VANCOUVER, BRITISH COLUMBIA, Sep. 14, 2009 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/14/09 -- Cantronic Systems Inc. ("Cantronic") (TSX VENTURE: CTS) is pleased to announce today its financial results for the second quarter of fiscal year 2010, ended July 31st, 2009. (All amounts are expressed in Canadian dollars unless otherwise indicated.)
Financial highlights
- Revenue grew 250% to $4.5 million from $1.3 million
- Adjusted EBITDA increased to $709K from ($117K) in 2008
- R&D spending on new products increased to $403K (8.98% of sales) from $147K in 2008
For The Second Quarter ended July 31, 2009 and 2008
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($000s except amounts per share) Q2 Q2
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F2010 F2009
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Operating results
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Revenues $4,489 $1,283
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Adjusted EBITDA $709 ($117)
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Net earnings $118 ($382)
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Basic and diluted net earnings per share $0.002 ($0.01)
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Financial Position
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Total assets $14,183 $10,984
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Working capital $4,972 $7,470
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Total liability $6,636 $1,179
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Shareholders' equity $5,730 $9,805
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Shareholders' equity per share 0.07 $0.14
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Number of shares outstanding(i) 78,704 69,416
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Number of shares fully diluted(i) 78,899 74,588
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(i)Weighted average
Operational Highlights
During the second quarter ended July 31, 2009, Cantronic continued to execute its growth strategy to:
- Expand core business in North America and Europe
- Implement our China growth strategy by completing our second acquisition and build our security and video surveillance system integration business in China.
- Expand technology and product leadership to enhance its competitive advantage and increase scope of products.
China represents a unique opportunity for Cantronic as the highly-fragmented Chinese surveillance and security market has been growing at an annual rate in excess of 30%.
