ARI reports record revenues, increased net income for 2008
October 31, 2008
Filed under Features
ARI Network Services, a provider of technology-enabled business solutions, reported increased revenue for its fourth fiscal quarter and fiscal year that ended July 31.
The company’s revenue increased about 9.6 percent to a record $16.9 million for this fiscal year. It was up from $15.4 million in 2007. The company’s net income also rose to $1.4 million compared to $101,000 in 2007.
Fourth-quarter results aided in ARI’s fiscal year success. Revenues increased about 5 percent to $4.3 million. The net income was $378,000 compared to a net loss of $167,000 from last year.
ARI President Roy Olivier says the company has taken strong steps to improve business.
“The improved performance for the year was driven primarily by the continued organic growth of our marketing services business as well as the results of our mid-year fiscal 2007 acquisition of OC-Net for the full year of fiscal 2008,” he said in the release. “The recognition of a gain on deferred tax assets also contributed to the improvement in net income.”