TORONTO, Sept. 26,
2023 /CNW/ - NamSys Inc. (TSXV: CTZ), a leading
provider of technology for cash processing and transportation,
today announced its financial results for the third quarter of
fiscal 2023 ended July
31st reporting increases in revenues, gross
profit and working capital.
Third Quarter Highlights (for the three months ended
July 31, 2023 compared to
July 31, 2022)
- Record revenue of $1,519,831
increased by 11% or $153,203 compared
to $1,366,628.
- Gross profit of $909,740
increased by 7% or $61,501 compared
to $848,239.
- Net income of $362,049
($0.01 per share) decreased by 1.7%
or $6,407 compared to $368,456 ($0.01 per
share).
- Net cash of $6,912,665 increased
by 31% or $1,652,467 compared to
$5,260,198 and now represents
$0.25 of net cash per share.
"Revenue growth was slightly below expectations this quarter as
some larger projects are taking longer than anticipated to roll
out. As these larger projects are implemented in the coming
quarters we expect an acceleration in revenue growth.", commented
Jason Siemens, President and
CEO.
Normal Course Issuer Bid
On August 29, 2023, the Company announced that
the TSX Venture Exchange had accepted its intention to
make a normal course issuer bid to purchase up to 1,364,316 common
shares representing 5% of the Company's then current issued and
outstanding common shares through the facilities of the TSXV during
the period commencing August 30, 2023
and ending on August 30, 2024. As of
September 26, 2023, the Company has
purchased 15,000 shares for cancellation pursuant to the normal
course issuer bid.
The financial statements and Management's Discussion and
Analysis for the fiscal quarter ended July
31st, 2023 are available under the Company's profile on
SEDAR at www.sedarplus.ca.
NamSys Inc. products are designed to bring efficiency to the
processing of currency and other value instruments in retailers,
financial institutions, and cash-in-transit providers. NamSys'
proprietary systems for this market are sold as
software-as-a-service subscriptions and operate in the public cloud
service providers.
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.
SOURCE NamSys Inc.
