Business
Sirit Delivers Seventh Consecutive Quarter of Year-over-Year Growth
Operational strength reflected in double digit growth, improved margins and realized acquisition ...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nOperational strength reflected in double digit growth, improved margins\n\n\nand realized acquisition synergies\n\n\nTORONTO, Nov. 13 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, today reported\nits financial results for the third quarter ended September 30, 2007. All\namounts are stated in Canadian Dollars, unless otherwise noted.\n\n\nFinancial Achievements\n---------------------\n- The third quarter of 2007 represents the seventh consecutive quarter\n of revenue growth compared to the same quarter in the prior year.\n\n- Sirit achieved a revenue growth rate of 11% (19% in US Dollars\n excluding foreign exchange impact) compared to the third quarter of\n 2006. Total year-to-date revenue reached $19.1 million, a\n $3.1 million or 19% growth rate over the first nine months of 2006\n (22% in US Dollars excluding foreign exchange impact).\n\n- Development expenses of $0.7 million reflect ongoing operating\n requirements when compared to the $1.6 million in the prior year\n required to complete development activities assumed in the 2006\n acquisitions.\n\n- Total operating expenses remained consistent with the first two\n quarters of 2007. Excluding foreign exchange losses, for the three\n months ended September 30, 2007, operating expenses were\n $3.3 million, a $1.1 million decrease over the same period in 2006.\n\n- Excluding the impact of foreign exchange, the Company utilized\n $0.3 million of cash in the third quarter of 2007, a significant\n improvement over the $2.7 million of cash utilized in the third\n quarter of 2006.\n\n\n"This quarter extends our year-over-year revenue growth trend achieving\nanother solid quarter for the Company. The reported 11% increase in third\nquarter revenue compared to the prior year represents the seventh consecutive\nquarter of double digit growth for Sirit," commented Anastasia Chodarcewicz,\nChief Financial Officer, Sirit Inc. "In line with our expectations, Sirit\ncontinued to manage its expenses and control cash spending reflecting an\noverall solid operation poised to take on future expansion projects as they\narise."\n\n\nRevenue of $4.2 million from automatic vehicle identification ("AVI")\napplications increased by $0.5 million or 14% versus the $3.7 million...