A leading provider of business-ready SaaS (Software as a Service) portals, EnterConnect released its fiscal 2009 third quarter financial results in a press release also intended to bring its shareholders up to speed with regard to the latest company developments.
For the three-month period ended December 31st, 2008, EnterConnect reported an astronomical rise of 104 percent in total revenues over the corresponding period in 2007. Gross profits also rose significantly, 86 percent, but the company has made it abundantly clear that these numbers are simply not enough.
In an effort to increase sales, and the effectiveness of corporate strategies, the company announced a partnership with John Thomas Financial, through which it will be provided with financing and strategic advisory. In addition, the company has expressed interest in furthering its growth by assisting mid-market corporations with a need for consolidation of intranet, extranet, and Internet sites into one platform. This comes at a time when many companies are indeed being forced to trim the fat, often through the reduction of IT costs.
Sam Jankovich, CEO of EnterConnect had this to say: “While 2008 was a challenging year for the company, especially given the general economic conditions in the U.S., we are still very excited to report 104% growth in revenues for the quarter. Also this quarter, we have right-sized our business and have reduced our cash burn by 70%. We remain committed to building our subscription-based revenues through sales of our on-demand portal solutions as a cost-effective alternative for mid-sized companies during these difficult economic times.”
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