Welcome!

Mobile IoT Authors: Elizabeth White, Pat Romanski, David H Deans, Liz McMillan, Carmen Gonzalez

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
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...