TORONTO, March 12, 2013 /CNW/ - Cencotech Inc. (CTZ -
TSX-V) today reports the results of operations for the first
three months of fiscal 2013, ended January
31st. All amounts referenced herein are in
Canadian dollars.
Revenue for the first three months of fiscal
2013 was $230,888 as compared to
$239,508 for the same period last
year. Net loss for the 2013 first quarter was $4,190 as compared to a loss of $22,728 in the first quarter of 2012.
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 a
large system term license to the software, While this reduces the
recording of one time larger license sales completions, we are
completing more deals for smaller more directed systems on a "pay
as you go" usage basis. The recurring monthly revenue is growing
nicely and is now covering our direct overhead, including debt
service. As the new approach to selling our products gains
traction, we anticipate significant growth in both quarterly top
line and reported profitability, without the sporadic lumpiness in
revenue experienced in the past. 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.