VERAMARK REPORTS RECORD 2ND QUARTER SALES UP 50%, PROFITS SOAR 292%
Business Editors
PITTSFORD, N.Y.--(BUSINESS WIRE)--Aug. 3, 1999--Veramark Technologies, Inc. (Nasdaq:VERA) today reported record sales and profits for the second quarter ended June 30, 1999.
Sales grew by 50% to $5,988,740 from $3,982,773 for the second quarter of 1998. Net income was $705,078 ($.09 per diluted share) up 292% compared to $180,340 ($.02 per fully diluted share) earned in the same quarter last year.
For the first half of 1999, Veramark's sales were up 45% and net income was up 346% compared to the first six months of 1998.
David G. Mazzella, Veramark's President and CEO, commenting on the results said, "This was an outstanding quarter for Veramark and the eighth consecutive quarter of growth in both sales and profits. Revenues grew in all of Veramark's product categories: Emerald call accounting, INFO/MDR, VeraBill, Telecommunication Management Software, and professional services. The positive operating results continue to strengthen the company's balance sheet with total assets and shareholders' equity increasing 35% and 28% respectively since June 30, 1998."
Mazzella added, " We continue to invest in rapidly building our team. We now have a record number of very dedicated, capable employees. As of today we have 207 employees - reflecting an increase of 15 in the second quarter and another ten in July."
Mazzella concluded, "We plan to continue aggressive additions to our staff in order to support anticipated growth across our product lines along with the development of new products. Advances in communications technology afford exceptional opportunities for Veramark. We have the technical, financial and marketing resources necessary to take full advantage of them." |
