Business
Sirit Achieves Third Consecutive Record Revenue Quarter
Sirit Achieves Third Consecutive Record Revenue Quarter.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nCash generated from operations on $7 million of revenue\n\n\nTORONTO, Aug. 9 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, today reported\nits financial results for the second quarter ended June 30, 2007. All amounts\nare stated in Canadian Dollars, unless otherwise noted.\n\n\nFinancial Achievements\n----------------------\n\n- Reaching a new milestone of $7.0 million in sales, Sirit reports its\n third consecutive quarter of record-setting revenue levels.\n\n- Sirit achieved a 26% growth rate compared to the second quarter of\n 2006 and a further 7% growth over the first quarter of 2007.\n\n- Excluding the impact of foreign exchange, total operating expenses\n were $3.1 million down from the $3.2 million reported in Q1 2007.\n During the second quarter of 2006, Sirit completed two acquisitions\n and with the inclusion of these newly acquired entities, total\n operating expenses were $5.1 million.\n\n- Sirit reported $9.7 million in cash at June 30, 2007 compared to\n $9.9 million at March 31, 2007. As cash is maintained in US funds to\n support primarily US based operations, the US dollar cash balance was\n US$9.1 million at June 30, 2007 compared to US$8.5 million at March\n 31, 2007.\n\n\n"The second quarter of 2007 represents the strongest quarter in Sirit's\nhistory. Strong revenue growth, cash generation from operations and\neffectively managed operating expenses has placed Sirit in its strongest\nfinancial position in the past 5 years," commented Anastasia Chodarcewicz,\nChief Financial Officer, Sirit Inc. "In addition, excluding the unrealized\nforeign exchange losses, Sirit generated approximately $0.6 million in cash\nfrom operations, a full two quarters ahead of the Company's targeted year end\ncash flow neutral position."\n\n\nRevenue from automatic vehicle identification ("AVI") applications of\n$5.2 million represented a steady level compared to $5.2 million in Q1 2007\nand an 18% growth rate over $4.4 million reported in Q2 2006. Radio frequency\nsolutions ("RFS") applications contributed $1.8 million or a 56% growth rate\ncompared to the $1.1 million reported in Q2 2006 and a 37% growth rate over\nQ1 2007. For Q2 2007, AVI sales remained strong at the same levels reported in\nQ...