Jemtec earns $178,551 in Q3 2005
2005-06-24 10:18 ET - News Release
Mr. Eric Caton reports
JEMTEC ANNOUNCES THIRD QUARTER
Jemtec Inc. has released its financial results for the third quarter ended April 30, 2005.
Revenues
Revenues for the third quarter increased to $647,895 from $435,104 for the same period last year, an increase of $212,791, or 49 per cent. For the nine-month period, ended April 30, 2005, revenues increased to $1,915,264 from $787,996 for the same period last year, an increase of $1,127,268, or 143 per cent. This sales growth is attributable primarily to the company moving out of the development phase and into the main phase of select projects.
Net earnings
For the quarter ended April 30, 2005, net earnings were $178,551, or eight cents per share, compared with earnings of $213,538, or 11 cents per share, for the quarter ended April, 2004. This decrease is due to the company providing for taxes of $100,451 in this quarter, compared with nil in the quarter ended April 30, 2004, due to the elimination of the company's tax-loss carry forward. For the first nine months of fiscal 2005, net earnings were $616,791, or 27 cents per share, compared with earnings of $109,097, or five cents per share, for the nine months ended April 30, 2004. For the first nine months of fiscal 2005, the company provided for taxes of $346,961, compared with nil for the first nine months in fiscal 2004. Third-quarter earnings of eight cents per share are on average lower than the 26 cents per share reported for the first nine months due to higher operational expenses associated with the growth of certain revenues.
Liquidity
At April 30, 2005, the company had cash and cash equivalents of $1,385,596, compared with $989,138 as of Jan. 31, 2005, an increase of $396,458. During the nine-month period ended April 30, 2005, the company increased cash and cash equivalents by $687,598, from $697,998 at July 31, 2004, to $1,385,596. Working capital at April 30, 2005, was $1,201,272, compared with $574,695 at July 31, 2004, an increase of $626,577.
To view the company's complete financial statements and its management's discussion and analysis for this quarter, please see the Stockwatch SEDAR file dated June 23, 2005. |
