TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year, ended October 31st, 2018. All amounts referenced herein are in Canadian dollars.
Revenue from the operations for the twelve months ended October 31st, 2018 was $3,242,073 as compared to $2,905,555 in fiscal 2017. Net Income was $1,147,657 ($0.04 per share) for fiscal 2018 as compared to $924,383 ($0.03 per share) for fiscal 2017. Net and Comprehensive Income includes Foreign Exchange gains and losses, which were in the aggregate approximately $80,000 positive for the 2018 results as compared to 2017. As well, Income Tax expense for 2018 was $48,302 lower than 2017. Overall the Company achieved net cash generation of $0.04 per share for 2018.
The Audited Financial Statements and Management’s Discussion and Analysis for fiscal 2018 are available on the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of NamSys stated; “2018 was a 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. Over the past eighteen months new Cirreon applications, of other components in our core “Currency Controller” software were adapted to “SaaS” offerings. We had hoped these new products would impact 2018 numbers, but the required changes in the modus operandi of the various market participants (primarily banks, currency carriers and insurers), impacted the rollout of these offerings. The outlook for the business in 2019 remains positive, with additional distribution agreements for new Cirreon applications expected to come on stream early in the year. 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’s 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 sales strategies.