SOURCE: Veramark Technologies, Inc.

Veramark Technologies, Inc.

August 10, 2012 09:09 ET

Veramark Announces Second Quarter 2012 Financial Results

ROCHESTER, NY--(Marketwire - Aug 10, 2012) - Veramark Technologies, Inc. (OTCQB: VERA) (PINKSHEETS: VERA), a leading provider of telecom expense management solutions, today announced financial results for its second quarter ended June 30, 2012. Second quarter revenues of $3.9 million increased 19% from revenues of $3.2 million for the same quarter of 2011. For the six months ended June 30, 2012, revenues of $7.5 million are 12% ahead of revenues of $6.6 million reported for the first six months of 2011.

Net income of $147,000 for the second quarter of 2012, representing $0.01 per diluted share, and $228,000 for the six months ended June 30, 2012, or $0.02 per diluted share, compared with reported losses of $671,000 and $618,000, respectively, for the three and six months ended June 30, 2011. Results for the first half of 2011 included legal costs and settlement charges associated with a patent infringement complaint ultimately settled in June 2011.

Tony Mazzullo, Veramark's President and CEO, commented, "We continue to make steady gains in the highly competitive Telecom Expense Management market. We believe that customers select Veramark to help eliminate distractions resulting from the work involved in managing the costs associated with telecom services and systems."

Orders received for the first six months of 2012 totaled $8.7 million, an increase of 9% from orders of $8.0 million for the first six months of 2011. Veramark also reported an increase in its backlog of recurring future revenues of 8% from the end of 2011, to $13.6 million at June 30, 2012.

VERAMARK TECHNOLOGIES, INC.  
CONDENSED STATEMENT OF OPERATIONS  
(Unaudited)  
           
Three Months Ended  
June 30  
           
    2012   2011  
Revenues   $ 3,856,535   $ 3,246,643  
               
  Cost of Revenues     1,613,721     1,404,241  
  Operating Expenses     2,100,675     1,802,021  
  Net Interest Income     5,159     12,704  
Income Before Litigation,Settlement Expenses, and Taxes    
147,298
   
53,085
 
               
  Litigation and Settlement Expenses     -     723,937  
  Income Taxes     -     -  
Net Income (Loss)   $ 147,298   $ (670,852 )
               
Net Income (Loss) Per Diluted Share   $ 0.01   $ (0.07 )
Diluted Weighted AverageNumber of Shares Outstanding    
10,646,031
   
10,183,547
 
               
               
Six Months Ended  
June 30  
               
      2012     2011  
Revenues   $ 7,461,824   $ 6,632,966  
               
  Cost of Revenues     3,159,943     2,772,346  
  Operating Expenses     4,095,001     3,648,291  
  Net Interest Income     20,850     32,776  
Income Before Litigation,Settlement Expenses, and Taxes    
227,730
   
245,105
 
               
  Litigation and Settlement Expenses     -     862,995  
  Income Taxes     -     -  
Net Income (Loss)   $ 227,730   $ (617,890 )
               
Net Income (Loss) Per Diluted Share   $ 0.02   $ (0.06 )
Diluted Weighted AverageNumber of Shares Outstanding    
10,639,896
   
10,138,204
 

About Veramark Technologies, Inc.
Veramark is a leading provider of innovative cost management solutions that help enterprises reduce operational expenses associated with their mobile and fixed communications networks and ensure that these networks are used appropriately. Veramark solutions for telecom expense management, which include call accounting solutions, drive down costs by eliminating waste, identifying billing errors, and optimizing programs for mobile, voice and data communications. Veramark solutions enable enterprises to spend less for the telecom services they need to support their business. For more information, visit 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.

Contact Information

  • Media Contact:
    Andrew Tempest
    Director of Marketing Communications
    Veramark Technologies, Inc.
    (585) 383-6883
    Email Contact