TORONTO, Sept. 18 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first nine months of fiscal 2008, ended July 31st, 2008. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $312,280 as compared to $327,807 for the same period last year. A loss was recorded for the quarter of $115,364 ($0.01 per share) as compared to a loss from operations of $65,982 ($0.01 per share) for the three months ended July 31st, 2007.
Revenue for the first nine months of fiscal 2008 was $1,024,325 as compared to revenue in the same period last year of $822,711, exclusive of a gain of $1,351,319 as the result of the sale of patents and trademarks for the Company's Commercial Self Service products in the first quarter of 2007. The Company recorded a loss of $49,122 ($0.00 per share) in the nine months ended July 31st, 2008 as compared to a profit of $738,711 ($0.03 per share) in the same period last year, including the gain on sale of the Commercial Self Service intellectual and hard assets in the first quarter of 2007.
K. Barry Sparks, the President of Cencotech, stated "As noted last quarter, the new version of the CashNET product is now being delivered to clients. While part of the order backlog for these products was cleared in the third quarter, the balance of the backlog has now been cleared and the Company is able to meet orders as they are received from clients. Interest in the Company's software products continues to be strong and we believe the small deficit recorded 2008 year to date will be eliminated and profitability restored for the full 2008 fiscal year."
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.