Veramark Sets Quarterly Records
biz.yahoo.com
PITTSFORD, N.Y.--(BUSINESS WIRE)--Nov. 2, 1999--Veramark Technologies, Inc. (Nasdaq:VERA - news) today announced record sales of $6,180,796 and record earnings of $830,556, or $.10 per share, for the third quarter which ended September 30, 1999. Compared to the same quarter last year, sales increased 32%, net income increased 174%, and earnings per diluted share increased 150% over the prior year.
Year to date, through three quarters ended September 30, 1999, Veramark's sales are $17,212,903, up 40% from last year, net income of $2,093,211 is up 257%, and income per diluted share is $.26, up 271% compared to the same period last year.
David G. Mazzella, Veramark's President and CEO, commented, ''This marks the ninth consecutive quarter of growth in revenues and profits for Veramark. Both revenues and net income were at the highest levels for the third quarter in the company's history. Spending on engineering and software development also remained high at approximately $1,376,000 for the quarter or 22% of revenues. None of those expenditures were capitalized. Total employment at the end of the quarter was 210 and, in anticipation of continued growth in revenues, has increased to 223 today. Our cash balance stood at approximately $6 million at quarter end.''
Mr. Mazzella continued, ''VeraBill contributed $738,000 or 12% to third quarter revenues. We have made good progress and remain on schedule in the customization and implementation of the $1.3 million VeraBill system ordered by Malawi Post and Telecommunications Corp. The same is true for the order of a VeraBill upgrade by Antigua Public Utilities to cover wireless service. No revenue was recognized in the third quarter from either project.''
Veramark Technologies, Inc. is engaged in the design, production and servicing of telecommunications management and billing systems for users and providers of telecommunications services in the global market.
The forward looking statements contained in this release are estimates by the Company's management of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from management's current expectations.
(See Accompanying Table)
VERAMARK TECHNOLOGIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Third Quarter Ended
September 30,
1999 1998
---- ----
Net Sales $6,180,796 $4,693,706
========== ==========
Income Before Taxes $ 860,556 $ 303,171
Income Taxes $ 30,000 $ -
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Net Income $ 830,556 $ 303,171
========== ==========
Net Income Per Diluted Share $ .10 $ .04
========== ==========
Diluted Weighted Average Number
of Shares Outstanding 8,594,317 7,969,656
Nine Months Ended
September 30,
1999 1998
---- ----
Net Sales $17,212,903 $12,280,856
=========== ===========
Income Before Taxes $ 2,168,211 $ 586,583
Income Taxes $ 75,000 $ -
----------- -----------
Net Income $ 2,093,211 $ 586,583
=========== ===========
Net Income Per Share $ .26 $ .07
=========== ===========
Diluted Weighted Average Number
of Shares Outstanding 8,265,325 7,965,550 |
