ViryaNet Boosts Revenue
Mobile software maker ViryaNet of Westborough reported a 25-percent increase in revenue for its most recent quarter, while turning in more than $200,000 in profit following a loss in the same quarter in 2011.
The company reported $2.54 million in revenue for the quarter, which ended June 30. It also reported net income of $207,000, or 5 cents per diluted share, a turnaround from a net loss of $656,000 loss (18 cents per share) that was posted for the second quarter of 2011.
For the first half of 2012, ViryaNet reported a swing of more than $1.5 million in net income over last year, from a loss of $901,000 in 2011 to a profit of $623,000. Its revenue totaled $5.7 million, which is up 32 percent from the first half of last year.
The company also improved its cash position, from $104,000 at the end of last year to approximately $475,000 on June 30.
Memy Ish-Shalom, the company's president and CEO, said new bookings exceeded expectations, with "several new deals which will contribute to new license revenue in future quarters."
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