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Profit, revenue rise again at Veramark Technologies

By TROY L. SMITH
 - 2/20/2013 3:24:41 PM

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.

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