Active Control Technology Releases Fiscal 2011 Results
26 November 2011 - 8:36AM
Marketwired
Active Control Technology Inc. (TSX VENTURE:ACT), a leading
provider in the design, manufacture and marketing of both wireless
and fiber network solutions for mine communications, and the
commercial security and access control industries, today announced
its financial results for the fiscal year ended July 31, 2011.
The Corporation generated revenues of $2,948,429 during the year
ended July 31, 2011, as compared to $5,310,491 in the year ended
July 31, 2010. The decrease is attributable to a decline in the
deployment of new ActiveMine mine sites, combined with an unusual
increase in revenue for 2010 as a result of a backlog in prior
years from existing customers. Although sales were lower the
Corporations gross profit increased from $611,150 in fiscal 2010 to
$1,103,196 in fiscal 2011. More significantly the gross margin
percentage rose from 12% in 2010 to 37% for the year ended July 31,
2011.
"I am pleased with the success we have had during the year
enhancing our ActiveMine(TM) business and providing a product that
our customers can rely on," said Jonathan Emanuel, President and
CEO.
The Corporation incurred a net loss of $722,890 or $(0.06) per
share during the year ended July 31, 2011, as compared to a net
loss of $4,299,079 or ($0.40) per share for the year ended July 31,
2010. The significantly lower loss was attributed to higher gross
profit and reduced administrative costs.
"It is rewarding to see the success we had as a business during
the year improving our margins and reducing our operational costs,"
said Graham Warren, CFO. "We will continue to focus heavily on
maintaining margins and keeping operating costs in line with our
level of business."
About Active Control Technology
Active Control Technology is involved in the design, manufacture
and marketing of both wireless and fiber network solutions for mine
communications, and the commercial security and access control
industries. The Corporation has two product lines: ActiveMine(TM),
a new fully integrated wireless and/o r fiber communications and
locating technology for underground coal mines, and
ActiveSecure(TM), a family of wireless products for the access
control industry. The Corporation has recently acquired 100% of
Powercart Systems Inc., a manufacturer of mobile power solutions in
the retail, warehousing, courier, and mining industries. Located in
Burlington, Ontario, Canada, Active Control Technology trades
publicly on the TSX Venture Exchange under the symbol ACT. For more
information, visit www.activecontrol.com.
The audited financial statements for the fiscal years ended July
31, 2011 and July 31, 2010, and management's discussion and
analysis of the results of operations can be found at
www.sedar.com.
Get more out of your mine.(TM)
Cautionary Note Regarding Forward-Looking Statements: This press
release contains forward-looking statements that involve risks and
uncertainties, which may cause actual results to differ materially
from the statements made. When used in this document, the words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions are
intended to identify forward-looking statements. Such statements
reflect our current views with respect to future events and, as
such, are subject to risks and uncertainties. Many factors could
cause our actual results to differ materially from the statements
made, including those factors discussed in filings made by us with
the Canadian securities regulatory authorities. Should one or more
of these risks and uncertainties, such as changes in demand for and
prices for the products of the Company or the materials required to
produce those products, labour relations problems, currency and
interest rate fluctuations, increased competition and general
economic and market factors, occur or should assumptions underlying
the forward looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, or expected. We do not intend and do not assume any
obligation to update these forward-looking statements, except as
required by law. The reader is cautioned not to put undue reliance
on such forward-looking statements.
Neither 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 release.
Contacts: Active Control Technology Inc. Jonathan Emanuel
President and CEO
416-315-1510jemanuel@powercart.comwww.activecontrol.com
(TSXV:ACT)
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