Earnings, revenue tumble at ViryaNet
A lack of new licensing revenue propelled a 19-percent drop in year-over-year sales in the first quarter for ViryaNet of Westborough, the company reported Monday.
ViryaNet reported revenue of $2.4 million for the quarter ending March 31, down from $2.9 million in the first quarter of 2013. The company also took a loss of $379,000, or nine cents per share, well behind last year’s profit of six cents per share.
“Long and unpredictable sales cycles are typical in our business, and while we are not satisfied with our performance in the first quarter, we are increasingly confident in our long-term business model,” Memy Ish-Shalom, president and CEO, said in a statement.
Ish-Shalom said the company has seen significant growth in the number and value of deals in their pipeline, and expects to announce soon a cloud-based deployment for a new customer that’s managing hundreds of facilities.
The company is also pleased by the strong demand for its cloud-based offerings launched in fall 2013 as well as the growth prospects for the global workforce management space.
Shares of ViryaNet stock sunk more than 30 percent after the earnings were announced late Monday - from $3.53 Monday afternoon to $2.40 Tuesday morning.
WBJ Web Partners
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