Welcome!

Mobile IoT Authors: Scott Allen, Liz McMillan, Elizabeth White, Pat Romanski, AppDynamics Blog

News Feed Item

Veramark Announces Third Quarter 2012 Financial Results

ROCHESTER, NY -- (Marketwire) -- 11/07/12 -- 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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.