Irish education software company Riverdeep today posted a 1,100 per cent increase in sales for the quarter ending in June and said it had made a cash profit for the first time.
Sales soared to $20.4 million compared to $1.7 million in the same period last year. Pretax loss for the period amounted to $6.82 million, compared to a loss of $7.2 million in the same period last year.
Excluding non-cash charges for stock compensation, and intangible assets such as goodwill, the company had net income of $400,000 compared to adjusted net losses of $6.3 million in the same period last year.
Riverdeep chairman Mr Barry O'Callaghan said: "We surpassed the biggest milestone we set for ourselves this year: becoming cash profitable".
The company said contract value for the period rose by 385 per cent from $5.2 million to $25.2 million.