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Acceleware Reports Q1 Financials

Acceleware has announced its first quarter [ending March 31] financial results.  From the release:

During the three months ended March 31, 2009 (“Q1, 2009″) the Company began to see improvements from the restructuring initiatives which were substantially completed in the year ended December 31, 2008. In addition, the Company benefited from a large sale of software and consulting services during the quarter. For the quarter, Acceleware had a net loss of $128,723 a 94% improvement compared to a net loss of $2,148,420 for the three months ended March 31, 2008 (“Q1, 2008″) and a 94% improvement over the $2,315,605 recorded for the three months ended December 31, 2008 (“Q4, 2008″). The Company recognized revenue of $1,205,534 representing a 34% increase over the $897,006 recognized in Q4, 2008 and an 11% decrease over the $1,354,964 recognized during Q1, 2008. Acceleware generated $150,390 in cash from operating activities during the quarter, compared to negative $2,343,100 cash from operating activities in Q1, 2008. The Company saw its cost of product sales decrease dramatically to $80,620 during Q1, 2009 from $814,782 in Q1, 2008 as the primary revenue sources shifted from hardware to software and services.

From the looks of it, their costs are down and income up.  For more info, read the full release here.

Comments

  1. wow – what is there not to like about this? Very impressive -especially considering the surrounding environment. To me, these guys are in the same category as Cray – in terms of smart leadership and strong fiscal management. It’s nice to see stories of companies moving in the right direction. It’s good for everyone in this community. Bravo.

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