Business
Sirit Reports Second Quarter 2009 Financial Results
TORONTO, Aug. 11 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency id...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 11 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, reports its\nfinancial results for the second quarter ended June 30, 2009. All amounts are\nstated in Canadian Dollars unless otherwise noted.\n\n\nQ2 2009 Financial Results\n\n\nSirit continues to withstand the current weak economic environment\nachieving consistent revenue levels for the third consecutive quarter in\ncomparison to prior year quarterly results. For the second quarter of 2009,\nthe Company achieved revenue of $5.2 million (US$4.5 million) representing a\n9% increase compared to $4.8 million (US$4.7 million) reported for Q2 2008.\n\n\nYear-to-date, revenue has reached $10.8 million compared to $9.1 million\nin the first half of 2008, an improvement of almost 19%. Revenue growth has\nbeen distributed across all application areas when compared to the prior year.\nIn particular, Sirit has experienced strong initial demand from the new Golden\nEars Bridge in Vancouver, Canada which opened during 2009 as well as continued\nsales into Brazil.\n\n\nOngoing efforts to manage cash spend are a top priority at Sirit. To\ndate, these efforts have been effective as the Company has utilized just over\n$0.2 million of cash to fund operations during Q2 2009. For the first half of\n2009, Sirit has managed its cash spending to approximately $0.4 million\ncompared to $4.1 million in the first half of 2008 which included the\nacquisition of RSI ID Technologies, Inc.\n\n\nAutomatic Vehicle identification ("AVI") related applications contributed\n$3.8 million or 73% of Q2 2009 revenue with the remaining $1.4 million\nattributable to Radio Frequency Solutions ("RFS") related applications. This\nis compared to revenue of $3.3 million and $1.5 million for AVI and RFS\nrespectively in Q2 2008, with AVI representing 70% of total quarterly revenue.\nWhile RFS applications revenue has remained consistent with prior year, the\ngrowth in AVI during the second quarter relates to the new customers noted\nabove. Timing of future revenue growth in either RFS or AVI will depend on new\nand large customer orders which have been delayed due to continued weak global\neconomic conditions.\n\n\n"As a technology company, it remains important for Sirit to ensure its\nfuture...