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Accounting Revs Boost SmartPros Results

Tuesday, Aug 10 2010
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smartpros 2Growth in the sale of products for the accounting/finance division pushed educational specialist SmartPros to a 6.5 percent increase in revenue for the second quarter ended June 30. And although net income dropped by 60.3 percent for the same period, that was an improvement over the first quater when the company posted a six-figure loss. Accounting/finance revenue not only grew by 22.8 percent, it increased to 78 percent of net revenue in the most recently ended period, up from 78 percent a year earlier.
Accounting/Finance revenue rose to $3.92 million, an increase from $3.91 millon a year ago. That came as overall revenue rose to just over millon, compared to $4.7 million a year earlier. That left first half revenue at $8.7 million, a decline of 4.7 percent from last year's first half. Net income for the second quarter of $86,149, compared to $217,341 in last year's corresponding period. That left the first-half loss at $416,901, a sharp contrast from earnings of $246,856 the prior year.

Interesting, online sales of accounting products dropped to $1.06 million from $1.11 million, falling to 21 percent of net revenue for the quarter, compared to 23 percent of the total a year earlier.

The health accounting/finance segment countered drops in income from Skye, SLE and SmartPros Interactive, whose revenue comes primarily from consulting services.

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