Irish e-Learning company SmartForce today posted record third quarter revenues of $68.1 million. The figure represents a 49 per cent rise on the same period last year.
SmartForce also increased its profitability in the quarter, posting a 33 per cent sequential increase in operating income before acquisition-related amortization from the second quarter of 2001.
Net income for the quarter before acquisition-related amortization increased to $4.7 million, or $0.08 per share, meeting the company's previously announced earnings target .
The results compare with a net loss of $3.0 million, or $0.06 per share, for the third quarter of 2000, representing a year-over-year earnings increase of $7.7 million.
"We believe that our ability to meet third quarter revenue and earnings targets notwithstanding the events of September 11 and their aftermath reflects the predictability and leverage of the SmartForce business model," said Mr Greg Priest, SmartForce chairman.
"Going forward, SmartForce is in the fortunate position to be able to continue investing in the growth of the business, which we believe will not only help us weather the current economic environment, but also position us to extend our leadership position", he added.
AFP