November 21, 2007 08:00 ET

JEMTEC July 31, 2007 Year End Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - JEMTEC (TSX VENTURE:JTC) ("JEMTEC" or the "Company") today reported results for the fiscal year ended July 31, 2007. All results are expressed in Canadian dollars and were audited in accordance with Canadian Generally Accepted Accounting Principles (GAAP).

Increased Revenues - Overall revenues have increased by 7% to a record of $2,878,788 in fiscal 2007 as compared to $2,701,497 in 2006. While the Company continued to earn solid revenue on its main contracts, it also made gains on its private bail project.

Net Earnings - For the year, ended July 31, 2007 net earnings increased by 33% to $659,322 or $0.29 per share from $493,198 or $0.21 per share for the year ended July 31, 2006. This increase in net earnings is attributable to an increase of 7% in revenues, the higher Canadian dollar, and overall reduced costs, including the non-recurrence of some expenditure incurred in 2006 in relation to the share consolidation.

Liquidity - The Company's cash and cash equivalents increased 32% to $2,786,723 as of July 31, 2007 from $2,109,097 as of July 31, 2006, an increase of $677,626. The Company had working capital of $2,694,273 as of July 31, 2007 compared to working capital of $1,973,388 at July 31, 2006.

Established in 1981, JEMTEC holds exclusive rights for a variety of offender community control technologies and is the leading provider of community offender monitoring solutions to Canadian Corrections. The common shares of JEMTEC trade through the facilities of the TSX-Venture Exchange under the symbol JTC.

This news release may contain forward-looking information. Actual future results may differ materially. All figures are in Canadian dollars. The risks, uncertainties, and other factors that could influence actual results are described in the company's annual report to shareholders and in TSX reports.

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • JEMTEC Inc.
    Eric Caton
    1-877-929-4198 (FAX)