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December 8, 2010

NaviSite Q1 revenue up 9.2% to $33.4m

Posted gross profit of $12.7m in Q1 fiscal 2011

By CBR Staff Writer

NaviSite, a provider of enterprise hosting and application services, has reported revenue of $33.4m the first quarter of fiscal year 2011, an increase of 9.2% compared to the revenue of $30.6m for the same period in fiscal 2010.

The company’s operating income was $0.88m for the quarter, as compared to an operating income of $1.22m for the same period last year.

Gross profit for the first quarter was $12.7m, compared to gross profit of $11.43m in the same quarter previous fiscal year.

For the quarter ended 31 October 2010, the company has posted net loss of $1.2m, or $0.06 per share, as compared to net loss of $2.3m, or $0.09 per share, for the same period last year.

NaviSite president and CEO Brooks Borcherding said the company was pleased with their strong first quarter results, which exceeded their plans for both revenue and profitability.

"We are confident that customers will continue to recognise the value of our innovative offerings, which are distinguished by our enterprise-class architecture, consumption-based billing, feature-rich management application, complementary managed services and world-class customer support," Borcherding said.

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