Clemex Technologies books a profit of $50,871 in Q2, reverses year-ago loss
Clemex Technologies Inc. (TSXV:CXG.A), an image analysis solutions provider, credits its "expense reduction plan" for making it profitable in the second quarter compared with last year.
Net income totalled $50,871 or 0.2 of a cent a share in the period ended Oct. 31, reversing a year-earlier loss of $110,784 or half a cent a share.
It booked revenues of $1 million, down from $1.3 million.
"The expense reduction plan, set forth in the fall of 2008, resulted in a decrease in commercial and administrative costs and contributed significantly to the quarter's profit," the company stated in a release Wednesday.
Clemex develops, makes and markets image analysis systems and software used by quality control and research microscopy laboratories.
Looking forward, the company sees renewed interest in its products, particularly from the automotive sector.
"We also see some signs of improvement in the steel industry in Asia and Europe which should bring some additional sales," said president and chief executive Clement Forget.
Clemex said the development of its new medical instrument is on target. A prototype will be ready this spring, with sales expected to begin by the fall.
Shares of the company last traded Dec. 14 at eight cents on the TSX Venture market.