TORONTO, Feb. 20 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today the results of operations for its fiscal year ended October 31st, 2008. All amounts referenced herein are in Canadian dollars. Revenue for the fourth quarter of 2008 was $479,110 as compared to $218,492 for the same period last year. A net loss of $39,990 ($0.00 per share) was recorded for the three months ended October 31st, 2008 as compared to a net loss of $59,957 ($0.00 per share) for the same period last year.
Revenue from operations for the twelve months ended October 31st, 2008 was $1,503,435 as compared to $1,041,203, in fiscal 2007. The fiscal 2007 results also included a gain of $1,351,319 as a result of the sale of intellectual assets and inventory with respect to the Company's Commercial Self Service products division. Loss from operations for fiscal 2008 was $89,112 ($0.00 per share) as opposed to $457,565 ($0.02 per share) in fiscal 2007. In 2007, the gain on the sale of intellectual assets and inventory resulted in net income for the year totaling $678,754 or $0.03 per share.
As reported in earlier periods, the Company's sales of self service products were disrupted in early fiscal 2008 as a result of the new manufacturer of the products moving production facilities from Canada to Texas and concurrently bringing forward a new version of the "CashNet" self service product. Steady state manufacturing of the "CashNet" product was restored in late summer of 2008 and the manufacturer, the Company and its principal sales agents have been working closely since that time on the roll out to the marketplace of the latest iteration of these products.
K. Barry Sparks, the President of Cencotech, stated "The roll out of the newest version of the Commercial Self Service products is gaining traction. The "CashNet" product has gained strong interest from large retailers all over North America and the Australian market also appears to be opening to the product. With the present difficulties in the economy, we are seeing increased interest in the Company's software offerings, which provide real operating efficiencies to users in the control and management of currency in their businesses. While we were unable to totally eliminate our operating loss from operations in 2008, improvement year over year has been material and notwithstanding the recessionary pressures in the world economies we maintain our optimism with respect to the future."
Cencotech Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. Cencotech's proprietary software products for this market are "open-architectured" and have been developed to interface with clients' legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.