AZCAR Reports Record Revenue in Q1

5/13/2005

 
Stephen F. Pumple, President & CEO of AZCAR today announced first quarter revenues of C$16.8
million, representing a 68% increase over Q1 2004. The increase is attributable to AZCAR's success in expanding its equipment business with clients such as the
University of North Carolina Television, Medcom in Panama and other customers. The sales mix shift reflects an increase in revenue from lower margin equipment, thereby decreasing the Company's average gross margin rate.

The net income of $122,000 or 0.8 cents per share, while an improvement over the corresponding period in 2004, continues to fall below the Company's objectives. The mandate of the management team is to improve on the bottom line performance of the company.



AZCAR TECHNOLOGIES INCORPORATED
Consolidated Statement of Operations

Variance
2005 2004 - Better (Worse)
First Quarter Ended March 31 March 31 C$ %
---------------------------------------------------------------------
(Canadian $000's) (unaudited) (unaudited)

Revenue 16,807 10,021 6,786 68%

Gross margin 1,856 1,574 282 18%
Gross margin % 11.0% 15.7%

Operating expenses 1,719 1,522 (197) -13%
---------------------------------------------------------------------

Income (loss) before taxes 137 52 85 163%
Income taxes (payable)
recoverable (49) (71) (22) 31%
---------------------------------------------------------------------

Net income (loss) before
minority interest 88 (19) 107
Minority interest 34 (18) 52
---------------------------------------------------------------------

Net income (loss) 122 (37) 159
---------------------------------------------------------------------

AZCAR is an independent technology integration company providing the broadcast and communications industries with value-driven solutions, consulting, engineering, systems design, integration, project management and the supply of
related materials and equipment. The stock trades on the Toronto Stock Exchange under the symbol: AZZ.



Back to headlines  |  Email this article to a friend  |  Comment on this article