TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year ended October 31st, 2016. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2016 was $2,399,891 as compared to $1,708,144 in fiscal 2015. Income Before Tax, a key metric in gauging business performance, was $1,105,942 for fiscal 2016, as compared to fiscal 2015 Income Before Tax of $715,264. Comprehensive Income was; $826,942 ($0.03 per share) for fiscal 2016, as compared to $934,264 ($0.03 per share) for fiscal 2015. Comprehensive Income includes a non-operating tax credit of $219,000 in 2015 as compared to a deferred tax debit of $224,000 in 2016. Cash flows from operating activities were $1,121,984 for the year ending October 31, 2016 as compared to $578,647 for the same period in 2015.
The consolidated financial statements and management’s discussion and analysis for fiscal 2016 are available under the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the CEO of NamSys, stated “2016 was another very good year for the Company. The “Cirreon™”group of applications hosted and sold on a SaaS/”cloud” usage basis, continues to make excellent progress in the marketplace. Additional distribution agreements for the Cirreon products have recently gone into place with credible organizations and we expect Cirreon revenues to continue to grow in 2017.
The Company redeemed the balance of its Series V Preference shares at year end and amalgamated with its parent, Cencotech Inc. immediately thereafter. The outlook for NamSys remains positive and it is our belief that the Company (which remains debt free) will continue to make strides in achieving greater revenue and profitability for its shareholders in 2017 and beyond.”
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.