NamSys Reports Results of Operations for the Third Quarter, NamSys Reports Results of Operations for the Third Quarter, July 31, 2021
NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the first nine months and the third quarter of fiscal 2021 ended July 31st. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $1,231,223 as compared to $1,196,264 for the same period last year; an increase of 2.9%. Net income for the quarter of $328,890 ($0.01 per share) was recorded as compared to $156,638 ($0.01 per share) for the same period last year.
Revenue for the first nine months of fiscal 2021 was $3,702,296 as compared to revenue in the same period last year of $3,509,996; an increase of 5.5%. The Company recorded net income of $944,851 ($0.03 per share) in the nine months ended July 31st, 2021 as compared to $822,857 ($0.03 per share) in the same period last year.
As the bulk of the Company’s sales are in US dollars, fluctuations in the exchange rate between Canadian and US dollars impact reported income. Revenues are converted to Canadian dollars when sales are completed and booked. Foreign exchange adjustments are then required when payments are actually received.