Veramark Announces Third Quarter 2012 Financial Results
ROCHESTER, NY, Nov 07, 2012 (Menafn - MARKETWIRE via COMTEX) --Veramark Technologies, Inc. (otcqb:VERA), a leading provider oftelecom expense management solutions, today announced increases inrevenue and net income for both the third quarter and the nine monthsended September 30, 2012.
Revenues of 3,860,000 for the quarter ended September 30, 2012increased 13% from revenues of 3,429,000 for the same quarter of2011, and revenues of 11,322,000 for the nine months ended September30, 2012 also increased 13%, from 10,062,000 for the first ninemonths of 2011.
Veramark's net income of 247,000 for the third quarter of 2012,representing 0.02 per share, increased from net income of 86,000for the same quarter of 2011. For the nine months ended September 30,2012 net income of 475,000, or 0.04 per share, compared with areported net loss of 532,000 for the first nine months of 2011.
Tony Mazzullo, Veramark's President and CEO, stated, "We continue tobe pleased with our steady gains in this highly competitive market.The majority of this growth in revenues has been in TEM outsourcingservices with multi-year subscriptions that will extend into 2013 andbeyond."
Veramark also reported that its backlog of recurring future revenuescontinued to increase, totaling 13.8 million at September 30, 2012,up 10% from the end of 2011.
"Our positive financial results are partially due to Veramark havingreceived, earlier in the year, the SSAE16 Type II certification andbeing recognized in the 2012 Gartner Magic Quadrant Report for GlobalTEM," states Josh Bouk, Senior Vice President of Strategic Services."In addition, we have received a very positive response fromcustomers regarding the latest version of our VeraSMART software forTelecom Expense Management. We are excited about our successes thathave helped our customers simplify their telecommunicationsenvironment and eliminate telecom distractions."
Mr. Mazzullo and Ron Lundy, Vice President of Finance and CFO, willhost a teleconference to discuss the 2012 third quarter results onThursday, November 8, at 2:00 PM Eastern Time. To access theconference call, dial (800) 757-7641.
VERAMARK TECHNOLOGIES, INC.
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
September 30
20122011
Revenues3,859,933 3,429,339
Cost of Revenues1,568,2461,486,058
Operating Expenses2,049,3581,866,922
Net Interest Income4,8189,182
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Income Before Litigation,
Settlement Expenses, and Taxes247,14785,541
Litigation and Settlement Expenses--
Income Taxes--
------------------------
Net Income247,147 85,541
========================
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Net Income Per Diluted Share0.02 0.01
========================
Diluted Weighted Average
Number of Shares Outstanding10,685,14310,483,391
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Nine Months Ended
September 30
20122011
Revenues11,321,757 10,062,305
Cost of Revenues4,728,1894,258,404
Operating Expenses6,144,3595,515,213
Net Interest Income25,66841,958
------------------------
Income Before Litigation,
Settlement Expenses, and Taxes474,877330,646
Litigation and Settlement Expenses-862,995
Income Taxes--
------------------------
Net Income (Loss)474,877 (532,349)
========================
------------------------
Net Income (Loss) Per Diluted Share0.04 (0.05)
========================
Diluted Weighted Average
Number of Shares Outstanding10,654,97810,234,239
========================
About Veramark Technologies, Inc.
Veramark eliminates telecom distractions for organizations thatdemand value from their communication investments. We leverage thepower of intuitive technology and problem-solving people to simplifytelecom management and convert complex data into actionableintelligence. We ensure that our customers need what they buy, buywhat they need, and pay what they should for telecom. Veramarksolutions are used by over 3,300 government organizations andbusiness enterprises around the world. http://www.veramark.com/
Veramark, VeraSMART, and eCAS are registered trademarks of VeramarkTechnologies, Inc. All other trademarks are the property of theirrespective owners.
This report may contain forward-looking statements as defined in thePrivate Securities Litigation Reform Act of 1995. A variety offactors could cause actual results to differ from the anticipatedresults expressed in such forward-looking statements. These mayinclude but are not necessarily limited to changes in generaleconomic conditions in the United States and overseas, technologicalchanges in the telecommunications or computer industries, the timelyand successful launch of planned new products, the timelyinstallation and acceptance by end-user customers, and the impact ofcompetition or changes in the marketing strategies of majordistributors.
Media Contact:
Andrew Tempest
Director of Marketing Communications
Veramark Technologies, Inc.
(585) 383-6883
Email Contact
SOURCE: Veramark Technologies, Inc.
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