Veramark Technologies Inc. reported a jump in its first-quarter profit.
The Pittsford-based telecommunications expense management company’s net income increased to $80,000, up 51 percent from $53,000 in first quarter 2011.
Veramark logged revenues of $3.6 million, up 6 percent from $3.4 million a year ago. The company also reported orders of $4.4 million for the quarter, up from $4.2 million last year.
As of March 31, Veramark’s backlog of recurring revenues totaled $13.3 million, an increase of 28 percent. Veramark said it expects some $8 million of that backlog to be recognized as revenue during the next four quarters.
Veramark stock (OTCQP: VERA.PK) was trading at 40 cents a share at midday Thursday, unchanged from Wednesday’s close. The company reported its results Wednesday.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
eMail
View All Comments
Print
Reprints
