TORONTO, March 27, 2014 /CNW/ - Cencotech Inc.
(CTZ – TSX-V) today reports the results of operations for the
first three months of fiscal 2014, ended January 31st. All amounts referenced
herein are in Canadian dollars.
Revenue for the first three months of fiscal 2014 was
$269,723 as compared to $230,888 for the same period last year.
Comprehensive income for the 2014 first quarter was $110,377 as compared to a loss of $4,190 in the first quarter of 2013.
K. Barry Sparks, the President of
the Cencotech, stated: "The majority of the revenue generated in
the quarter was recurring in nature. This includes maintenance,
systems upgrades, monitoring fees and sales of software product as
a service ("SaaS"). Increasingly, we are selling our software
products on a SaaS basis rather than selling large system term
licenses. While this reduces the recording of one time larger
license fees, we are now completing more deals for smaller more
directed systems on a "pay as you go" usage basis. This recurring
monthly revenue continues to scale upwards and this quarter
represented 35% of total revenue. As the SaaS approach to selling
our products continues to grow, we anticipate significant increases
in both quarterly top line and reported profitability. We also note
part of the bottom line revenue growth this quarter was due to the
rapid weakening of the Cdn. dollar vis a vis the U.S. dollar during
the quarter.
"We remain confident in our ability to provide unique solutions
that satisfy our customers' requirements."
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.