Veramark Technologies Inc. on Thursday reported lower revenues as its fourth-quarter results turned to a net loss.
Veramark reported a loss of $68,000, or a penny a share, on revenues of slightly more than $2.6 million. A year ago, the company recorded a profit of $59,000 on revenues of more than $2.7 million.
For the full year, Veramark’s net loss totaled a little more than $1.1 million, or 12 cents a share, compared with a net loss of $431,000, or 4 cents a share, in 2008. Revenues for 2009 totaled approximately $10.1 million, down 5 percent from close to $10.7 million.
“We narrowed our operating losses significantly during the last two quarters of 2009 and continue to build our embedded backlog as we enter 2010,” President and CEO Anthony Mazzullo said in statement.
Evidence of that progress, he noted, comes in the form of orders for telecom expense management and business process outsourcing, which have increased 78 percent in the last year. Growth in those products sold under multiyear contracts, he said, should provide a predictable and recurring revenue stream going forward.
"In 2009, we made a decision to invest in product development and innovation, despite the pressures on pricing and sales lead times caused by the recession," Mazzullo said. "We believe that our strategic investments helped drive significant increases in our TEM and BPO businesses while our more traditional products experienced a decline."
Veramark’s stock (OTC.BB: VERA) Thursday afternoon ended trading at 47 cents, unchanged from Wednesday. The company has a 52-week trading range of 20 cents to 53 cents.
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