TORONTO, Sept. 23, 2015 /CNW/ - Cencotech Inc.
(CTZ – TSX-V) today reports the results of operations for the
first nine months and the third quarter of fiscal 2015, ended
July 31st. All amounts referenced
herein are in Canadian dollars. Revenue for the third quarter was
$452,487 as compared to $328,792 for the same period last year. Net
income for the quarter was $261,211
($0.01 per share) as compared to
$61,159 ($0.00 per share) for the three months ended
July 31st, 2014.
Revenue for the first nine months of fiscal 2014 was
$1,251,681 as compared to revenue in
the same period last year of $924,159. The Company recorded net income of
$649,522 ($0.024 per share) in the nine months ended
July 31st, 2015 as compared to
$182,649 ($0.01 per share) in the same period last
year.
K. Barry Sparks, the President of
Cencotech, stated; "As reported previously, the Company is
continuing to make progress in moving new product sales
opportunities forward, particularly with respect to our Cirreon
(SaaS) and related software offerings. New customers for the
Company's products are increasingly requesting that products be
offered on a "software as a service" (SaaS) basis, as opposed to
purchasing term licenses for such software from the Company. While
this reduces the recording of one time larger license sales
completions, we are completing more deals on a contracted 'pay as
you go' usage basis. Recurring contracted software revenue of
$321,491 accounted for 71% of total
sales in the quarter ended July 31st,
2015, as compared to $241,872
in the same period last year."
Mr. Sparks continued; "While sales in the quarter ended
July 31st, 2015 were approximately
the same as those recorded the previous quarter, this flattening of
sales in the summertime is not unusual. Our experience in this
market is that many customers choose not to make changes in their
processes during the summer months, when many members of their
staff are vacationing. The Company's order book for the fourth
quarter is in good shape. Further, the reported income for the
July 31st, 2015
quarter was enhanced by foreign exchange earnings in the period of
$22,831. This compares to FX losses
in the April 30th, 2015
quarter of $31,095 and FX losses in
the July 31st, 2014 quarter of
$4,143.
We are pleased with the progress being made to roll out more
product and particularly with the market's adoption of our Cirreon
offerings. We remain optimistic for increasing sales and
profitability growth going forward."
Cencotech Inc. products are designed to bring efficiency to
the processing of currency and other value instruments in financial
institutions, retailers, public transportation operations and the
gaming industry. Cencotech's proprietary software products for this
market are "open-architected" 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.
SOURCE CencoTech Inc.