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Thursday, June 10, 2010
Active Control Reports Another Solid Quarter
Growth revenues in existing mines continue to exceed expectations
Toronto,
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TORONTO, June 10, 2010 - Active Control Technology Inc. (TSX-V:ACT), a leading provider of advanced wireless communication, productivity and safety systems, today announced its financial results for the third quarter of fiscal 2010 ended April 30, 2010.
The Corporation generated revenues of $1,566,108 during the quarter ended April 30, 2010, as compared to $437,061 in the quarter ended April 30, 2009. The increase is attributable to the deployment of the Corporation's ActiveMine™ product which delivered a 4-fold increase in revenues, combined with a 136% increase in ActiveSecure™ revenues.
For the nine month period ended April 30, 2010, the Corporation generated revenues of $4,529,527, as compared to $986,133 in the corresponding period ended April 30, 2009.
"During the quarter, a new installation commenced in one mine, bringing the total underground installations of ActiveMine™ to nine," said Cameron Sturgess, President and CEO.
The Corporation incurred a net loss of $942,004 or $(0.00) per share during the quarter ended April 30, 2010, as compared to a net loss of $1,232,916 or ($0.01) per share for the quarter ended April 30, 2009.
For the nine month period ended April 30, 2010, the Corporation incurred a net loss of $3,104,695 or $(0.01) per share, as compared to a net loss of $3,131,166 or $(0.02) per share, for the corresponding period ended April 30, 2009.
"Our free cash flow usage was reduced to $750,566 during the current quarter, a significant improvement over the previous two quarters, which averaged $1,272,535," said Peter Gimon, EVP Finance and CFO. "Barring any unforeseen circumstances, we expect this improving trend to continue".
The Corporation is also pleased to announce that Peter Gimon, EVP Finance, CFO, and Treasurer, will assume the additional title of Chief Operating Officer. "Peter has already demonstrated his aptitude in the non-financial areas of the business, particularly in support of Sales and Operations," said Cameron Sturgess, President and CEO. "With his solid engineering and manufacturing background, along with his Finance expertise, I look forward to his continued contribution to the business."
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