, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nCALGARY, Aug. 12 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or the "Company") (TSX Venture: AFX) announced today its financial results for the three month and six month periods ended June 30, 2010. Total revenue for the second quarter was $826,544, compared to revenue of $658,546 recorded in the same quarter of 2009. Net income for the three months ended June 30, 2010 was $30,058 compared to income of $149,283 in the same period of 2009. For the six months ended June 30, 2010, total revenue was $1,367,295 compared to $1,324,539 recorded in the same period of 2009. In the first half of 2010, the Company had a net loss of ($37,370), while in the six months ended June 30, 2009 a net profit of $41,968 was recorded.\nAFS President and CEO Jim Perry stated "We have seen significant growth in our sales of engine control systems and fuel injectors this year. Revenue from engine controller sales was $526,438 in the second quarter, almost double that recorded in the same period of 2009. Fuel injector sales in the three months ended June 30, 2010 were $126,396 which was about six times higher than sales in the second quarter of 2009. We have been concentrating on growing sales of these two types of equipment, and the results we have achieved show the success of this strategy. However, margins in the second quarter of 2010 were adversely affected by start-up costs for new engine controller designs and by the strength of the Canadian dollar."\nMr. Perry added that "We have a number of engineering projects underway at the moment, but many of them are spread out over longer terms compared to those that were completed and billed in the second quarter of 2009. As a result, engineering revenue for Q2 of 2010 was lower than that recorded in the same quarter of last year. However, we are encouraged by the number of new engineering projects starte...