TORONTO, March 29,
2023 /CNW/ - NamSys Inc. (TSXV: CTZ), a leading
provider of technology for cash processing and transportation,
today announced its financial results for the first quarter of
fiscal 2023 ended January 31st. The
company reported a robust 17.6% increase in revenue to $1,497,364, compared to $1,273,041 for the same period last year. Net
income for the quarter rose 15.1% to $378,864 ($0.01 per
share) from $328,890 ($0.01 per share) in the first quarter of last
year.
A key highlight of this quarter's financial results is the
improvement in the company's gross profit margin, which increased
to 60.9% from 54.1% in the comparable quarter. This improvement can
be attributed to the company's successful optimization of cloud
hosting costs.
NamSys also reported strong growth in markets outside the U.S.
and Canada, with international
business growing 29% from the same period last year. The company
remains committed to pursuing opportunities outside of North America.
In addition, the company's recurring revenue model continues to
be highly effective, with 99.1% of its revenue generated from
recurring sources and a 0% churn rate during the quarter. This
stability underscores the value that customers place on NamSys'
solutions and the company's ability to maintain strong
relationships with its client base.
"Our first-quarter results demonstrate the continued momentum of
our growth strategy and our ability to deliver value to both new
and existing customers," said Jason
Siemens, President & CEO of NamSys. "And the
improvements in our gross profit margin is a testament to how the
team can scale the business while keeping an eye on the bottom
line".
Jason Siemens
Chief Executive Officer
The TSX Venture Exchange has neither approved nor disapproved of
the information contained in this release. This Media Release may
contain forward-looking statements, which reflect the Corporation's
current expectations regarding future events. The forward-looking
statements involve risks and uncertainties. Actual events could
differ from those projected herein and depend on a number of
factors including the success of the Corporation's sales
strategies.
SOURCE NamSys Inc.
