TORONTO–(BUSINESS WIRE)–NamSys Inc. (CTZ – TSX-V) today reports the results of operations
for the first nine months and the third quarter of fiscal 2018, ended
July 31st. All amounts referenced herein are in Canadian dollars.
Revenue for the third quarter was $839,060 as compared to $753,791 for
the same period last year. Net income before tax for the quarter was
$407,186 ($0.015 per share) as compared to $304,645 ($0.01 per share)
for the three months ended July 31st, 2017.
Revenue for the first nine months of fiscal 2018 was $2,389,853 as
compared to revenue in the same period last year of $2,197,010. The
Company recorded net income before tax of $1,098,912 (0.04 per share) in
the nine months ended July 31st, 2018 as compared to $980,596 ($0.035
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. This foreign exchange adjustment
positively impacted stated Comprehensive Income in the Quarter ended
July 31, 2018 by $15,804. For the nine month fiscal period the foreign
exchange gain was $4,429. This compares to fiscal 2017 foreign exchange
loss of $76,702 for the quarter and a loss of $78,066 for the 2017
fiscal nine months.
The consolidated financial statements and Management’s Discussion and
Analysis for the fiscal quarter ended July 31, 2018 are available under
the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of the Company stated; “The timing
of non-recurring revenue items is not controllable. We therefore,
continue to focus on the growth in distribution of our recurring revenue
products which over time provide a strong base for sustainable growth.
Comprehensive Income for the year 2018 to the end of the third quarter,
is largely derived from recurring revenue products. NamSys is working
diligently with our distribution partners to broaden the depth of our
offerings, and to that end we are pleased with the progress being
achieved. However, the implementation of these new solutions require
changes in the way the end-users process transactions. This equates to
significant time and effort by all parties to change processes. But, as
the benefits to all involved substantially outweigh the costs, the
rollout continues to move forward.”
NamSys plans to host a conference call for interested investors on
October 17th, 2018 at 10:00 a.m. Details of the conference connection
will be released and published the week of October 8th, 2018.
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’s proprietary software products for this market are
“open-architected” and have been developed to interface with clients’
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.
Mr. K. Barry Sparks, (416) 369-6081