Business
Cencotech reports results of operations for the 2016 first quarter, January 31st, 2016
Cencotech reports results of operations for the 2016 first quarter, January 31st, 2016 ...
About this update from Namsys Inc.
[{"type":"text","content":"\n\n\n\nCencotech reports results of operations for the 2016 first quarter, January 31st, 2016\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCencotech reports results of operations for the 2016 first quarter, January 31st, 2016\nCanada NewsWire\nTORONTO, March 23, 2016\n\n\n\nTORONTO, March 23, 2016 /CNW/ - Cencotech Inc. (CTZ – TSX-V) today reports the results of operations for the first three months of fiscal 2016, ended January 31st. All amounts referenced herein are in Canadian dollars. \n\nRevenue for the first three months of fiscal 2016 was $495,285 as compared to $346,572 for the same period last year. Income before Income Tax, a key metric engaging business performance, was $253,080 ($0.01 per share), as compared to $232,756 ($0.01 per share) in the first quarter of 2015. While the Company is not presently taxable due to loss carry forwards from previous years, in 2015 the estimated tax value of the loss carry forwards were capitalized. As a consequence, the 2016 first quarter results include a deduction of income tax of $67,066, while the 2015 results show no tax payable. Therefore, Comprehensive Income for the first quarter of 2016 was $186,014 ($0.01 per share) compared to $232,756 ($0.01 per share) for the comparable period in 2015. It is also noteworthy that the gain in foreign exchange, over which the Company has no control, was $89,234 in the first quarter of 2015, as compared to $55,609 for the same period this year.\n\nThe consolidated financial statements and Management's discussion and analysis for the first quarter of 2016 are available under the Company's profile on SEDAR at www.sedar.com. \n\nK. Barry Sparks, the President of Cencotech, stated: \"In excess of 75% of the revenue generated in the quarter was recurring in nature. This includes maintenance, systems upgrades, monitoring fees and sales of software product as a service (\"SaaS\"). The \"Cirreon™\"group of applications hosted by the Company's subsidiary, Namsys Inc, and sold on a cloud usage basis continues to make excellent progress in the marketplace. \n\nThe Managem...