Cedara Software notches double-digit revenue growth and profit

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A 40 percent decline in expenses from the year-ago quarter helped Cedara Software Corp. post a profit in its second fiscal quarter, ending Dec. 31, 2003.

Revenues increased 47 percent to approximately $9.1 million, compared with approximately $6.1 million in the second quarter of FY03. The Canadian PACS software form posted net income of approximately $2.9 million, compared with a net loss of approximately $2.9 million in the year-ago quarter.

For the six-month period, revenues escalated to approximately $16.7 million, compared with approximately $11 million in the same period of FY03. Net income totaled approximately $4.2 million, compared with a net loss of approximately $6 million in the year-ago period.

Operating expenses of approximately $4 million in the second quarter declined by approximately $2.6 million, compared to the year-ago quarter. Cedara cited one-time recoveries of approximately $1 million against provisions taken in earlier quarters, as well as severance costs in FY03 amounting to a charge of approximately $1.2 million.

All dollar amounts are converted into U.S. currency.