VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/28/12 -- Cantronic Systems Inc. ("Cantronic" or the "Company") (TSX VENTURE: CTS)(PINKSHEETS: CRIXF) today announced its financial results for the fourth quarter and twelve-month period ended January 31, 2012 ("FY 2012"). All amounts are reported in Canadian dollars unless otherwise stated.
Selected highlights of the year:
Financial:
-- Revenue of $17.2 million from continuing operations, an increase of 48%
compared to $11.6 million for the previous fiscal year.
-- Adjusted EBITDA (a non-GAAP term) from continuing operations was $1.46
million compared to $1.50 million for 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 $6.0 million (35% of revenue)
compared to $4.3 million (37% of revenue) for the previous financial
year.
-- Net loss from continuing operations was $30K vs. a net income of $1.07
million in FY 2011.
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Operating results
($000's except per share amounts)
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Fiscal 2012 Fiscal 2011
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Fourth Fiscal Fourth Fiscal
Quarter Year Quarter Year
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Revenue from Continuing
Operations 5,422 17,245 3,208 11,614
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Adjusted EBITDA 1,456 1,514 1,499 2,663
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Net income attributable to
the owners of the Company 98 278 28 (1,127)
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Net earnings (loss) per
share, basic and diluted $0.001 $0.003 $0.000 ($0.013)
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Cantronic is pleased to announce the appointment of Ms Tanya Yang to Cantronic's Board of Directors as an independent director. Ms Tanya Yang is a registered Professional Engineer in British Columbia and was graduated from University of British Columbia with a Master of Engineering degree in 1995.
Cantronic is also pleased to announce the grant of a total of 5 million stock options to the management and directors.
Regulatory Filings
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.
Forward-looking statements
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.
Contacts:
Cantronic Systems Inc.
James Zahn
Chief Executive Officer
604-516-6667 ext 228
jzahn@cantronics.com
www.cantronicsecurity.com / www.cantronics.com.cn
