TORONTO, June 29 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first six months of fiscal 2009, ended April 30th. All amounts referenced herein are in Canadian dollars. Revenue for the second quarter was $155,078 as compared to $334,483 for the same period last year. A loss for the quarter of $128,552 ($0.01 per share) was recorded as compared to a profit from operations of $12,160 ($0.00 per share) for the three months ended April 30th, 2008.
Revenue for the first six months of fiscal 2009 was $565,599 as compared to revenue in the same period last year of $712,045. The Company recorded a loss of $130,747 ($0.01 per share) in the six months ended April 30th, 2009 as compared to a profit of $66,242 ($0.00 per share) in the same period last year.
K. Barry Sparks, the President of the Cencotech, stated "Revenue this quarter reflects the lack of sales income from the sale of licenses or systems for the Company's offering of software and hardware products. While we are experiencing strong interest in our software products and are working closely with a number of potential customers, none of the potential transactions closed during the quarter ended April 30th, 2009. In terms of the Company's CashNet self service products, notwithstanding the significant efficiencies the system brings to users, capital expenditures are receiving close attention in all facets of the North American economy. As noted, however, we are working closely with potential clients in an effort to get more of our products into use in the marketplace. Given the stage of negotiations with a number of clients, we anticipate notable success from our sales and marketing efforts in the next three months."
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 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.