Synel reports Financial Performance for Q1 2010
Posted in News - Latest News
Yokneam, Israel--(05/30/10) - Synel Industries Ltd (TASE:SNEL), a world leader in the development and production of data collection systems and solutions for workforce management, time and attendance and access control, today announced financial results for its fiscal first quarter ended March 31, 2010.
Revenues for Q1 2010 were US$9,076,861 vs. US$7,242,635 for Q1 2009 and Net Income was US$760,310 vs. US$455,811 in Q1 2009.
Synel's Chief Executive Officer, Gabi Buganim, remarked: “With the publication of the Company’s business results for Q1 2010, I am happy to note the nice growth in the Company’s turnover, which stems mainly from increased sales in the field of CCTV, following the acquisition of Anteco - a leader in marketing of surveillance TV products.With the increased penetration into the field of CCTV, I am convinced that the integration of CCTV solutions with Synel’s access control solutions, which form an integral part of the Harmony system, will continue to positively affect the Company’s growth rate.
Q1 of 2010 was also marked by a winning of a large Harmony tender for computerizing biometric attendance for TEXACO chain of petrol stations in The Netherlands, Belgium and Luxemburg, and additional large Harmony projects that are being carried out in Israel.”
Synel Industries is the parent company of Time Spot, Inc.