Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) today announces the financial results and highlights for the second quarter ended June 30, 2009.
FINANCIAL RESULTS AND CASH FLOWS
Three-month period ended June 30, 2009
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- Revenues amounted to $128,910 for the second quarter ended June 30,
2009, compared to $181,478 for the same quarter in 2008, a decrease of
$52,568 or 29%.
- Net loss amounted to $387,790 for the second quarter ended June 30,
2009, compared to $534,520 for the quarter ended June 30, 2008, a
decrease of $146,730 or 27%.
Six-month period ended June 30, 2009
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- For the six-month period ended June 30, 2009, revenues amounted to
$315,289, compared to $258,776 for the six-month period ended June 30,
2008, an increase of $56,513 or 22%.
- For the six-month period ended June 30, 2009, net loss amounted to
$743,637, compared to $977,440 for the six-month period ended June 30,
2008, a decrease of $233,803 or 24%.
As at June 30, 2009, the Corporation had a cash position of $307,552 and a working capital of $626,833.
"A significant part of the revenues recorded in the first semester of 2009 was made in the U.S. We have communicated several times that the U.S. sales decrease had slowed the revenue growth for 2008 and that we had an objective of growth in this market in 2009. Therefore we are glad of the sales' increase for the first half of 2009 for the American territory, the main market for our products" commented Renaud Beauchesne, Executive Chairman at Advitech.