Business
Cencotech reports results of operations for the second quarter, April 30th, 2016
Cencotech reports results of operations for the second quarter, April 30th, 2016 C...
About this update from Namsys Inc.
[{"type":"text","content":"\n\n\n\nCencotech reports results of operations for the second quarter, April 30th, 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 second quarter, April 30th, 2016\nCanada NewsWire\nTORONTO, June 29, 2016\n\n\n\nTORONTO, June 29, 2016 /CNW/ - Cencotech Inc. (CTZ – TSX-V) today reports the results of operations for the first six months and the second quarter of fiscal 2016 ended April 30th. All amounts referenced herein are in Canadian dollars. Revenue for the second quarter was $561,021 as compared to $452,622 for the same period last year. Net income before tax for the quarter of $163,536 ($0.01 per share) was recorded as compared to $155,555 ($0.01per share) for the three months ended April 30th, 2015.\n\nRevenue for the first six months of fiscal 2016 was $1,056,308 as compared to revenue in the same period last year of $799,194. The Company recorded net income before tax of $416,616 ($0.02 per share) in the six months ended April 30th, 2016 as compared to $388,311 ($0.01 per share) in the same period last year.\n\nThe Company has chosen to compare year over year Comprehensive Income before taxes because the Company is not yet taxable due to losses in previous years. In fiscal 2015, with the concurrence of the Company's auditors, the tax loss carry forwards were assigned a present value and capitalized in the Company's accounts. Fiscal 2016 Comprehensive Income reflects the taxes which would have been payable had the Company been taxable. The tax amount for each period is in turn charged against the capitalized tax asset. Prior to the capitalization of such losses, the accounting protocol assumed no taxes were payable. For comparison purposes, therefore, Comprehensive Income before taxes is the appropriate metric.\n\nAs the bulk of the Company's sales are in US dollars, fluctuations in the exchange rate between Canadian and US dollars impact reported income. Revenues are converted to Canadian dollars when sales are completed and booked. Foreign exchange adjustments are then required when payments are actuall...