JITE Technologies (JTI)
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Posted: Saturday Jun 5 5:09:37PM 2010
significant uptick in price and trading volume this week following the release of the quarterly results and the announcement that McVicar has added to its holdings:
Mr. Winfield Ding reports
MCVICAR ANNOUNCES FURTHER INVESTMENT IN JITE TECHNOLOGIES
McVicar Industries Inc. has increased its investment in Jite Technologies Inc. from the holdings reported in a previous report in Stockwatch dated Sept. 19, 2007, through the acquisition on the TSX Venture Exchange of a total of 492,500 common shares (2.23 per cent) of Jite at market prices in a number of trades from December, 2008, to June 4, 2010, and through the acquisition of control or direction over a further 512,150 common shares (2.43 per cent) of Jite by way of private agreements.
McVicar now holds 10,336,250 common shares (49.05 per cent) and exercises control or direction over 512,150 common shares (2.43 per cent) for a total of 10,848,400 common shares (51.48 per cent) of Jite.
McVicar has acquired control or direction over these common shares for investment purposes and may or may not purchase or sell common shares of Jite in the future on the open market or in private transactions, depending on market conditions and other facts.
Posted: Saturday May 29 5:11:22PM 2010
Posted: Saturday May 29 6:35:07AM 2010
JTI reported quarterly earnings of $0.028/share yesterday. Last traded at $0.33.
Posted: Saturday Apr 17 6:26:49AM 2010
...and closing the week at $0.325!
Posted: Thursday Apr 15 7:20:06PM 2010
JTI reported yesterday. The stock still sits at $0.38 despite $0.08 in earnings for the year. Anyone still holding? Comments?
Jite Announces Fourth Quarter and Fiscal Year-End 2009 Financial Results
Wednesday, April 14, 2010
Trading Symbol: JTI
TORONTO, April 14 /CNW/ - JITE Technologies Inc. ("Jite") today reports financial results for the fourth quarter and fiscal year ended December 31, 2009. All currency amounts referred to in this news release are in Canadian dollars unless stated otherwise. The detailed financial statements and MD&A can be found on www.sedar.com.
Financial Highlights for the Year Ended December 31, 2009:
- Sales were $15.6 million, a decrease of 13% compared to $17.9 million
- Gross profit was $4.9 million, an increase of 26% compared to
$3.9 million in 2008. The year-over-year increase is primarily
attributable to lower raw material purchase price which was secured
by forward purchase contracts.
- Operating income was $1.8 million, an increase of 128% compared to
$0.79 million in 2008.
- Net income was $1.7 million or $0.08 per share, an increase of 150%
compared to $0.68 million or $0.03 per share in 2008.
- Net cash provided by operating activities prior to net changes in
non-cash operating items for 2009 and 2008 was $2.76 million and
$1.88 million, respectively. Including changes in non-cash operating
items, net cash provided by operating activities for 2009 was
$3.7 million, an increase of 131% compared to $1.6 million for 2008.
This significant year-over-year increase is primarily attributable to
higher gross margin and lower operating expenses as a result of
strategic cost reduction plans.
Financial Highlights for the Fourth Quarter Ended December 31, 2009:
- Sales were $3.7 million, a decrease of 21% compared to $4.7 million
in the year-ago quarter.
- Gross profit was $1.1 million, a decrease of 15% compared to
$1.3 million in the year-ago quarter.
- Operating income was $0.38 million, a decrease of 25% compared to
$0.51 million in the year-ago quarter.
- Net income was $0.36 million or $0.017 per share, a decrease of 18%
compared to $0.44 million or $0.021 per share in the year-ago
quarter. The overall fourth quarter decrease was primarily due to the
unfavorable impact of foreign exchange rates and organic sales
decrease of approximately 5%.