Veramark Reports 393% Increase in Fourth Quarter Profit On 46% Revenue Growth
biz.yahoo.com
>>For the full 1998 fiscal year, Veramark's revenues increased 38% to $17,119,540, compared to $12,408,269 of revenue reported for 1997. Veramark's net profit of $1,019,427, or $.13 per share, follows a 1997 loss of $5,030,507, or $.69 per share.
David G. Mazzella, Veramark's President and CEO, commented, ''This was an outstanding year for Veramark in many important respects. Most obviously, we are very pleased with the improvement in our financial results. Veramark has now reported six consecutive quarters of growth in revenues and profits. At the same time, we invested in new, improved releases of several key products and made sizable investments in upgrading our internal computer and communications systems. In addition, we made major strides in strengthening and expanding key distribution relations with Lucent Technologies (NYSE:LU - news), Alcatel (NYSE:ALA - news) and Nokia Telecommunications (NYSE:NOK.A - news).''
Mr. Mazzella continued, ''Looking to 1999, we have again set aggressive targets for growth in sales, profits, and product development. We are optimistic about achieving all three.''
During the fourth quarter, Veramark repurchased 22,300 shares of its common stock on the open market as part of an on-going program to purchase shares as market conditions, profitability and cash requirements warrant.... << |
