VERAMARK SALES AND PROFITS SURGE
PITTSFORD, NY--(BUSINESS WIRE)--May 6, 1999--Veramark Technologies, Inc. (Nasdaq:VERA) today announced strong gains in sales and profits for the first quarter which ended March 31, 1999. Sales increased 40% to $5,043,367. The net profit for the quarter was $557,577, or $.07 per share, a 441% improvement over the $103,072 or $.01 per share profit earned in the first quarter last year.
David G. Mazzella, President and CEO, commented, "We are very pleased to have met our first target for continued rapid growth in 1999. This marks the seventh consecutive quarter of strong gains in revenues and profits for Veramark. First quarter revenues have increased 40% since 1998 and 82% since 1997. Significantly, net income as a percentage of sales increased to 11.1% as compared to 2.9% for the same quarter last year. That was accomplished while we continued to invest in building our team to support future growth. Total employment has grown from 145 on March 31, 1998 to 180 on March 31, 1999. We also continued to return a portion of our profits to stockholders through our stock buy-back program. During the first quarter of 1999, we purchased 10,000 shares of Veramark common stock on the open market."
Mazzella concluded, "We have aggressive growth targets for the remainder of this year and developments through April bolster our confidence that our goals will be achieved." |
