Jite earns $1.7-million in 2009
2010-04-14 08:12 ET - News Release
Mr. Kevin Zhang reports
JITE ANNOUNCES FOURTH QUARTER AND FISCAL YEAR-END 2009 FINANCIAL RESULTS
Jite Technologies Inc. has released its financial results for the fourth quarter and fiscal year ended Dec. 31, 2009. All currency amounts referred to in this news release are in Canadian dollars unless stated otherwise. The detailed financial statements and MD&A can be found on
www.sedar.com.
<< Financial Highlights for the Year Ended December 31, 2009:
- Sales were $15.6 million, a decrease of 13% compared to $17.9 million in 2008.
- Gross profit was $4.9 million, an increase of 26% compared to $3.9 million in 2008. The year-over-year increase is primarily attributable to lower raw material purchase price which was secured by forward purchase contracts.
- Operating income was $1.8 million, an increase of 128% compared to
.79 million in 2008.
- Net income was $1.7 million or
.08 per share, an increase of 150% compared to
.68 million or
.03 per share in 2008.
- Net cash provided by operating activities prior to net changes in non-cash operating items for 2009 and 2008 was $2.76 million and $1.88 million, respectively. Including changes in non-cash operating items, net cash provided by operating activities for 2009 was $3.7 million, an increase of 131% compared to $1.6 million for 2008. This significant year-over-year increase is primarily attributable to higher gross margin and lower operating expenses as a result of strategic cost reduction plans.
Financial Highlights for the Fourth Quarter Ended December 31, 2009:
- Sales were $3.7 million, a decrease of 21% compared to $4.7 million in the year-ago quarter.
- Gross profit was $1.1 million, a decrease of 15% compared to $1.3 million in the year-ago quarter.
- Operating income was
.38 million, a decrease of 25% compared to
.51 million in the year-ago quarter.
- Net income was
.36 million or
.017 per share, a decrease of 18% compared to
.44 million or
.021 per share in the year-ago quarter. The overall fourth quarter decrease was primarily due to the unfavorable impact of foreign exchange rates and organic sales decrease of approximately 5%. >>
"We are extremely pleased with record results we achieved this year," said Mr. Kevin Ming Zhang, Jite's Chief Financial Officer. "This impressive performance in 2009 is mainly attributable to our strategic focus on operational efficiency and profitability ever since 2007. We believe these strategic focuses are right to drive sustainable growth and deliver shareholder value over the long-term."