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March 3, 2009

SourceForge revenue up 9% in Q2

Posts net revenue of $23.85m

By CBR Staff Writer

SourceForge, a provider of open source applications and software, has reported a net income of $531,000, or $0.01 per diluted share, for the second quarter of fiscal 2009, which ended on January 31, 2009, compared to $2.16m, or $0.03 per diluted share, for the same quarter of fiscal 2008.

For the second quarter of fiscal 2009, net revenue was $23.85m, an increase of 9%, compared to $21.89m for the same quarter of fiscal 2008.

For the first six months of fiscal 2009, net revenue was $35.94m, compared to $32.2m for the same period of fiscal 2008. Net income was $86,000, or break even per share, compared to a net income of $1.09m, or $0.02 per diluted share, for the same period of fiscal 2008.

Scott Kauffman, president and CEO of SourceForge, said: While we achieved year-over-year revenue growth in these challenging times, we have a lot of work to do on our path to becoming a 21st century internet media company. I believe that our fate is in our hands and that our near term growth is dependent on internal execution than external conditions.

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