Serenic returns to profitability in Q3 as revenues rise to $2.6M from $2.3M
Belt tightening and improved revenues helped return Serenic Corp. (TSXV:SER) to profitability in the third quarter, the software developer said Thursday.
During the September-November period, the company booked earnings of $154,064 or a penny a share, reversing a year-earlier loss of $385,817 or three cents a share.
Serenic attributed the improved results to a 31 per cent decrease in expenses and a 13 per cent spike in revenue.
Revenues for the period totalled $2.6 million versus $2.3 million in the comparable period last year. The improvement in revenue was boosted by a nearly 40 per cent increase in software licence sales.
Despite the improved results, Serenic said it will continue to seek out partnerships with other organizations "to better leverage opportunities in current markets and/or to engage in new markets."
Serenic publishes software products for not-for-profits, educational institutions and governments.
During afternoon trading on the TSX Venture market, shares of the company increased 7.5 cents to 50 cents.