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Fintech Select Ltd V.FTEC

Alternate Symbol(s):  SLXXF

Fintech Select is a provider of pre-paid card programs, an online payment platform, and a POS cryptocurrency platform that all are in-house developed platforms. The company also operates a multi-lingual call centre that provides services to customers across all its platforms, and to third-party customers. These core assets have been unified and enabled to operate through separate divisions, all harmoniously working together to create a new environment for consumers and businesses alike.


TSXV:FTEC - Post by User

Bullboard Posts
Post by Bobwinson Jun 01, 2010 10:39am
672 Views
Post# 17146278

Q1

Q1SCG posted a loss in Q1 of $737K on 20.8million in sales.  The sales were a 13.9% increase over last yr qtr but gross margins only increased 3% so margins contracted over last year.  There was a large charge of $716K for loan fees and costs that created most of the loss.  SCG's new products are still in the introduction stage and probably not contributing to profits yet.
The gross margin percentage of .052 was still an improvement from .048 in Q4 2009.  So SCG may be making progress in that crucial area.  
Overall still too early to judge the success of the new products.  Need to see continued improvement in Q2 and beyond to get the stock back on track.  
Bullboard Posts