TORONTO,
Sept. 24, 2013 /CNW/ - Cencotech
Inc. (CTZ - TSX-V) today reports the results of operations for
the first nine months and the third quarter of fiscal 2013, ended
July 31st. All amounts referenced
herein are in Canadian dollars. Revenue for the third quarter was
$286,553 as compared to $184,443 for the same period last year. Net
income for the quarter of $29,718
($0.00 per share) was recorded as
compared to a loss of $63,842
($0.00 per share) for the three
months ended July 31st, 2012.
Revenue for the first nine months of fiscal 2013
was $790,150 as compared to revenue
in the same period last year of $735,664. The Company recorded net income of
$52,107 ($0.00 per share) in the nine months ended
July 31st, 2013 as compared to a loss
of $153,650 ($0.01 per share) in the same period last
year.
K. Barry Sparks, the
President of Cencotech, stated, "As reported previously, the
Company is continuing to make progress in moving new product sales
opportunities forward, particularly with respect to our Cirreon
SaaS and related software offerings. New customers for the
Company's products are increasingly requesting that products be
offered on a "software as a service" basis (SaaS), as opposed to
purchasing a term licence for such software from the Company. While
this reduces the recording of one time larger licence sales
completions, we are completing more deals on a contracted 'pay as
you go' usage basis. Recurring contracted software revenue of
$209,145 accounted for 73% of total
sales in the quarter ended July 31st,
2013, as compared to 96.2% or $177,443 in the same period last year."
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.