TORONTO, Feb. 24, 2014 /CNW/ - Cencotech
Inc. (CTZ – TSX-V) today reports the results of operations for
the fiscal year ended October
31st, 2013. All amounts referenced herein are in
Canadian dollars. Revenue for the fourth quarter of 2013 was
$300,697 as compared to $275,609 for the same period last year.
Comprehensive Income of $29,728
($0.00 per share) was recorded for
the three months ended October
31st, 2013 as compared to $10,500 ($0.00 per
share) for the same period last year.
Revenue from operations for the twelve months ended October 31st, 2013 was $1,090,848 as compared to $1,011,273 in fiscal 2012. Comprehensive Income
for fiscal 2013 was $81,835
($0.00 per share) as compared to a
loss of $143,150 ($0.01 per share) in fiscal 2012.
K. Barry Sparks, the President of
Cencotech, stated "Last year at this time we noted the Company had
refreshed and updated its hallmark CC-32 Currency Controller
product by segmenting, separating and updating the functionality
into discrete units. These units, branded as the "Cirreon™" group
of applications are hosted by the Company's subsidiary, Namsys Inc.
and are sold on a SaaS/"cloud" usage basis.
We have been pleased with the market acceptance of the Cirreon
applications, the sales of which are recorded monthly as system
usage fees. While we do not receive as many onetime license fee
amounts as in the past, the Cirreon applications have broadened the
market for our products with payments based on usage made monthly.
A consequence of this is greater predictability of cash flow, as
more clients are added to the Cirreon offerings. While total
Company revenues for 2013 were slightly lower than fiscal 2012,
customer volumes for the Cirreon applications were higher in 2013
and trending upward, which in our view augers well for the
future."
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.