Business
TECSYS INC. Demonstrates Continued High Growth - Achieves 63% Increase in Revenues
TECSYS INC. Demonstrates Continued High Growth - Achieves 63% Increase in Revenues.
About this update from Tecsys Inc.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Nov. 29 /CNW Telbec/ - TECSYS Inc. (TSX: TCS), an industry-\nleading Supply Chain Management (SCM) software company announced today its\nfinancial results for the second quarter of fiscal 2006 ending October 31st,\n2005. 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.\n\nFinancial highlights for the three months include:\n\n - Revenue increased to $9.0M from $5.5M in the same quarter of last\n year, a 63% increase.\n - Product revenue increased to $3.7M from $1.8M in Q2 of the\n previous fiscal year, an increase of 102%.\n - Services revenue increased to $5.0M from $3.4M in Q2 of the\n previous fiscal year, an increase of 46%.\n - Net loss for the quarter was $166,000 compared to net loss of\n $316,000 for the same period in the previous year.\n - Cash increased to $7.0M compared to $6.7M at the end of the prior\n fiscal quarter.\n\nFinancial highlights for the six months include:\n\n - Revenue for the first half increased to $17M from $10.8M in the\n comparable period of last year, an increase of 57%.\n - Product revenue increased to $6.7M from $3.6M in the first half of\n the previous year, an increase of 87%.\n - Services revenue increased to $9.9M from $6.9M in the first half\n of the previous year, an increase of 45%.\n - Net Earnings for the first half were $59,000 compared to net loss\n of $180,000 for the same period in the previous year.\n\n\"The combination of organic and acquisition-related growth has resulted\nin a tremendous increase in revenue this quarter, led by a 102% increase in\nproduct sales. We are continuing our drive for customer acquisition and\nincreasing our share of the supply chain management software market\" said\nPeter Brereton, President and Co-CEO of TECSYS Inc.\n\nOther key achievements in the second fiscal quarter include:\n\n- TECSYS signed 6 new clients for its products and services including:\n\n - A major distributor for the world's leading manufacturer of\n construction and mining equipment\n - A Quebec-based, world-class developer and manufacturer of\n ammunition\n - A global children's publishing and media company\n - A distributor of plastic bags and packaging products in Ohio\n - A medical/Medicaid products d...