Announcing an increase in revenues, Veramark Technologies has released financial results for its fourth quarter ended December 31, 2010. Compared with a net loss of $68,000, or $0.01 per share for the same quarter of 2009, Veramark's net income for the fourth quarter of $208,000, or $0.02 per diluted share, the company has announced.
Veramark's provides Telecom Expense Management services and which helps customers to increase the visibility and control you need to reduce your telecom expenses.
Revenues of $13,165,000 increased 30 percent from revenues of $10,146,000 for the year ended December 31, 2009 for the twelve months ended December 31, 2010. Net income for 2010 totaled $611,000, or $0.06 per diluted share, an improvement of $1,751,000 from the net loss of $1,140,000, or $0.12 per share, for the year ended December 31, 2009, the company stated in a press release.
“We have remained focused on our strategy of transforming Veramark into a world-class provider of telecom expense management solutions," said Tony Mazzullo, CEO and president of Veramark. “It has been gratifying to see the hard work and dedication of the entire Veramark team translate into our first full year of profitability since 2005. The internal quality initiatives, investments in software, and the acquisition of Source (News - Alert) Loop in June of 2010 helped fuel our success.
In April 2010, Pepco Holdings, Inc. selected Veramark Technologies (News - Alert), Inc., a provider of Telecom Expense Management (TEM) solutions, to help the East Coast energy company process telecom invoices more efficiently and reduce telecom expenses. Officials with Veramark said that the company's solution leverages the TEM provider's VeraSMART Telecom Expense Management software. The audit identified opportunities for telecom savings related to contracts, usage, network optimization, and third-party billing.
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Edited by Jennifer Russell