TORONTO, March 25 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first three months of fiscal 2009 ended January 31st. All amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2009 was $410,521 as compared to $377,563 for the same period last year. The net loss for the 2009 first quarter was $2,195 ($0.00 per share) as compared to a net income from operations in the first quarter of 2008 of $54,082 ($0.00 per share).
K. Barry Sparks, the President of Cencotech, stated: "The sales mix between hardware and software in the quarter ended January 31st, 2009 was skewed towards lower margined hardware products as compared to the first quarter 2008 when software income was the main driver in the period. As we have noted previously, software license sales have a lengthy sales cycle. Having said that, notwithstanding the present economic environment, we are seeing significant interest in the Company's software products. While there can be no doubt that capital budget expenditures are receiving close attention in all facets of the North American economy, the implementation of our system solutions creates significant efficiencies in the operations of the users. Therefore, notwithstanding the present economic downturn, we are working closely with clients and potential clients in an effort to get more of our products into use in the marketplace."
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.