For the period ended October 31, the supplier generated revenue of $C1.32 million, six times its first quarter 2008 result. ACT cited its deployment of the ActiveMine communications and tracking system for the result.
The increased sales of the system resulted in a healthy gross margin increase in the quarter.
ACT spent $120,000 on product development in the period, including extensions for the Quick-Kee technology platform and development of ActiveMine.
ACT’s net loss for the quarter was $1.05 million. The company said that while the loss was widened year-on-year, it had invested substantially in ActiveMine’s development and production.
"During the quarter, new installations commenced in three mines, bringing the total underground installations of ActiveMine to five," president Cameron Sturgess said.
"I am pleased to say that after three years and over 1000 man-days of underground experience developing this leading-edge technology, we are now driving the commercialization of our ActiveMine product and its growth."
ACT chief financial officer and executive vice-president finance Peter Gimon added that the company was also able to complete equity financing of $3.75 million during the quarter.
"This equity infusion will allow us to continue the deployment of ActiveMine and will also allow us to focus on increasing margins through streamlining manufacturing costs," he said.
