Profits, revenue up sharply at ViryaNet
A boom in licensing revenue propelled a 15-percent jump in year-over-year sales in the fourth quarter for ViryaNet of Westborough, the company reported Monday.
ViryaNet reported quarterly revenue of $3.4 million, beating both analysts’ expectations of $2.98 million and sales of $2.9 million in the fourth quarter of 2012. Profits were $832,000, or 19 cents per share, well ahead of last year’s performance of 9 cents and experts projections of 8 cents.
For all of 2013, revenue rose 8.4 percent to $11.6 million. Net income, meanwhile, jumped 62.8 percent from $911,000 to $1.5 million.
Bookings for the year increased 10 percent, with ViryaNet signing one new customer in Europe during the fourth quarter and license orders from two existing U.S. customers to assist them in acquisitions. President and CEO Memy Ish-Shalom said the company also introduced the first native, voice-enabled mobile application in its space.
“Our competitive solution and our partner channel-focused strategy…is providing us with the ability to win larger and more complex business deals,” Ish-Shalom said in a statement. “We continue to see positive trends in the number and size of opportunities in the pipeline.”
WBJ Web Partners
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