Mar. 28, 2011 (Canada NewsWire Group) --
TORONTO, March 28 /CNW/ - Cencotech Inc. (TSXV: CTZ) announced today the results of operations for the first three months of fiscal 2011, ended January 31st. All amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2011 was $256,084 as compared to $513,417 for the same period last year. Net loss for the 2011 first quarter was $53,613 as compared to a profit of $122,836 in the first quarter of 2010.
K. Barry Sparks, the President of Cencotech, stated "Sales for the quarter were disappointing in that there were no completed deliveries of software systems and only a small amount of hardware units delivered. On a positive note, the majority of the revenue generated in the quarter was maintenance, systems upgrades and monitoring fees, which are recurring in nature. We have noted previously the lengthy sales cycle to our software products, being large systems that require capital commitments.
Interest in our software systems remains strong and we are hopeful that potential customers will move forward to complete transactions. We continue to believe that results for full year 2011 will exceed those generated previously."
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.
Mr. K. Barry Sparks
President
(416) 369-6081
mailto:kbsparks@cencotech.com