ViryaNet Revenue, Profit Down In Q1
Westborough's ViryaNet, which develops mobile workforce management software, saw revenue fall for the first quarter of 2013, to $2.9 million compared with $3.2 million last year.
The company said the same period last year was a record quarter, with 38 percent growth over the previous year due to large deals that had closed, skewing year-over-year comparisons.
For the quarter ended March 31, license revenues were down to $392,000, from $535,000 in 2012. Maintenance and service revenues also dropped, from $2.6 million to $2.5 million.
"We have made progress in both growing our sales pipeline and closing multiple deals with both new and existing customers. This progress materialized through direct sales and channel partners in North America and Europe," said President and CEO Memy Ish-Shalom. "However, our (first quarter) 2013 results were somewhat masked by the comparable record first quarter of 2012, making quarter-over-quarter comparisons more challenging."
Net income was $243,000, or 6 cents per share, down from $416,000, or 10 cents per share last year.
ViryaNet said its cash and equivalents were $272,000 at the end of the quarter, compared with $335,000 at the end of 2012.
WBJ Web Partners
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