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TECSYS Inc. announces net income of $436K for Q3, 2007 - Earnings per share of $0.03
TECSYS Inc. announces net income of $436K for Q3, 2007 - Earnings per share of $0.03.
About this update from Tecsys Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, Feb. 27 /CNW Telbec/ - TECSYS Inc. (TSX: TCS), an\nindustry-leading Supply Chain Management software company announced today its\nfinancial results for the third quarter of fiscal year 2007 ended January\n31st, 2007. All dollar amounts are expressed in U.S. currency and reported in\naccordance with Canadian Generally Accepted Accounting Principles (GAAP) with\na reconciliation to the United States GAAP, and are unaudited. All comparable\nfigures for the prior periods have been restated as per TECSYS' August 15th,\n2006 press release.\n\n\nHighlights for the third quarter include:\n\n- Total Gross margin increased to 40%, up from 35% in the comparable\n quarter of last year\n- EBITDA was $679K, up from $41K in the comparable quarter of the prior\n year\n- Earnings from operations were $256K, up from a loss of $6K in the\n comparable quarter of last year\n- Cash from operations amounted to $730K, up from $532K in the comparable\n quarter of last year\n- Net Earnings were $436K or 3 cents per share\n- Revenue was $7.9 million, down from $9.5 million in the comparable\n quarter of last year, due mainly to lower third party products, but up\n by 4% over the prior quarter.\n- Backlog amounted to $14.2M, up from $13.9 at the end of the prior\n quarter.\n\n- The Company signed four new customers that include:\n\n - Wagner Equipment Co., a major Caterpillar(R) dealer based in Denver,\n Colorado\n - Two distributors of industrial gases & equipment in the U.S.\n - A New York-based import to retail distributor\n\n- The Company also signed a number of product upgrades and its services'\n organization has successfully completed the deployment of its solutions\n in a number of accounts during the quarter, one of which is Floors-2-\n Go, the largest Floor Covering Retailer in the U.K.\n\nPeter Brereton, President and CEO of TECSYS Inc. commented on the results:\n"We made significant progress during the quarter on a number of fronts.\nOperating and net income improved substantially. We have generated $730K cash\nfrom operations, bringing our cash position to $4.6M and eliminated our long\nterm debt with a final repayment of $412K. We also reduced our DSO (Day's\nSales Outstanding) substantially to 74 days from 88 days at the end of this\nyear's 2nd quarter. Our customers continue to invest in our products and\nservices...