A decision by Project Software & Development Inc to offer a web-based procurement service through its MRO.com Inc subsidiary is starting to pay off with revenue of $1m in the third-quarter compared with $400,000 in the same period last year though it reported an operating loss of $2.3m. However, the Bedford, Massachusetts-based e-procurement and inventory management company plans to use the income generated by its MAXIMO client/server business to support growth plans for MRO.com.
CFO Paul Birch says that the company plans to generate revenue growth for MRO.com and enter strategic agreements to establish it as the leader in end-to-end maintenance, repair and operating material procurement (MRO). As the company picks up the pace in marketing, sales and development, Birch forecasts increasing losses over the next several quarters from MRO.Com.
PSDI increased net profit by 21.5% to $4.4m in the third quarter to June 30 on revenue up 16.6% at $36.4m. For the first nine months, net income was $13m on revenue that rose 22% to $103.2m.
