TORONTO, Sept. 28 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the third quarter of fiscal 2007 ended July 31st. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $327,807 as compared to $270,549 for the same period last year. A net loss of $65,982 or ($0.00) per share was recorded for the three months ended July 31st, 2007 as compared to a net loss of $116,259 or ($0.01) per share for the same period last year.
Revenue for the nine months of 2007 to July 31st was $822,711 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 $658,974 in the same period last year. The Company recorded net income of $738,711; $0.04 per share in the nine months ended July 31st, 2007, as compared to a loss of $435,005 ($0.02) per share for the same period last year.
Cencotech's President, K. Barry Sparks, stated: "Sales of the Commercial Self Service products again increased in the third quarter of 2007 and we look for this trend to continue into the future. The Company is also aggressively pursuing revenue opportunities for its software licenses. While the sales cycle for the Company's software tends to be quite lengthy, we remain optimistic with respect to the future for all of the Company's products, as we look at the possibilities for continuing growth."
Mr. Sparks also announced that J.W.R. Medland, the Chief Financial Officer of Cencotech has tendered his resignation as he has taken on new responsibilities with another employer. Mr. Medland has not yet been replaced but on an interim basis, the Company's Non Executive Chairman, E. Christopher Stait-Gardner has agreed to serve as Interim Chief Financial Officer. A permanent replacement for Mr. Medland will be announced in due course.
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.