Grey Island Systems Delivers Dramatic Improvement in Revenues and Bottom Line

In spite of the tough global economic environment, Toronto-based,Grey Island Systems (GIS) brought in substantially higher revenues and went from a loss to a profit in the fiscal year ending September 30, 2008. The company has made substantial inroads into the U.S. through its subsidiaries, NextBus and Interfleet.

GIS President, Owen Moore, stated:

“Our financial results represent another year of success for the Company as we reported record revenue, substantial growth and improved bottom line performance. Our commitment to focusing on government sector clients in North America and providing exceptional customer service to existing clients continues to be a key differentiator for the Company”

The current results reflect the Company’s previously stated objectives to grow organically and through acquisition with a goal to increase the Company’s share of the US market place. The following significant highlights illustrate the company’s excellent 2008 performance:

- Revenue for the year increased to C$21.2 million an increase of 27%.

- Net income for the year increased to C$752, 965 compared to a net loss of C$500,877.

- Improved net income before income tax and amortization to C$1,956,368 from C$293,102.

- Revenue from US customers increased to C$13.8 million an increase of 25.7%.

- Gross margin for the year was 50%.

- C$12.7 million in cash and short-term investments.

Andrew Moore, CEO of Grey Island, concluded:

“The Company has demonstrated its ability to land large government contracts and post strong revenue growth within its core market and continues to see large opportunities on the horizon as market awareness increases and technology adoption accelerates in our emerging industry. While we are encouraged with our existing results, we are even more encouraged with our prospects for the future.”

More detailed financial information is available on Business Week.