VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2012) - Cantronic Systems Inc. ("Cantronic" or the "Company") (TSX VENTURE:CTS)(PINKSHEETS:CRIXF) today announced its financial results for the first quarter period ended April 30, 2012 ("FY13 Q1"). All amounts are reported in Canadian dollars unless otherwise stated.
Selected highlights of the year:
- Revenue of $2.5 million from continuing operations, a decrease of 14% compared to $2.9 million for the corresponding quarter of the previous fiscal year.
- Adjusted EBITDA (a non-GAAP term) from continuing operations was $(219K) compared to $485K for the corresponding quarter of the previous fiscal year. The Company uses adjusted EBITDA (a non-IFRS financial measure) internally to make strategic decisions, forecast future results and evaluate its performance, defined as net income before interest, income taxes, depreciation, amortization, stock option compensation expenses, foreign currency loss, and minority interest.
- Gross margin from continuing operations of $941K (37% of revenue) compared to $977K (33% of revenue) for the corresponding quarter of the previous fiscal year.
- Net loss from continuing operations was $433K vs. a net income of $319K in the corresponding quarter of the previous fiscal year.
|($000's except per share amounts)
|Revenue from Continuing Operations
|Net income attributable to the owners of the Company
|Net earnings (loss) per share, basic and diluted
The material will be available through SEDAR at www.sedar.com and on the Company's website: www.cantronicsecurity.com
About Cantronic Systems Inc.
Cantronic Systems Inc. manufactures, distributes, and provides training and services in the fields of IP- based networked video security surveillance technologies, specializing in networked video management software and video analytics, IP cameras, speed dome cameras, high definition video surveillance cameras and night vision surveillance systems for demanding security and surveillance applications.
Cantronic, through its China subsidiaries Cantronic Security Systems (China) Co. Ltd., Beijing Advanced Videoinfo Technology Co. Ltd. ("AVINFO"), and Actiontop Electronics (Shenzhen) Co. Ltd. ("Actiontop") provides high-speed and digital networked video surveillance solutions to government and corporate customers in China.
Cantronic is a Tier 1 issuer on the TSX-V exchange, trading under the symbol CTS. For further information about Cantronic and Cantronic China, please visit our websites at www.cantronicsecurity.com and www.cantronics.com.cn.
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Cantronic Systems Inc. and the markets in which it operates. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Cantronic to be materially different from any future results, performance or achievements expressed or implied by said forward-looking statements.
Forward-looking statements include, but are not limited to: the completion of the Proposed Transaction, anticipated share capital following completion of the Proposed Transaction, expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved."
Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this news release, and Cantronic Systems Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.