AZCAR Technologies Incorporated
TSX : AZZ

AZCAR Technologies Incorporated

May 07, 2009 17:15 ET

AZCAR Announces Results for the First Quarter of 2009

MARKHAM, ONTARIO--(Marketwire - May 7, 2009) - Stephen F. Pumple, Chairman and CEO of AZCAR Technologies Incorporated (TSX:AZZ) today announced first quarter revenue of $12.1 million with a net loss of $1.2 million or $.07 cents/share. Despite a drop in revenue resulting mainly from capital project delays related to the current credit crisis and associated global recession, AZCAR continues to improve upon project execution as evidenced by its improving gross margin which rose in the first quarter to 20.7% of revenue versus 17.1% of revenue in Q1 2008.



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2009 2008
Three Months Ended March 31
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(Cdn $000) (unaudited) (unaudited)

Revenues 12,128 16,691
Cost of goods sold 9,617 13,841
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Gross margin 2,511 2,850
Gross margin % 20.7% 17.1%
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Operating expenses 3,648 2,520
Interest expense (income) (15) 64
Foreign exchange loss (gain) (9) (149)
Stock-based compensation 16 15
Amortization 129 96
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3,769 2,546
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Income (loss) before income taxes and
Minority Interest (1,258) 304
% of revenues (10.4%) 1.8%
Income tax expense (recovery) (55) -
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Income before Minority Interest (1,203) 304
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Minority Interest - -
Net Income (1,203) 304
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Earnings per share ($0.07) $0.02
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Cash Dividends - -
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Operating expenses increased in the first quarter compared to the same quarter last year due to the under utilization of our professional staff.

The Company generated a first quarter net loss of $1.2 million, compared to a profit of $0.3 million in Q1 2008. The decrease in net income was the result of deteriorating market conditions worldwide and the subsequent deferral of capital projects by our customers.

AZCAR is an independent technology integration company providing the broadcast and communications industries with value-driven solutions, consulting, engineering, systems design, integration, project management and the supply of related materials and equipment. The stock trades on the Toronto Stock Exchange under the symbol: AZZ.

Except for historical information, this news release may contain certain "forward looking statements". Forward looking statements are statements that are not historical facts and are subject to a variety of risks, uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • AZCAR Technologies Incorporated
    Roger Miller
    Chief Financial Officer
    (905) 470-2545 ext. 244
    roger.miller@azcar.com