Azcar Technologies Inc
SymbolAZZ
Shares Issued15,566,350
Close 2009-10-30C$ 0.15
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Azcar earns $486,000 in Q3 2009

2009-11-06 13:53 ET - News Release

Mr. Stephen Pumple reports

AZCAR ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2009

Azcar Technologies Inc. had third quarter revenues of $16.6-million compared with revenues of $18.6-million in the third quarter of 2008. Despite the drop in revenue resulting from customer capital project delays related to the current global recession, Azcar continues to focus on improving project execution as evidenced by its gross margin which rose in the third quarter to 23.6 per cent of revenue versus 22.5 per cent of revenue in the third quarter of 2008. 

                          FINANCIAL HIGHLIGHTS
           (in thousands of dollars, except per share amounts)

                              Three months ended        Nine months ended
                              Sept. 30,                 Sept. 30,
                              2009         2008         2009        2008

Revenues                      $16,603      $18,611      $43,195     $54,462
Cost of goods sold             12,677       14,422       33,969      44,096
                              -------      -------      -------     -------
Gross margin                    3,926        4,189        9,226      10,366
Gross margin (%)                 23.6%         22.5%        21.4%       19.0%
                              -------      -------      -------     -------
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
                              -------      -------      -------     -------
Subtotal                        3,494        3,569       10,766       9,417
                              -------      -------      -------     -------
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
                              -------      -------      -------     -------
Net Income (Loss) before
minority interest                 410          601       (1,383)        915
                              -------      -------      -------     -------
Minority (interest)               (76)           -          (76)          -
Net income (loss)                 486          601       (1,307)        915
                              -------      -------      -------     -------
Earnings per share
Basic (loss) (cents)              3.1          3.9         (8.4)        5.9
Fully diluted (loss) (cents)      3.1          3.9         (8.4)        5.9

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