NamSys Inc. (CTZ “ TSX-V) today reports the results of operations for the first nine months and the third quarter of fiscal 2018, ended July 31st. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $839,060 as compared to $753,791 for the same period last year. Net income before tax for the quarter was $407,186 ($0.015 per share) as compared to $304,645 ($0.01 per share) for the three months ended July 31st, 2017.
Revenue for the first nine months of fiscal 2018 was $2,389,853 as compared to revenue in the same period last year of $2,197,010. The Company recorded net income before tax of $1,098,912 (0.04 per share) in the nine months ended July 31st, 2018 as compared to $980,596 ($0.035 per share) in the same period last year.
As the bulk of the Companys sales are in US dollars, fluctuations in the exchange rate between Canadian and US dollars impact reported income. Revenues are converted to Canadian dollars when sales are completed and booked. Foreign exchange adjustments are then required when payments are actually received. This foreign exchange adjustment positively impacted stated Comprehensive Income in the Quarter ended July 31, 2018 by $15,804. For the nine month fiscal period the foreign exchange gain was $4,429. This compares to fiscal 2017 foreign exchange loss of $76,702 for the quarter and a loss of $78,066 for the 2017 fiscal nine months.
The consolidated financial statements and Managements Discussion and Analysis for the fiscal quarter ended July 31, 2018 are available under the Companys profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of the Company stated; The timing of non-recurring revenue items is not controllable. We therefore, continue to focus on the growth in distribution of our recurring revenue products which over time provide a strong base for sustainable growth. Comprehensive Income for the year 2018 to the end of the third quarter, is largely derived from recurring revenue products. NamSys is working diligently with our distribution partners to broaden the depth of our offerings, and to that end we are pleased with the progress being achieved. However, the implementation of these new solutions require changes in the way the end-users process transactions. This equates to significant time and effort by all parties to change processes. But, as the benefits to all involved substantially outweigh the costs, the rollout continues to move forward.
NamSys plans to host a conference call for interested investors on October 17th, 2018 at 10:00 a.m. Details of the conference connection will be released and published the week of October 8th, 2018.
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. NamSyss 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 Corporations 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 Corporations sales strategies.