News February 10, 09:02 Eastern Time
PITTSFORD, NY (Feb. 10) BUSINESS WIRE -Feb. 10, 1999--Veramark Technologies, Inc. (Nasdaq National Market:VERA) today reported
results for the fourth quarter and year which ended December 31, 1998. For the fourth quarter, Veramark's revenues increased 46% to $4,838,684,
compared to $3,303,472 for the same quarter in 1997. Net income for the fourth quarter of 1998 was $432,844, or $.06 per share, close to five
times the profit of $87,772, or $.01 per share, earned during the fourth quarter last year.
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), Alcatel (NYSE: ALA) and Nokia Telecommunications (NYSE:NOK.A)."
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.
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.
This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors
could cause actual results to differ from the anticipated results expressed in such forward-looking statements. These may include but are not
necessarily limited to changes in general economic conditions in the United States and overseas, technological changes in the
telecommunications or computer industries, the impact of competition, or changes in the marketing strategies of major distributors.
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