REPORTS RESULTS OF OPERATIONS FOR FISCAL 2016
Namsys Inc.(CTZ.V) has released the results of operations for the fiscal year ended Oct. 31, 2016. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the 12 months ended Oct. 31, 2016, was $2,399,891, as compared with $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 with fiscal 2015 income before tax of $715,264. Comprehensive income was $826,942 (three cents per share) for fiscal 2016, as compared with $934,264 (three cents per share) for fiscal 2015. Comprehensive income includes a non-operating tax credit of $219,000 in 2015 as compared with a deferred tax debit of $224,000 in 2016. Cash flows from operating activities were $1,121,984 for the year ending Oct. 31, 2016, as compared with $578,647 for the same period in 2015.
The consolidated financial statements and management discussion and analysis for fiscal 2016 are available under the company's profile on SEDAR.
K. Barry Sparks, chief executive officer of Namsys, stated: "[Two thousand sixteen] was another very good year for the company. The Cirreon group of applications hosted and sold on a [software-as-a-service]/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's 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.