TORONTO, June 28,
2022 /CNW/ - NamSys Inc. (TSXV:
CTZ) today reports the results of operations for the first six
months and the second quarter of fiscal 2022 ended April 30th. All amounts referenced
herein are in Canadian dollars. Revenue for the second quarter was
$1,317,069 as compared to
$1,244,719 for the same period last
year. Net income before tax for the quarter of $426,135 ($0.015
per share) was recorded as compared to $416,175 ($0.015
per share) for the three months ended April
30th, 2021.
Revenue for the first six months of fiscal 2022 was $2,590,111 as compared to revenue in the same
period last year of $2,471,074. The
Company recorded net income before tax of $821,444 ($0.02 per
share) in the six months ended April
30th, 2022 as compared to $838,585 ($0.02 per
share) in the same period last year.
As the bulk of the Company's sales are in US dollars,
fluctuations in the exchange rate between Canadian and US dollars
impact reported income. Revenues are converted to Canadian dollars
when sales are completed and booked. Foreign exchange adjustments
are then required when payments are actually received.
The Financial Statements and Management's Discussion and
Analysis for the fiscal quarter ended April
30th, 2022 are available under the Company's
profile on SEDAR at www.sedar.com.
Jason Siemens, our Chief
Executive noted that the net income of the Company has remained
rather stable over the past few quarters. We are however continuing
to focus on domestic and international opportunities and are
encouraged by the quality of the prospects in our pipeline.
It remains our belief that we will continue to grow and achieve
greater revenue and profitability in 2022 and beyond."
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 NamSys Inc.