RadView Software Reports First Quarter 2006 Results and Appoints Jaron Lotan as Chairman of the Board
Wednesday May 17, 4:35 pm ET
BURLINGTON, Mass.--(BUSINESS WIRE)--May 17, 2006--RadView Software Ltd. (OTCBB: RDVWF - News), a premier provider of solutions for verifying the performance, scalability and integrity of business critical Web applications, today reported financial results for the first quarter ended March 31, 2006.
Revenues for the first quarter of 2006 were $1,690,000, an increase of 12% compared to revenues of $1,507,000 for the same period in 2005. The Company reported net income of $171,000, or $0.01 per share on basic and fully-diluted basis, compared to a net loss of $743,000, or $0.04 per share, for the same period in 2005.
"We are pleased with the results of the first quarter of 2006," said Ilan Kinreich, President and CEO of RadView. "Revenues have shown sequential and year-over-year growth through incremental revenues from our technology license arrangements and strong sales performance, particularly from repeat business with existing customers. We marked a major milestone by achieving a quarterly profit in the first quarter of 2006 through a combination of increased revenues and lower quarterly operating expenses. While we may not sustain profitability due to expected fluctuations in revenue, we are encouraged by our ability to advance further on the path toward profitability."
The Company previously announced the signing of definitive agreements on April 4, 2006 for a financing with Fortissimo on behalf of itself and several co-investors, with a minimum initial investment of $1,500,000 and, at the election of the investors, an additional investment of up to $2,250,000. The Company is currently preparing proxy materials for shareholder meeting to approve the financing, and expects the shareholder meeting to occur within the next few months.
The Company also announced the appointment of Mr. Jaron Lotan as a director and Chairman of the Board, effective May 16, 2006. Mr. Lotan brings with him over 20 years of management experience with several successful enterprises, including most recently his role as President and CEO of Tecnomatix Technologies Ltd., which was acquired by UGS Corp. in April 2005.
"I am excited to join RadView at this important juncture," commented Jaron Lotan. "I look forward to working with the Board, the investors and the whole RadView team to realize the Company's potential for continued growth in revenues and profitability."
RadView(TM) Software Ltd. (OTCBB: RDVWF - News) is a leading provider of solutions for verifying the performance, scalability and integrity of business-critical Web applications. Deployed at over 1,600 customers worldwide from major industries such as financial services, retail, manufacturing, education and technology, RadView's award-winning products enable customers to reduce costs while improving the quality of their Web applications throughout the development lifecycle. Corporate offices are located in Burlington, MA. For more information visit www.radview.com or call 1-888-RADVIEW. http://biz.yahoo.com/bw/060517/20060517005978.html?.v=1