JEMTEC INC.TSX-V: JTC
VANCOUVER, BC, June 27, 2024 /CNW/ – JEMTEC Inc. (TSXV: JTC) (the “Company”) is pleased to provide an update on its performance for the fiscal Quarter ended April 30, 2024 (2024 Q3) and the Companies situation, showing a quarterly profit, no debt, strong liquidity and net worth.
Q3 Revenues
Revenues have increased by 25% during the quarter ended April 30, 2024 compared to the quarter ended April 30, 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.
Q3 Expenses
During the quarter ended April 30, 2024, expenses decreased by 9% compared to the quarter ended April 30, 2023 primarily due to the fluctuations in directors’ fees, equipment rent and installation, monitoring and activation fees, repairs and maintenance, share-based payments, shipping expenses and travel.
Q3 Income Tax
For the quarter ended April 30, 2024, the Company recognized a current income tax expense of $16,900 (April 30, 2023 – $3,000). The current income tax expense was related to income tax in Canada.
Q3 Net Income
For the quarter ended April 30, 2024, the Company recorded a net income of $37,413, compared to a net loss of $75,071 during the quarter ended April 30, 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.
Q3 Liquidity
At April 30, 2024, the Company had cash and cash equivalents of $2,366,224 and working capital of $2,327,900. 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 to record a profit and continue the process of reducing expenses and reorganizing our business model with a greater awareness on profitable contracts, we expect the results should show positive returns going forward 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.
www.jemtec.ca
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SOURCE Jemtec Inc.
