The company has recorded $1,785,330 of revenues this quarter compared with $331,522 in the same period in 2006. Cost of product has reduced as volume has increased and Gross Profit was $1,294,830compared with $103,322 in 2006.
Sales and Marketing costs were $1,232 compared with $38,627 in the same period for 2006 primarily due to staff economies and a reduction in attendance at trade shows and events during the period. General and Administration expenses were $146,326 compared with $176,502 for the same period in 2006. This expense was lower than the comparable period as we were able to make further economies during the period. Consultancy costs were lower at $125,727 compared with $138,820 in the previous year. Salaries and payroll costs were $109,556 compared with $116,035 in 2006 as costs were closely controlled in the period.
Operating profit excluding the interest charges was $911,989 compared with a loss of ($366,662) in the comparable period of 2006. Higher revenues and lower operating expenses combined to produce this improvement, Total comprehensive income was $817,628 compared with a comprehensive loss of ($1,934,095) for the same period in 2006.
For the nine months to September 30,2007 compared with the similar period in 2006 Revenues increased from $684,834,to $4,250,224 and Gross Profit was $3,119,372 up from $164,983 in 2006.
Selling and marketing expenses reduced from $88,688 to $5,203, General and Administrative expenses
were also reduced from $525,736 to $431,540. Consultancy costs were lower at $282,585 compared with $455,543 and salaries & wages were reduced from $436,669 compared with $312,135. Total operating expenses have been reduced from $1,506,616 to $1,050,101 in the comparable period.
The company recorded an operating profit of $2,069,271 compared with a loss of ($1,341,623) in 2006. The company made a profit after interest and currency adjustments of $1,700,682 compared with ($5,897,181) Earnings per share were $0.02 compared with a loss of ($0.15) in 2006.
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