VANCOUVER, BC, Nov. 28, 2024 /CNW/ - JEMTEC Inc. (TSXV: JTC) (the "Company") is providing an update on its performance for the year ended July 31, 2024 and the Company's financial situation, with no debt, strong liquidity and increasing net worth.
Y/E Revenues
Revenues have increased by 17% during the year ended July 31, 2024 compared to the year ended July 31, 2023 primarily due to the expansion with the province of Saskatchewan. The Company earned revenues on its agreements with the Provinces of Saskatchewan, CSC, interest on cash balances and from private bail clients waiting release from court dates.
Y/E Expenses
During the year ended July 31, 2024, expenses decreased by 4% compared to the year ended July 31, 2023 primarily due to the fluctuations in monitoring and activation, equipment rental and installation, shipping, consulting fees, director fees, share-based payments, and travel.
Y/E Income Tax
For the fiscal year ended July 31, 2024, the Company income tax expense of $30,534 (2023 – $52,000 recovery) and a deferred income tax recovery of $2,000 (2023 – $37,000 expense). The current income tax (recovery) expense was related to income tax in Canada.
Y/E Net Income
For the year ended July 31, 2024, the Company recorded a net income of $90,301, compared to a net loss of $206,906 during the year ended July 31, 2023. This increase in net income is primarily associated with the expansion of the Saskatchewan contract and the decrease in certain expenses related to the loss of contracts.
Y/E Liquidity
As at July 31, 2024, the Company had cash and cash equivalents of $2,406,673 and working capital of $2,320,729. All cash and cash equivalents are on deposit with a Schedule I bank in Canada in current or interest accruing accounts.
Eric Caton, President and CEO said, "We are pleased with this fiscal years progress and we continue to see the Company well positioned to grow its core business". Jemtec has provided a full spectrum of monitoring technologies and services to provincial and federal correctional and border services across Canada since 1987 and in doing so has built a reputation for offering the best technological solutions and support for use in this demanding environment.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward - looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the 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 news release.
SOURCE Jemtec Inc.
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