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2009 2008 2009 2008
Three Months Ended Nine Months Ended
September 30 September 30
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(CDN $000) (unaudited) (unaudited) (unaudited) (unaudited)
Revenues 16,603 18,611 43,195 54,462
Cost of goods sold 12,677 14,422 33,969 44,096
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Gross Margin 3,926 4,189 9,226 10,366
Gross Margin % 23.6% 22.5% 21.4% 19.0%
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Operating expenses 3,015 3,399 9,991 9,051
Interest expense 43 64 56 221
Foreign exchange loss
(gain) 94 (49) 88 (248)
Stock-based compensation 15 17 47 48
Amortization 327 138 584 345
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Subtotal 3,494 3,569 10,766 9,417
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Income (loss) before
income taxes and
Minority Interest 432 620 (1,540) 949
% of revenues 2.6% 3.3% (3.6%) 1.7%
Income tax provision
(recovery) 22 19 (157) 34
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Net Income (Loss) before
Minority Interest 410 601 (1,383) 915
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Minority Interest (76) - (76) -
Net Income (Loss) 486 601 (1,307) 915
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Earnings per share
Basic (cents) 3.1 3.9 (8.4) 5.9
Fully Diluted (cents) 3.1 3.9 (8.4) 5.9
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Cash dividends per share
(cents) 0.0 0.0 0.0 0.0
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Cost control measures taken in the first and second quarter and the improved utilization of our professional staff in the third quarter have resulted in lower operating expenses compared to the third quarter of the previous year. However, on a year to date basis, the impact of the global recession and subsequent drop in client ad revenues in the broadcast industry deferred customer capital projects which we had staffed for. This resulted in the under utilization of our professional staff over the first two quarters and an overall increase in operating expenses.
Year to date, the Company recorded a net loss of $1.3 million compared to a profit of $0.9 million in the previous year. The decrease in net income was primarily the result of the continuing deterioration in market conditions worldwide and the deferral of capital projects by our customers. Secondary factors contributing to the net loss was the strengthening Canadian dollar and increase in amortization expense as a result of the assets acquired in the Matchframe acquisition.
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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