ACT Releases Fiscal 2010 ResultsActive Control Technology Releases Fiscal 2010 Results (ccnm)
TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - Active Control Technology Inc. (TSX VENTURE:ACT),a leading provider in the design, manufacture and marketing of bothwireless and fiber network solutions for mine communications, and thecommercial security and access control industries, today announced itsfinancial results for the fiscal year ended July 31, 2010.
The Corporation generated revenues of $5,310,491during the year ended July 31, 2010, as compared to $1,251,031 in theyear ended July 31, 2009. The increase is attributable to the deploymentof the Corporation's ActiveMine(TM) product which delivered a 6-foldincrease in revenues, combined with a 14% increase in ActiveSecure(TM)revenues. ActiveMine(TM) revenues accounted for 89% of total revenuesduring the year, as compared to 59% the previous year. During the yearthe Corporation undertook the installation of seven new mines bringingits total underground mines in service to nine.
"I am pleased with the success we had during the yeartransitioning our ActiveMine(TM) business from the product developmentto commercialization phase," said Cameron Sturgess, President and CEO.
The Corporation incurred a net loss of $4,299,079 or$(0.02) per share during the year ended July 31, 2010, as compared to anet loss of $5,676,634 or (
.04) per share for the year ended July 31,2009.
Free cash flow usage during the year ended July 31,2010, defined as cash used in operating activities plus investingactivities, was approximately $3.6 million, as compared to $3.2 millionduring the year ended July 31, 2009. More importantly, the free cashflow usage in 2010 was $2.5 million in the first six months, dropping to$1.1 million in the last six months, of which
.2 million was in thelast quarter.
"It is rewarding to see the success we had as abusiness during the year driving down our free cash flow usage," saidPeter Gimon, CFO and COO. "We will continue to focus heavily on thismetric until positive free cash flow is achieved while we pursue a newround of financing."
About Active Control Technology
Active Control Technology is involved in the design,manufacture and marketing of both wireless and fiber network solutionsfor mine communications, and the commercial security and access controlindustries. The Corporation has two product lines: ActiveMine(TM), a newfully integrated wireless and/or fiber communications and locatingtechnology for underground coal mines, and ActiveSecure(TM), a family ofwireless products for the access control industry. Located inBurlington, Ontario, Canada, Active Control Technology trades publiclyon the TSX Venture Exchange under the symbol ACT. For more information,visit www.activecontrol.com
.
The audited financial statements for the fiscal yearsended July 31, 2010 and July 31, 2009, and management's discussion andanalysis of the results of operations can be found at www.sedar.com
.