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Source2 Revenue Up 8%

February 16 2011

Source2 reported Tuesday that its fourth-quarter revenue was $3.1 million, a 7.9 percent increase over the year-ago period.

"This has truly been the best year in our company's history and our goal is to continue this expansion in 2011 and beyond," the company said in its earnings release.

Source2's fourth-quarter gross margin rose to 23.3 percent from 21.2 percent in the year-ago quarter.

The company posted a net loss in the fourth quarter of $113,144 due to RPO implementation costs. The net loss in the fourth quarter of the year prior was $5,452.

For the fiscal year ended Dec. 31, 2010, the company posted revenue of $13.7 million, a 30.5 percent growth over 2009.

Gross margin on the year was 25.7 percent, compared with 22.8 percent in 2009.

Net income jumped in 2010 to $350,073 from $11,078 in 2009.

For the fourth quarter ended Dec 31, 2010, compared with the same period in 2009.
Revenue: $3.1 million, +7.9 percent
Net loss: $113,144, compared with a loss of $5,452

For full-year ended Dec. 31, 2010, compared with the previous year.
Revenue: $13.7 million, +30.5 percent
Net income: $350,073 vs. $11,078


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