JEMTEC Announces 2005 Year End Results; Reports Record Revenues and Earnings
TORONTO, ONTARIO, Nov 23, 2005 (CCNMatthews via COMTEX) --
JEMTEC Inc. (JEMTEC, or the Company) (TSX VENTURE:JTC), is pleased to announce results for the year ended July 31, 2005.
Net earnings for the year were a record $714,525, or $0.32 per diluted share compared to $414,117, or $0.19 per diluted common share in the year ended July 31, 2004, a 73% increase in net income after taxes. This significant improvement is attributable primarily to moving out of development phase and into main phase of select projects and offset by the Company providing for income taxes.
The Company achieved record revenues for the year ended July 31, 2005, as revenues increased by 60% to $2,600,312 from $1,624,545 for the year ended July 31, 2004. This growth in revenues is in part due to the start up of the Private Bail Project, as well as entering the main phase of a public private partnership.
The Company continues to be well positioned for future growth with working capital of $1,381,493 as of July 31, 2005, retained earnings of $277,868 and assets in excess of liabilities of $1,549,640. Cash flows from operations have increased by 47%, from a surplus of $678,927 in 2004, to a surplus of $998,632 for the year ended July 31, 2005 due to increased net income for the year.
The following information has been extracted from JEMTEC's Management Discussion and Analysis for the year ended July 31, 2005.
Years Ended ----------------------------------- 31-Jul-05 31-Jul-04 31-Jul-03Revenue $ 2,600,312 $ 1,624,545 $ 451,444Expenses 1,465,699 1,002,887 739,463 -----------------------------------Net income (loss) before income taxes 1,134,613 621,658 (288,019)Income tax recovery (expense) (420,088) (207,541) 94,924Net income (loss) for the year $ 714,525 $ 414,117 $(193,095) ----------------------------------- -----------------------------------Earnings (loss) per share Basic $ 0.33 $ 0.20 $ (0.09) Diluted $ 0.32 $ 0.19 $ (0.09)
Established in 1981, JEMTEC holds exclusive rights for a variety of offender community control technologies and is the leading provider of private and public community based offender technology solutions, including: Voice Verification, GPS tracking, Kiosk Reporting and Electronic Monitoring to Canadian Corrections.
The common shares of JEMTEC trade through the facilities of the TSX Venture Exchange under the symbol JTC.
SOURCE: JEMTEC Inc.
JEMTEC Inc. Eric Caton President (877) 929-4559 (877) 929-4198 (FAX) Eric.Caton@jemtec.ca www.jemtec.ca
Copyright (C) 2005 CCNMatthews. All rights reserved.
biz.yahoo.com |
