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Veramark Announces Third Quarter 2012 Financial Results
ROCHESTER, NY, Nov 07, 2012 (MARKETWIRE via COMTEX) --
Veramark Technologies, Inc. (OTCQB: VERA), a leading provider of
telecom expense management solutions, today announced increases in
revenue and net income for both the third quarter and the nine months
ended September 30, 2012.
Revenues of $3,860,000 for the quarter ended September 30, 2012
increased 13% from revenues of $3,429,000 for the same quarter of
2011, and revenues of $11,322,000 for the nine months ended September
30, 2012 also increased 13%, from $10,062,000 for the first nine
months 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 $86,000
for 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 a
reported net loss of $532,000 for the first nine months of 2011.
Tony Mazzullo, Veramark's President and CEO, stated, "We continue to
be pleased with our steady gains in this highly competitive market.
The majority of this growth in revenues has been in TEM outsourcing
services with multi-year subscriptions that will extend into 2013 and
beyond."
Veramark also reported that its backlog of recurring future revenues
continued 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 having
received, earlier in the year, the SSAE16 Type II certification and
being recognized in the 2012 Gartner Magic Quadrant Report for Global
TEM," states Josh Bouk, Senior Vice President of Strategic Services.
"In addition, we have received a very positive response from
customers regarding the latest version of our VeraSMART software for
Telecom Expense Management. We are excited about our successes that
have helped our customers simplify their telecommunications
environment and eliminate telecom distractions."
Mr. Mazzullo and Ron Lundy, Vice President of Finance and CFO, will
host a teleconference to discuss the 2012 third quarter results on
Thursday, November 8, at 2:00 PM Eastern Time. To access the
conference call, dial (800) 757-7641.
VERAMARK TECHNOLOGIES, INC.
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
September 30
2012 2011
Revenues $ 3,859,933 $ 3,429,339
Cost of Revenues 1,568,246 1,486,058
Operating Expenses 2,049,358 1,866,922
Net Interest Income 4,818 9,182
------------ ------------
Income Before Litigation,
Settlement Expenses, and Taxes 247,147 85,541
Litigation and Settlement Expenses - -
Income Taxes - -
------------ ------------
Net Income $ 247,147 $ 85,541
============ ============
------------ ------------
Net Income Per Diluted Share $ 0.02 $ 0.01
============ ============
Diluted Weighted Average
Number of Shares Outstanding 10,685,143 10,483,391
============ ============
Nine Months Ended
September 30
2012 2011
Revenues $ 11,321,757 $ 10,062,305
Cost of Revenues 4,728,189 4,258,404
Operating Expenses 6,144,359 5,515,213
Net Interest Income 25,668 41,958
------------ ------------
Income Before Litigation,
Settlement Expenses, and Taxes 474,877 330,646
Litigation and Settlement Expenses - 862,995
Income Taxes - -
------------ ------------
Net Income (Loss) $ 474,877 $ (532,349)
============ ============
------------ ------------
Net Income (Loss) Per Diluted Share $ 0.04 $ (0.05)
============ ============
Diluted Weighted Average
Number of Shares Outstanding 10,654,978 10,234,239
============ ============
About Veramark Technologies, Inc.
Veramark eliminates telecom distractions for organizations that
demand value from their communication investments. We leverage the
power of intuitive technology and problem-solving people to simplify
telecom management and convert complex data into actionable
intelligence. We ensure that our customers need what they buy, buy
what they need, and pay what they should for telecom. Veramark
solutions are used by over 3,300 government organizations and
business enterprises around the world. http://www.veramark.com/
Veramark, VeraSMART, and eCAS are registered trademarks of Veramark
Technologies, Inc. All other trademarks are the property of their
respective owners.
This report may contain forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. A variety of
factors could cause actual results to differ from the anticipated
results expressed in such forward-looking statements. These may
include but are not necessarily limited to changes in general
economic conditions in the United States and overseas, technological
changes in the telecommunications or computer industries, the timely
and successful launch of planned new products, the timely
installation and acceptance by end-user customers, and the impact of
competition or changes in the marketing strategies of major
distributors.
Media Contact:
Andrew Tempest
Director of Marketing Communications
Veramark Technologies, Inc.
(585) 383-6883
Email Contact
SOURCE: Veramark Technologies, Inc.
http://www2.marketwire.com/mw/emailprcntct id=6939ABA9694FAFF7
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