NamSys Inc. Announces Strong Fiscal Year Results and Leadership Change
NamSys Inc. Celebrates Fiscal 2024 Achievements
NamSys Inc. (CTZ – TSX-V), a prominent technology provider for cash processing and transportation, has announced robust results for its latest fiscal year. These achievements reflect the company’s commitment to enhancing efficiency in currency processing across various sectors, including retailers and financial institutions. The announcement also includes the election of Nicole Sparks as the Non-Executive Chair of the Board, succeeding her father, K. Barry Sparks.
Fiscal Year Highlights
The fiscal year ending October 31, 2024, has shown impressive growth compared to the previous year. Key highlights include:
- Revenue surged to $6,840,146, marking a 12% increase of $747,126 from $6,093,020.
- Gross profit climbed 17%, reaching $4,269,368, an increase of $616,868 compared to $3,652,500.
- Net income rose to $2,090,475, equivalent to $0.08 per share, a notable 29% increase of $475,600 from last year’s net income of $1,614,875 ($0.05 per share).
- A special dividend of $0.05 per share was distributed, returning $1,350,477 to the shareholders.
- The company’s net cash increased to $8,047,351, reflecting an 11% rise or $829,039 more than the previous total of $7,218,312, bringing net cash per diluted share to $0.29.
- In a move to strengthen shareholder value, the company repurchased and canceled 355,600 common shares through its Normal Course Issuer Bid initiated on August 30, 2023.
Leadership Transition
Jason Siemens, President and CEO of NamSys Inc., expressed his satisfaction with the company's performance and the recent board changes. “I’m pleased to announce our record results and the election of Ms. Sparks. She has been a valuable member of the Board since April 2018 and has big shoes to fill as she takes over from her father, K. Barry Sparks, who retired as Chair.”
Commitment to Efficiency
NamSys Inc. continues to focus on providing innovative solutions in cash processing, aimed at improving operational efficiency for various clients. Their proprietary technology is now accessible through software-as-a-service subscriptions, delivered via public cloud service providers, ensuring a seamless customer experience.
For More Information
For additional inquiries and details, please reach out to:
Mr. Jason Siemens, President & CEO
?(289) 748-3685?; ir@namsys.com
Frequently Asked Questions
What does NamSys Inc. specialize in?
NamSys Inc. specializes in technology for cash processing and transportation, providing solutions for retailers, financial institutions, and cash-in-transit providers.
What were NamSys' revenue figures for the fiscal year?
For the fiscal year ending October 31, 2024, NamSys reported revenue of $6,840,146, representing a 12% increase from the prior year.
Who has been elected as the new Chair of the Board?
Nicole Sparks has been elected as the Non-Executive Chair of the Board, taking over after her father, K. Barry Sparks.
What is the significance of the special dividend?
The special dividend of $0.05 per common share reflects NamSys Inc.'s strong financial position and commitment to returning value to its shareholders.
How can investors learn more about NamSys Inc.?
Investors can find more information regarding NamSys Inc.'s financial statements and management discussions through their profile on SEDAR at www.sedarplus.ca.
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