Cencotech reports results of operations for the third quarter, July 31st, 2013
TORONTO, Sep. 24, 2013, 2013 (Canada NewsWire via COMTEX) --
Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first nine months and
the third quarter of fiscal 2013, ended July 31st. All amounts
referenced herein are in Canadian dollars. Revenue for the third
quarter was $286,553 as compared to $184,443 for the same period last
year. Net income for the quarter of $29,718 ($0.00 per share) was
recorded as compared to a loss of $63,842 ($0.00 per share) for the
three months ended July 31st, 2012.
Revenue for the first nine months of fiscal 2013 was $790,150 as
compared to revenue in the same period last year of $735,664. The
Company recorded net income of $52,107 ($0.00 per share) in the nine
months ended July 31st, 2013 as compared to a loss of $153,650 ($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" basis (SaaS), as opposed to purchasing a
term licence for such software from the Company. While this reduces the
recording of one time larger licence sales completions, we are
completing more deals on a contracted 'pay as you go' usage basis.
Recurring contracted software revenue of $209,145 accounted for 73% of
total sales in the quarter ended July 31st, 2013, as compared to 96.2%
or $177,443 in the same period last 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 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.
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SOURCE: CencoTech Inc.
Mr. K. Barry Sparks President (416) 369-6081 mailto:email@example.com
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