NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the first three months of fiscal 2021, ended January 31st. All amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2021 was $1,226,355 as compared to $1,123,835 for the same period last year. Income before Income Tax, a key metric in gauging business performance, was $422,410 ($0.01 per share), as compared to $266,921 ($0.01 per share) in the first quarter of fiscal 2020. In fiscal 2021, Income before tax benefitted from the fiscal 2020 payout of the Long Term Bonus Employee Plan, which eliminated the expense accrual in cost of goods sold and selling expenses that were required before the payout of the Bonus plan.
The Financial Statements and Management’s Discussion and Analysis for the first quarter of fiscal 2020 are available under the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of NamSys, stated: “Again this year, in excess of 99.5% of the revenue generated in the quarter was recurring in nature. This includes maintenance, systems upgrades, monitoring fees and sales of software as a service (“SaaS”). The “Cirreon™” group of applications hosted and sold on a cloud usage basis, continues to make progress in the marketplace.
The principal objective for the NamSys Team continues to be growing distribution. Management are working diligently to assist existing distributors expand the use of our products in their networks and at the same time initiating new distributors offering our product through their networks. New Cirreon applications for broadly based financial institution activities continue to be rolled out by our distributors. The addition of these products is reflected in our results.
Based upon the success in the marketplace of the Cirreon products, in addition to a satisfied base of Currency Controller licence holders, our belief remains that the Company will continue to make strides in achieving greater revenue and higher profits in 2021 and beyond.”
NamSys plans to host a conference call for interested investors as part of the Annual Meeting presentation on April 29th, 2021 at 11:00 am. We recommend that participants connect approximately 10 minutes prior to the start of the event to register with the operator. Participants can test their device for WebEx compatibility in advance using https://www.webex.com/test-meeting.html.
|Date: April 29, 2021|
|Time: 11:00 A.M. (Eastern Daylight Savings Time)|
Tollfree (US/Canada) 1-877-876-9173
|Conference ID: NAMSYS|
|To View the Presentation:|
|WebEx Presentation: https://namsys.webex.com/|
|WebEx meeting number: 157 452 0606|
|WebEx password: Currency2021|
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 strategies for achieving increased revenue and profitability.