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Technology Stocks : Veramark Technologies Inc. (Nasdaq: VERA) -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Rush who wrote (23)	11/2/1998 9:24:00 AM
From: E. Graphs	Read Replies (1) \| Respond to of 221

Veramark Third Quarter Revenues Increase 46% biz.yahoo.com >>Net sales for the third quarter increased 46% to a record $4,693,706 from $3,204,875 in the third quarter of 1997. Net income for the quarter was $303,171, or $.04 per share, as compared to $27,246 in the comparable period last year. >>Net sales for the nine month period increased 35% to $12,280,856, compared to $9,104,797 in 1997. Net income for the first nine months was $586,583, or $.07 per share, compared to a loss of $5,118,279, or ($.71) per share, for the first nine months of 1997. >>David G. Mazzella, Veramark's President and CEO, commented, ''The 46% increase in net sales this quarter exceeded expectations. Significantly, sales per Veramark employee have increased 16% over the past 12 months.'' >>Mr. Mazzella continued, ''The robust growth in our business is reflected in our solid balance sheet. Cash flow from third quarter operations was strong and Veramark ended the quarter with a cash balance of slightly over $5 million. As a result, during the third quarter, Veramark was able to use this positive cash flow to repurchase 30,000 shares of Veramark common stock in the open market. As of the end of the quarter, 165,000 shares can still be purchased under the authorization approved by the Board of Directors on November 30, 1995. We will take opportunities to purchase additional shares as profitability, cash requirements and market conditions warrant.'' >>Mr. Mazzella concluded, ''Looking forward, we have reason to be optimistic yet cautious. Our optimism comes from the strong momentum we have in the order rate for our telemanagement products and the number of outstanding proposals and acceptance of VeraBill in the billing and customer care market. Our caution is derived entirely from concerns about a possible global economic slow down. While we have seen no tangible impact on Veramark's business to date, we will be watching closely for any changes, and will react accordingly.'' >>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.<<