NamSys Reports Results of Operations for the Fiscal 2019 First Quarter, January 31st, 2019
TORONTO--(BUSINESS WIRE)--Mar 20, 2019--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the first three months of fiscal 2019, ended January 31 st. All amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2019 was $902,410 as compared to $742,488 for the same period last year. Income before Income Tax, a key metric in gauging business performance, was $408,633 ($0.01 per share), as compared to $285,360 ($0.01 per share) in the first quarter of fiscal 2018. The Company is not presently fully taxable due to loss carry forwards and Federal tax credits from previous years. It is noteworthy that the loss in foreign exchange, over which the Company has no control, was $4,367 in the first quarter of fiscal 2019, as compared to $53,833 for the same period last year. The loss recorded for foreign exchange is largely a result of IFRS requirements to value foreign currency receivables at each quarter end, which will be collected in the next quarter and revalued based upon the $Cdn. exchange rate at that time. Comprehensive income for the first quarter of 2019 was $302,225 ($0.01 per share) compared to $211,360 ($0.01 per share) for the comparable period in 2018.
The Financial Statements and Management’s Discussion and Analysis for the first quarter of fiscal 2019 are available under the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of NamSys, stated: “Again this year, in excess of 80% 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”). The “Cirreon™” group of applications hosted and sold on a cloud usage basis, continues to make excellent progress in the marketplace.
The Management challenge for the NamSys Team continues to be growing distribution. Management are working diligently to assist existing distributors expand the use of our products in their networks and at the same time initiating new distributors, offering our products through their networks. New Cirreon applications for broadly based financial institution activities are in the process of being rolled out by our distributors. The addition of these products will be reflected in future quarterly results.
Based upon the success in the marketplace of the Cirreon products in addition to a satisfied base of CC32 licence holders, it remains our belief that the Company will continue to make strides in achieving greater revenue and higher profits in 2019 and beyond.”
NamSys plans to host a conference call for interested investors as part of the Annual Meeting presentation on April 24 th, 2019. The Annual Meeting can be attended by conference call as follows:
Date: Wednesday, April 24, 2019
Time: 11:00 am
Toll free (U.S./Canada): 1-877-876-9173
International: +1 785-424-1667
Conference id: NAMSYS
We recommend that participants connect approximately 10 minutes prior to the start of the event to register with the operator
NamSys 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. NamSys’ 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 strategies for achieving increased revenue and profitability.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190320005620/en/
CONTACT: Mr. K. Barry Sparks
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE PROFESSIONAL SERVICES FINANCE
SOURCE: NamSys Inc.
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PUB: 03/20/2019 12:25 PM/DISC: 03/20/2019 12:25 PM