{"id":389157,"date":"2020-11-27T18:21:19","date_gmt":"2020-11-27T23:21:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389157"},"modified":"2020-11-27T18:21:19","modified_gmt":"2020-11-27T23:21:19","slug":"jemtec-2020-fiscal-year-end-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/jemtec-2020-fiscal-year-end-financial-results\/","title":{"rendered":"JEMTEC 2020 Fiscal Year End Financial Results"},"content":{"rendered":"
\n

Canada NewsWire<\/p>\n<\/p><\/div>\n

\n

\n JEMTEC INC. TSX-V: JTC<\/b>\n <\/p>\n

\n VANCOUVER BC<\/span>, Nov. 27, 2020<\/span> \/CNW\/ – JEMTEC Inc. (TSX-V: JTC) (the “Company”) is pleased to provide an update on its financial performance for the year ended July 31, 2020<\/span>. The following results show the Company continues to improve it’s financial strength, with no debt, strong liquidity and net\u00a0worth.<\/p>\n

\n 2020 Y\/E Revenues
<\/b>Revenues have increased by 2.0% to $2,367,179<\/span> during the year ended July 31, 2020<\/span> compared to $2,330,206<\/span> for the year ended July 31, 2019<\/span> primarily due to increased revenues from CSC. The Company earned revenues on its agreements with the Provinces of Saskatchewan<\/span>, Nova Scotia<\/span> as well as the CSC and SOLGEN. The Company also earned revenues from private bail clients.<\/p>\n

\n 2020 Y\/E Expenses
<\/b>During the year ended July 31, 2020<\/span>, total pre-income tax expenses remained consistent at $1,788,449<\/span> compared to $1,771,996<\/span> for the year ended July 31, 2019<\/span> while experiencing fluctuations in depreciation, equipment rent and installation, monitoring and activation fees, salaries and benefits and share-based payments.<\/p>\n

\n 2020 Y\/E Income Tax
<\/b>For the fiscal year ended July 31, 2020<\/span>, the Company recognized a current income tax expense of $170,000<\/span> (2019 – $68,000<\/span>). The increase in income tax is primarily due to the non-capital loss fully utilized in the fiscal year of 2019. The current income tax expense was related to income tax in Canada<\/span>.<\/p>\n

\n 2020 Y\/E Net Income
<\/b>For the year ended July 31, 2020<\/span>, the Company recorded a net income of $408,730<\/span>, compared to a net income of $490,210<\/span> during the year ended July 31, 2019<\/span>. This decrease in net income is primarily due to the increase in income tax.<\/p>\n

\n 2020 Y\/E Liquidity
<\/b>At July 31, 2020<\/span>, the Company had cash and cash equivalents of $2,093,645<\/span> and working capital of $1,905,806<\/span>. All cash and cash equivalents are on deposit with a Schedule I bank in Canada<\/span> in current or interest accruing accounts.<\/p>\n

\n Dividend Paid in 2020
<\/b>On January 8, 2020<\/span>, the Company declared a one-time special dividend in the aggregate amount of $679,219<\/span> ($0.25<\/span> per share) payable to the holders of the issued and outstanding common shares in the capital of the Company. The dividend was payable on or after January 8, 2020<\/span> to the shareholders of record of the Company as of January 17, 2020<\/span> and distribution of the dividend to shareholders took place on February 10, 2020<\/span>.<\/p>\n

\n Eric Caton<\/span>, President and CEO said, “We are pleased with the Y\/E results which we believe stem from our flexible business model and form a solid basis for future growth”. Jemtec has provided a full spectrum of monitoring technologies and services to provincial and federal correctional and border\u00a0 services across Canada<\/span> since 1987 and in doing so has built a reputation for offering the best technological solutions and support for use in this demanding environment.<\/p>\n

\n
\n FORWARD-LOOKING STATEMENTS<\/i>
\n <\/b>\n <\/p>\n

\n This news release contains forward-looking statements, which relate to future events or future\u00a0 performance\u00a0 and\u00a0 reflect\u00a0 management’s\u00a0 current\u00a0 expectations\u00a0 and\u00a0 assumptions.\u00a0Such\u00a0 forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements\u00a0 are neither promises\u00a0 nor guarantees, and are subject to risks and uncertainties that may\u00a0cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except\u00a0 as\u00a0 required\u00a0 under\u00a0applicable\u00a0 securities\u00a0 legislation,\u00a0the Company does not assume any obligation to update or revise them to reflect new events or circumstances.<\/i>\n <\/p>\n

\n Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.<\/i>\n <\/p>\n

SOURCE Jemtec Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada NewsWire JEMTEC INC. TSX-V: JTC VANCOUVER BC, Nov. 27, 2020 \/CNW\/ – JEMTEC Inc. (TSX-V: JTC) (the “Company”) is pleased to provide an update on its financial performance for the year ended July 31, 2020. The following results show the Company continues to improve it’s financial strength, with no debt, strong liquidity and net\u00a0worth. 2020 Y\/E RevenuesRevenues have increased by 2.0% to $2,367,179 during the year ended July 31, 2020 compared to $2,330,206 for the year ended July 31, 2019 primarily due to increased revenues from CSC. The Company earned revenues on its agreements with the Provinces of Saskatchewan, Nova Scotia as well as the CSC and SOLGEN. The Company also earned revenues from private bail clients. 2020 Y\/E … <\/p>\n

Continue reading “JEMTEC 2020 Fiscal Year End Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-389157","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nJEMTEC 2020 Fiscal Year End Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/jemtec-2020-fiscal-year-end-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JEMTEC 2020 Fiscal Year End Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire JEMTEC INC. TSX-V: JTC VANCOUVER BC, Nov. 27, 2020 \/CNW\/ – JEMTEC Inc. (TSX-V: JTC) (the “Company”) is pleased to provide an update on its financial performance for the year ended July 31, 2020. The following results show the Company continues to improve it’s financial strength, with no debt, strong liquidity and net\u00a0worth. 2020 Y\/E RevenuesRevenues have increased by 2.0% to $2,367,179 during the year ended July 31, 2020 compared to $2,330,206 for the year ended July 31, 2019 primarily due to increased revenues from CSC. The Company earned revenues on its agreements with the Provinces of Saskatchewan, Nova Scotia as well as the CSC and SOLGEN. 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