Positive year end results
posted on
Nov 23, 2007 08:00AM
Justice and Public Safety in Canada today
OR: JEMTEC Inc.
TSX VENTURE SYMBOL: JTC
November 21, 2007
JEMTEC July 31, 2007 Year End Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - JEMTEC (TSX
VENTURE:JTC) ("JEMTEC" or the "Company") today reported results for the fiscal
year ended July 31, 2007. All results are expressed in Canadian dollars and
were audited in accordance with Canadian Generally Accepted Accounting
Principles (GAAP).
Increased Revenues - Overall revenues have increased by 7% to a record of
$2,878,788 in fiscal 2007 as compared to $2,701,497 in 2006. While the Company
continued to earn solid revenue on its main contracts, it also made gains on
its private bail project.
Net Earnings - For the year, ended July 31, 2007 net earnings increased by 33%
to $659,322 or $0.29 per share from $493,198 or $0.21 per share for the year
ended July 31, 2006. This increase in net earnings is attributable to an
increase of 7% in revenues, the higher Canadian dollar, and overall reduced
costs, including the non-recurrence of some expenditure incurred in 2006 in
relation to the share consolidation.
Liquidity - The Company's cash and cash equivalents increased 32% to $2,786,723
as of July 31, 2007 from $2,109,097 as of July 31, 2006, an increase of
$677,626. The Company had working capital of $2,694,273 as of July 31, 2007
compared to working capital of $1,973,388 at July 31, 2006.
Established in 1981, JEMTEC holds exclusive rights for a variety of offender
community control technologies and is the leading provider of community
offender monitoring solutions to Canadian Corrections. The common shares of
JEMTEC trade through the facilities of the TSX-Venture Exchange under the
symbol JTC.
This news release may contain forward-looking information. Actual future
results may differ materially. All figures are in Canadian dollars. The risks,
uncertainties, and other factors that could influence actual results are
described in the company's annual report to shareholders and in TSX reports.
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CONTACT INFO:
JEMTEC Inc.
Eric Caton
President
1-877-929-4559
Fax: 1-877-929-4198
Website: www.jemtec.ca
The TSX-Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.