Business
CencoTech reports results of operations for fiscal 2008, October 31, 2008
TORONTO, Feb. 20 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today the results of operations f...
About this update from Namsys Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 20 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today the\nresults of operations for its fiscal year ended October 31st, 2008. All\namounts referenced herein are in Canadian dollars. Revenue for the fourth\nquarter of 2008 was $479,110 as compared to $218,492 for the same period last\nyear. A net loss of $39,990 ($0.00 per share) was recorded for the three\nmonths ended October 31st, 2008 as compared to a net loss of $59,957 ($0.00\nper share) for the same period last year.\n\n\nRevenue from operations for the twelve months ended October 31st, 2008\nwas $1,503,435 as compared to $1,041,203, in fiscal 2007. The fiscal 2007\nresults also included a gain of $1,351,319 as a result of the sale of\nintellectual assets and inventory with respect to the Company's Commercial\nSelf Service products division. Loss from operations for fiscal 2008 was\n$89,112 ($0.00 per share) as opposed to $457,565 ($0.02 per share) in fiscal\n2007. In 2007, the gain on the sale of intellectual assets and inventory\nresulted in net income for the year totaling $678,754 or $0.03 per share.\n\n\nAs reported in earlier periods, the Company's sales of self service\nproducts were disrupted in early fiscal 2008 as a result of the new\nmanufacturer of the products moving production facilities from Canada to Texas\nand concurrently bringing forward a new version of the "CashNet" self service\nproduct. Steady state manufacturing of the "CashNet" product was restored in\nlate summer of 2008 and the manufacturer, the Company and its principal sales\nagents have been working closely since that time on the roll out to the\nmarketplace of the latest iteration of these products.\n\n\nK. Barry Sparks, the President of Cencotech, stated "The roll out of the\nnewest version of the Commercial Self Service products is gaining traction.\nThe "CashNet" product has gained strong interest from large retailers all over\nNorth America and the Australian market also appears to be opening to the\nproduct. With the present difficulties in the economy, we are seeing increased\ninterest in the Company's software offerings, which provide real operating\nefficiencies to users in the control and management of currency in their\nbusinesses. While we were unable to totally eliminate our operating loss from\noperations in 2008, improv...