Tech Stock Trading Alert; TouchIT Technologies Inc. (OTCBB: TUCN) Announces an Increase of 366% in Profits at the End of Q3 2010
ISTANBUL, TURKEY - November 16, 2010 (Investorideas.com newswire) - TouchIT Technologies, Inc. (OTC.BB:TUCN), a leading manufacturer of touch-based visual communication products, has announced today that sales, as well as profitability, continued to rise during the third quarter of 2010.
Total revenues for the nine month period ending September 30th 2010 reached $2.67 million, a 48% increase from the $1.8 million of revenues reported at the end of the same period of 2009. Gross profit was $878,387 or 33% of net sales, as of September 30, 2010, up 366% from $188,702 in the same period in 2009. On a GAAP basis, net income at the end of the third quarter of 2010 was $261,804. This compares with a net loss of $305,713 in the third quarter of 2009.
TouchIT Technologies is also pleased to announce an increase in its cash balance and accounts receivable. The current ratio was 1.6 at September 30th 2010, up from 1.05 at the end of Q2 2010. Additionally, the Company has no long-term debt.
"We are pleased to report continued growth in revenues and profitability during the third quarter," commented Andi Brabin, TouchIT Technologies' President of World Wide Operations and Chief Financial Officer. "The continued dramatic rise in demand for interactivity, particularly in the Middle East and United States of America, is opening new opportunities for TouchIT Technologies. In addition to organic growth from our customer base, we are opening new distribution and OEM channels with new partners all over the world," he added.
With a solid order book going into Q4, TouchIT Technologies starts the fourth quarter in a strong position.
About TouchIT Technologies
TouchIT Technologies designs, produces and markets touch-based visual communication products. We manufacture a large range of touch screen and touch board products to suit all types of application from 42" LCD touch-screens to large interactive whiteboard displays and audience response systems. We have manufacturing facilities in Istanbul, Turkey and Sales Offices in London, UK, Co Limerick, Ireland and Boston, Massachusetts USA.
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