Riverdeep revenues and profits increase
Irish technology company Riverdeep has seen profits increase in its latest end-of-quarter report.
Revenue increased to $46.6m (€50m) as compared to $14.8m (€16m) in the prior year quarter and $41.3m (€45m) in the second quarter of 2002 for the company.
The company reported adjusted net income of $6.9m (€7.6m) which represents an increase of 57% when compared to figures for the quarter ended 31 December, 2001.
The company reported an adjusted new loss of $4.4m (€4.88m) in Q3, 2001.
Riverdeep provides curriculum-based internet and CD-ROM learning experiences for schools in the United States.
Commenting on the results, Barry O'Callaghan, CEO, said: "The combination of the need for test score improvement, the changing demographics of the teacher population and the anticipation of regulation for state-wide adoptions, all point to a strong market for Riverdeep products well into the future."
He said that in the past couple of months the company had been awarded two CODIE awards and five Parents Choice awards.
Riverdeep has been one of the fastest growing and most profitable of Irish technology companies and its share price has held up well during the present downturn.
