Business
Sirit Reports Second Consecutive Record Revenue Year in 2007
TORONTO, March 18 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency i...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, March 18 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, reports its\nfinancial results for the fourth quarter and year ended December 31, 2007. All\namounts are stated in Canadian Dollars unless otherwise noted.\n\n\nFor the second consecutive year, Sirit attained double digit growth and a\nrecord revenue level. Total revenue for fiscal 2007 reached $24.5 million, a\n13% growth rate over the $21.7 million reported for 2006. In constant\nUS dollars, the growth rate was 20% with the difference from the reported\nCanadian Dollar growth rate due to the strengthening Canadian Dollar in\nrelation to the US Dollar.\n\n\nRevenue from Sirit's Automatic Vehicle Identification ("AVI")\napplications reached $18.7 million (US$17.4 million) compared to $16.8 million\n(US$14.8 million) in 2006 and Radio Frequency Solutions ("RFS") revenue\nreached $5.8 million (US$5.5 million) compared to $4.9 million\n(US$4.3 million) in 2006. Sirit effectively managed its resources in 2007 with\ntotal cash utilization of $0.5 million and a 24% decrease in total expenses\ncompared to 2006, excluding foreign exchange impacts.\n\n\n"After successfully integrating two acquisitions in 2006, Sirit managed\noperations in 2007 at a level that would sustain the business for the\nlong-term. We experienced our first quarterly sales level above $6.5 million\nin the second quarter of 2007 and reached a cash flow neutral position in the\nfourth quarter," commented Anastasia Chodarcewicz, Chief Financial Officer,\nSirit Inc. "We maintained our position of financial strength which has brought\nthe Company to a point where we can begin to invest in high growth prospects\nthat we believe are starting to take shape."\n\n\nFourth Quarter Ended December 31, 2007\n\n\nSirit reported total revenue of $5.4 million (US$5.6 million) for the\nfourth quarter of 2007 compared to $5.7 million (US$5.0 million) in the fourth\nquarter of 2006. In US Dollars, revenue grew by 12% but declined by just under\n5% as reported in Canadian dollars. This reflects an exchange rate difference\nbetween Q4 2006 and Q4 2007 of approximately 15%. AVI revenue was $4.2 million\nor 77% of total sales and RFS revenue contributed $1.2 million or 23% of total\nsales in...