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Profit, revenue rise again at Veramark Technologies

Rochester Business Journal
February 20, 2013

Veramark Technologies Inc.’s shares jumped more than 15 percent Wednesday following an increase in profit and revenue for the fourth consecutive quarter.

The Pittsford-based telecommunications expense management company’s stock (OTCQB:VERA) was trading at 75 cents a share, up from Tuesday’s close of  65 cents a share. Veramark Tuesday afternoon reported net income of $270,000, or 3 cents a share, for the fourth quarter, compared with a net loss of $687,000, or 7 cents a share, during the same period a year ago.

The company logged revenues of $4 million for the fourth quarter, up 3 percent from revenues of $3.9 million in 2011.

For 2012, Veramark reported net income of $745,000, or 7 cents a share, which marked a return to annual profitability. The company reported a net loss of $1.2 million, or 12 cents a share, for 2011.

Veramark’s revenues for the full year were $15.3 million, an increase of 10 percent from $13.9 million in 2011.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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