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Audiotech Announces Fourth Quarter Results and Record Earnings for Fiscal 2011

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By dquinton

Posted: Tuesday Jan 31 12:00:38PM 2012

Audiotech continues to report solid profitable quarters and had a record year in fiscal 2011. After the adjustment for the reversal of gain on the sale of the building during the fourth quarter due to IFRS transitional rules, pre-tax net income was $164,387 for the fourth quarter, an increase of 19% on a year-over-year basis. Pre-tax net income for the year ended September 30, 2011, was $654,060 compared to $352,723 during fiscal 2010, an increase of 85%. After tax, the company earned $0.037 per share for fiscal 2011 and had positive working capital at the end of the year of over $1 million. Long-term debt was down to $743K at the end of Q4 and the company paid off an additional $100K of debt prior to the end of the quarter. Audiotech paid down 37% of its total long term debt in fiscal 2011 and is committed to aggressively pay down long-term debt for fiscal 2012. Congratulations to Audiotech management for a very successful year! Doren

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