TECSYS Revenue Soars by 36% - Posts 5 Cents Share Net Earnings |
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
TECSYS, Inc.
87 Prince St.
Montreal, QC, H3C2M7
USA
Press release date: February 26, 2008
MONTREAL, February 26, 2008 - TECSYS Inc. (TSX: TCS), an industry-leading supply chain management software company announced today its results for the third quarter of fiscal year 2008, ended January 31st, 2008. All dollar amounts are expressed in U.S. currency and reported in accordance with Canadian Generally Accepted Accounting Principles (GAAP) and are unaudited.
Highlights of the Third Quarter include: o Total revenue increased by 36% to $10.7M in Q3 of fiscal 2008 from $7.9M in Q3 of fiscal 2007. o Gross margin percentage increased to 44% in Q3 of fiscal 2008 compared to 40% in Q3 of last fiscal year. o Earnings from operations for the third quarter of fiscal 2008 more than tripled to $824K compared to $256K for the same quarter of last fiscal year. o EBITDA for Q3 of fiscal 2008 increased by 61% to $1,093K compared to $679K for Q3 of last fiscal year. o Net earnings for the third quarter of fiscal 2008 increased by 62% to $707K or $0.05 per share, compared to $436K or $0.03 per share for the third quarter of last fiscal year. o At the end of the third quarter, backlog stood at $20.7M, up from $17.8M at the end of Q2 of this fiscal year. o The Company generated cash from operations of $572K during the quarter.
Year-to-date highlights include: o Total revenue increased by 21% to $28.3M from $23.3M in the same period of the prior fiscal year. o Earnings from operations were $1,958K compared to a loss of $644K for the same period of the prior fiscal year. o Net income was $1,216K compared to a net loss of $429K for the same period of the prior fiscal year. o The Company generated cash from operations of $1,974K for the nine months ended January 31st, 2008. o Annualized return on equity was equal to 11%.
Peter Brereton, President and CEO of TECSYS Inc. commented on the results: "We are now at a new level of growth and profitability. Our operations are now more in tune with our strategic plan, and our pipeline is strong and very focused on the vertical markets we have chosen to pursue. We had an excellent user group meeting in January with our heavy equipment clients and prospects, and continue to see great opportunity in this market. We believe that our revenue growth, backlog growth and improved gross margins and profitability provide clear testimony that our strategic plan is working."
The Company signed a substantial number of agreements with new and existing customers, the new customers include: o A major consumer electronics manufacturer/distributor in New York o A major healthcare services organization in Oregon o An industrial distributor in California
Net earnings for the third quarter were $707k after accounting for a foreign exchange loss of $8K, a share of net loss of $32K from a company in which TECSYS has an equity interest, and a $68K ABCP provision. This further ABCP provision relates to the asset backed commercial paper market in which TECSYS has a $5.1M investment at face value. TECSYS reassesses the value of its holdings each quarter as additional information is made available, using a combination of credit risk, liquidity risk, interest rates, cash flow and term to calculate present value.
For the nine months ended January 31, 2008, revenue increased by 21% to $28.3M compared to $23.3M for the same period of the prior fiscal year. Earnings from operations for the first nine months of fiscal year 2008 were $1,958K compared to loss from operations of $644K for the same period of the prior fiscal year. EBITDA for the first nine months increased substantially to $2,142K compared to $320K for the same period in fiscal year 2007. After accounting for an exchange loss of $463K, net interest income of $88K, a share of net loss of $36K from a company in which TECSYS has an equity interest, and a provision for ABCP holdings of $331K, net earnings for the first nine months of fiscal year 2008 were $1,216K or $0.09 per share compared to net loss of $429K or $0.03 per share for the same period of the prior fiscal year.
TECSYS' Third Quarter, Fiscal 2008 Earnings Conference Call: Date: February 26, 2008 Time: 4:30 pm Phone number: 800-215-1640 or 416-620-2013 The call can be replayed by calling 800-558-5253 (access code: 21375548) or 416-626-4100 (access code: 21375548).
About TECSYS
TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include about 1000 mid-size and Fortune 1000 corporations in healthcare, giftware, office products, third-party logistics, and general wholesale high-volume distribution markets. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.
Contact: Solutions and general info: info@tecsys.com Investor relations: investor@tecsys.com Media relations: media@tecsys.com TECSYS Inc. (514) 866-0001 or (800) 922-8649
|
|
|
|
|
Newsletters |
Industry
Market Trends
Has Got It |
- Latest developments
- Trends
- Best practices
- Opinions & Commentary
|
 |
Get Ahead.
Get IMT.
Subscribe Free Today
Subscribe View
Sample |
Your Gateway to a Fast
Changing World
Product News Alerts |
 |
Receive similar stories and other customized
news to keep you in the know on the products shaping
industry. |
Subscribe Free Today
Subscribe View
Sample |
|
|
|
|
|
|
|
|
|
| 
