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2009 2008 2009 2008
Three Months Ended June 30 Six Months Ended June 30
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(CDN $000) (unaudited) (unaudited) (unaudited) (unaudited)
Revenues 14,464 19,159 26,592 35,850
Cost of goods sold 11,675 15,833 21,292 29,674
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Gross Margin 2,789 3,326 5,300 6,176
Gross Margin % 19.3% 17.4% 19.9% 17.2%
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Operating expenses 3,328 3,132 6,976 5,652
Interest expense 28 92 13 156
Foreign exchange
loss (gain) 3 (50) (6) (199)
Stock-based
compensation 16 16 32 31
Amortization 128 111 257 207
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Subtotal 3,503 3,301 7,272 5,847
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Income (loss) before
income taxes and
Minority Interest (714) 25 (1,972) 329
% of revenues (4.9%) 0.1% (7.4%) 0.9%
Income tax provision
(recovery) (124) 15 (179) 15
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Income (loss) before
Minority Interest (590) 10 (1,793) 314
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Minority Interest - - - -
Net Income (Loss) (590) 10 (1,793) 314
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Earnings per share
Basic (cents) (3.8) - (11.5) 2.0
Fully Diluted (cents) (3.8) - (11.5) 1.9
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Cash dividends per
share (cents) 0.0 0.0 0.0 0.0
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Despite taking further cost control measures in the second quarter, operating expenses ended up higher in both the quarter and year to date due to the under utilization of our professional staff associated with capital project delays.
Year to date, the Company recorded a net loss of $1.8 million compared to a profit of $314,000 in the previous year. The decrease in net income was the result of the continuing deterioration in market conditions worldwide and the deferral of capital projects by our customers.
AZCAR is an independent technology integration company providing the broadcast and communications industries with value-driven solutions, consulting, engineering, systems design, integration, project management and the supply of related materials and equipment. The stock trades on the Toronto Stock Exchange under the symbol: AZZ.
Except for historical information, this news release may contain certain "forward looking statements". Forward looking statements are statements that are not historical facts and are subject to a variety of risks, uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections.
This review contains Management's discussion of AZCAR's operational results and financial condition, and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2008, and the related "Management's Discussion and Analysis" (MD&A).
SOURCE: AZCAR Technologies Incorporated
AZCAR Technologies Incorporated Roger Miller Chief Financial Officer (905) 470-2545 ext. 244 roger.miller@azcar.com
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