ViryaNet Reverses Loss, Reports Q3 Profit
Southborough-based software firm ViryaNet Ltd. reported a third quarter profit of $71,000 on revenue of $2.6 million.
The prior year, the company lost $712,000 and brought in $2.5 million in revenue.
For the first nine months of the year, the company's profit was $351,000 and revenue was $8 million, a decrease of 8.7 percent from the $8.8 million it brought in during the same period last year.
Third quarter income from operations was $170,000 compared to an operating loss of $604,000 last year. The company said its license revenue for the quarter was $318,000, a 165 percent increase over the $120,000 reported last year.
The company finished the quarter with $48,000 in cash compared to $143,000 a year ago.
ViryaNet's software is used in scheduling, dispatching and field communications.
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