Serenic Reports Big Boost in Quarterly and Nine-Month Finaniclal Results

During a period of economic difficulty for the Dynamics community, Serenic Corp. saw its quarterly revenues for the period ended last Nov. 30 increase 13.6% to $2.6 million over the comparable year-earlier period.

The ISV, which targets Microsoft Dynamics NAV non-profit users with integrated financial management solutions, said it got its biggest boost from a 37.4% increase in software license sales. Gross profit for the period was flat compared with the year-earlier period, but the Canadian company showed net income of $154,000 versus a loss a year earlier because of a 31% cut in expenses.

The company said that measures taken by management earlier this year to reduce expenses were augmented by a lower foreign exchange rate and the capitalization of salary expenses related to development of the new version of Serenic's flagship product, Serenic Navigator released on November 12, 2009

Year-to-date revenue of $8.3 million was 24.7% ahead of last year's figure of $6.7 million. Revenue for the past five quarters has increased by 14% 22%, 30%, 39% and 23% over their comparable periods in the prior year.