TORONTO, June 28 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the second quarter of fiscal 2007 ended April 30th, 2007. All amounts referenced herein are in Canadian dollars. Revenue for the second quarter was $341,783 as compared to $242,656 for the same period last year. A net loss of $121,632 ($0.01 per share) was recorded for the three months ended April 30th, 2007, as compared to a loss of $73,988 ($0.00 per share) for the same period last year.
Revenue for the first six months of fiscal 2007 was $494,904 plus a gain of $1,351,319 as a result of the sale of all patents and trademarks for the Company's Commercial Self Service products in the first quarter of 2007. This compares to revenue of $388,425 in the same period last year. The Company recorded a profit of $804,693 or ($0.04 per share) in the six months ended April 30, 2007 as compared to a loss of $318,746 or ($0.01 per share) for the same period last year.
Cencotech's President, K. Barry Sparks stated "While hardware sales of the Commercial Self Service products increased markedly in the second quarter of 2007, these products have a lower margin than the Company's software offerings. The sales cycle for the Company's software tends to be a number of months and the dollar value of each license sale is relatively large. Consequently, the revenue from the sale of software licenses can vary quarter to quarter depending on the timing of sales completions. We remain optimistic with respect to the future for all of the Company's products as we look at the possibilities for continuing growth in the coming year."
Cencotech Inc. was created to acquire and manage emerging high technology enterprises with sound business solutions for their customers. The Corporation's present 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 systems are "open-architectured" and have been developed to interface with client's legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain 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.