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November 28, 2010

Emtec fiscal 2010 revenue increases marginally to $224.6m

Operating income decreased by 75.1%

By CBR Staff Writer

Emtec, a provider of information technology (IT) services and products has reported revenues of $224.6m for the fiscal year 2010, an increase of 0.3% compared to $223.8m for the previous fiscal year.

Revenues from services and consulting increased by 4.7% to $58.5m, while procurement services revenue decreased by 1.1% to $166.1m.

For the fiscal year 2010, the company’s operating income decreased by 75.1% to $1.02m compared to an operating income of $4.1m in the fiscal year 2009.

Net loss for the fiscal year 2010 was $.513m compared to a net income of $1.7m in the previous fiscal year 2009.

Emtec chairman CEO and president Dinesh Desai said in fiscal 2010, they continued to make significant changes and investments in their business and the transformation they had undertaken resulted in a nearly $3m increase in their overall gross profit fuelled by two factors in their Service and Consulting offerings: a $2.6m revenue increase and a 4.4% gross profit increase.

"Additionally, we spent nearly $3m in 2010 including new executive management talent, improved internal infrastructure and a new sales organisation while these expenditures impacted our bottom line in 2010, we have strengthened the Company for 2011 and beyond," Desai said.

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