Veramark Technologies Inc. posted a second-quarter profit and a jump in revenues.
The Pittsford-based telecommunications expense management company reported Friday a net income of $147,000, or a penny a diluted share, compared with a net loss of $671,000, or 7 cents a share, during the same period last year.
Veramark logged revenues of $3.86 million, for the quarter up 19 percent from revenues of $3.25 million in 2011. For the first six months of 2012, the company has received orders totaling $8.7 million, up 9 percent.
As of June 30, Veramark’s backlog of recurring revenues totaled $13.6 million for the year, up 8 percent from the same point a year ago.
“We continue to make steady gains in the highly competitive telecom expense management market,” said CEO Anthony Mazzullo, in a statement. “We believe that customers select Veramark to help eliminated distractions resulting from the work involved in managing the costs associated with telecom services and systems.”
Veramark stock (OTCQP: VERA) was trading at 40 cents a share at midday Friday, unchanged from Thursday’s close.
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