Integral Revenues, Income Up For 3Q04
Integral Systems Inc. [ISYS] today reported an increase in both revenues and net income for the third quarter ended June 30 for fiscal 2004. Revenues for the quarter were $22.6 million, up from $19.3 million during the same period one year ago. Net income increased to $1.4 million from $172,000 in the third quarter of fiscal 2003. The company attributed the 705-percent jump to increased in income from operations and the avoidance of impairment charges of approximately $1.4 million recorded during the 3Q03 related to Integral’s writedown of its investment in Loral Space & Communications [LRLSQ.OB].
Despite increased profits, Integral Chairman and CEO Steven Chamberlain expressed disappointment in the results. In a release, Chamberlain said the company continues to “encounter negative surprises from our Antenna division, which posted an operating loss of almost $500,000 for the quarter.”