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 2019, ended July 31st. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $1,069,733 as compared to $839,060 for the same period last year. Net income before tax for the quarter was $462,459 ($0.015 per share) as compared to $407,186 ($0.01 per share) for the three months ended July 31st, 2018.
Revenue for the first nine months of fiscal 2019 was $3,011,116 as compared to revenue in the same period last year of $2,389,853. The Company recorded net income before tax of $1,419,296 (0.05 per share) in the nine months ended July 31st, 2019 as compared to $1,098,912 ($0.04 per share) in the same period last year.
The consolidated financial statements and Management’s Discussion and Analysis for the fiscal quarter ended July 31, 2019 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 provides a strong base for sustainable growth. Comprehensive Income to the end of the third quarter is largely derived from recurring revenue products. NamSys continues to work diligently with our distribution partners to broaden the depth of our offerings, and to that end we are pleased with the progress being achieved. The implementation of some of our 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, the benefits to all involved substantially outweigh the costs and the rollout continues to move forward.”
NamSys plans to host a conference call for interested investors. Details of the conference connection will be released and published in early October, 2019.
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 sales strategies.