TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year ended October 31st, 2017. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2017 was $2,905,555 as compared to $2,399,891 in fiscal 2016. Net Income was; $924,383 ($0.03 per share) for fiscal 2017, as compared to $826,942 ($0.03 per share) for fiscal 2016. Net and Comprehensive Income includes Foreign Exchange gains and losses, which were in the aggregate approximately $80,000 negative for the 2017 results as compared to fiscal 2016. As well, Income Tax expense for 2017 was $57,661 higher than 2016. Overall net cash generation of $0.04 per share for 2017, is similar to the cash generation achieved in 2016.
The Audited Financial Statements and Management’s Discussion and Analysis for fiscal 2017 are available under the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the CEO of NamSys, stated “2017 was another good year for the Company. The “Cirreon™”group of applications hosted and sold on a subscription basis, continue to make excellent progress in the marketplace. The outlook for the business in 2018 remains positive, with additional distribution agreements for new Cirreon applications expected to come on stream over the next few months. These new products are in addition to our existing applications, which continue to see growth.”
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.