NamSys Reports Strong Second Quarter Results
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.
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