Educational software company Riverdeep has become cash profitable as it announced an adjusted net income of $0.4 million for the fourth quarter as compared to adjusted net losses of $4.4 million in the previous quarter.
The company had reported a net loss of $6.3 million the same time last year.
The adjusted net income per share was one cent for the quarter, ending June 2001, compared to adjusted net losses per share of 13 cents in the previous quarter.
The reported net loss for the fourth quarter was $6.8 million, compared to a net loss of $10.97 million in the third quarter and a net loss of $7.2 million the same time last year.
Riverdeep said that its contract value - representing new business generated during the fourth quarter - increased by 385% to $25.2 million as compared to $5.2 million the same time last year. It was up 19.4% from the previous quarter.
Fourth quarter revenue soared by 1100% to $20.4 million as compared to $1.7 million in Q4 2000. It was up 37% on this year's third quarter revenues of $14.7 million.
Commenting on today's results, Barry O'Callaghan, Chairman and Chief Executive of Riverdeep, said the company has surpassed the biggest milestone it had set itself this year - becoming cash profitable.
'To have reached this goal well in advance of forecasted expectations not only validates the tremendous progress of Riverdeep but also the size of the opportunity ahead for us,' he said.
For the entire year ending June 30, 2001, Riverdeep's total revenue increased to $51.9 million, compared to $8.3 million last year.
The adjusted net loss for the year, after excluding non-cash charges for stock compensation, acquired research and development and amortisation, was $19.7 million or 61 cents a share. This compares to an adjusted net loss of $20.4 million, or 94 cents, last year. The reported net loss for the fiscal year was $52.7 million compared with $35.2 million in 2000.
'Fiscal year 2001 has been a tremendous success and I am even more excited about Riverdeep's future prospects,' O'Callaghan said. 'The appointment of Jim Levy (as Executive Vice Chairman) and the strengthening of the senior management team positions us well for achieving our goals in the coming year,' he concluded.
Riverdeep shares were down almost 4% by the close of in Dublin - they had fallen 20 cents to stand at five euro.
