PRINT | CLOSE WINDOW

Profit, revenue rise at Veramark Technologies

By TROY L. SMITH
 - 11/8/2012 3:14:02 PM

Veramark Technologies Inc. saw an increase in profit for the third consecutive quarter as its revenues also continued to rise.

The Pittsford-based telecommunications expense management company reported Wednesday a net income of $247,000, or 2 cents a share, for the third quarter, up from $86,000, or a penny a share, a year ago.

Veramark logged revenues of $3.86 million, up from $3.43 million a year ago. The company’s backlog of recurring future revenues also increased to $13.8 million as of Sept. 30, up 10 percent from last year.

Veramark stock (OTCQP: VERA) was trading at 50 cents a share Thursday midday, down a nickel from Wednesday’s close.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.