TORONTO, June 28,
2023 /CNW/ - NamSys Inc. (TSXV: CTZ), a leading
provider of technology for cash processing and transportation,
today announced its financial results for the second quarter of
fiscal 2023 ended April 30th. The
company reported revenue of $1,519,788, compared to $1,317,069 for the same period last year, an
improvement of 15%. Net income for the quarter rose 31% to
$410,917 ($0.02 per share) from $313,125 ($0.01 per
share) in the second quarter of last year.
"In the world of SaaS, the 'Rule of 40' serves as a benchmark
for success," asserts Christie Gray,
COO. "Balancing growth and profitability, it's a guide that helps
us optimize our performance. The rule says that if the sum of our
growth rate and operating margin exceeds 40%, we're in a strong
strategic position. As such, we're happy to see our second quarter
results show recurring revenue growth of 17% and an operating
margin of 33%."
The company's gross margin in the most recent quarter, was
61.2%, up from 58.7% in the comparative quarter. This demonstrates
the company's commitment to maximizing efficiency and cost
effectiveness in it's cloud infrastructure.
The financial statements and Management's Discussion and
Analysis for the fiscal quarter ended April
30, 2023 are available under the Company's profile on SEDAR
at www.sedar.com .
NamSys Inc. products are designed to bring efficiency to the
processing of currency and other value instruments in retailers,
financial institutions, and cash-in-transit providers. NamSys'
proprietary systems for this market are sold as
software-as-a-service subscriptions and operate in the public cloud
service providers.
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.
