Today : Tuesday 17 August 2010 Click Here for more F-3 Technologies,. (DE) (OTC) Charts.
F3 Technologies, Inc. (PINKSHEETS: FTCH) today announced financial results from the second quarter of 2010. The company posted quarterly revenue of $16,759, up 10 percent from the 2nd quarter of 2009 and an increase of 32.5 percent from first quarter 2010.
Excluding revenue of $12,000 received under a consulting contract that concluded in the 2nd quarter of 2009, quarterly revenue rose 413 percent from $3,270 in 2nd quarter 2009.
The gains stem from continued growth in F3's Interaction Community Systems HOA management and networking software, and coincide with F3's launch of two additional social-networking solutions.
Commenting on the results, Chief Executive Officer Frank Connor said: "Our revenue growth reflects our transition from consulting to long-term recurring revenue, primarily through subscriptions, which is consistent with our overall strategy in building shareholder value. We were able to expand both our software sales and our advertising revenue from previous highs. Recurring revenue quintupled from last year, and grew by one-third from just the prior quarter -- this shows we are continuing to gain traction in the market for managing membership organizations and well positioned for the future."
"We've also hit milestones with both of our newer solutions -- the FargoTube video/entertainment service, and Interactive Defense System for public-safety agencies and other municipal departments," Connor continued. "We signed initial partners for both services and have made significant updates to both, and to Interaction."
The updates include improvements to the registration processes, allowing the services to acquire partners more smoothly and easily as they shift into phases of more aggressive growth.
Other Highlights:
* During the 2nd quarter, Interaction Community Systems added 19 new customers, including 1 property-management company, 17 HOAs and 1 church.
* Advertising revenues increased 85 percent in the 2nd quarter, primarily fueled by Interaction Community Systems, demonstrating strong demand for our platform among local businesses.
* Page views on the Interaction Community System increased by 28 percent from 1st quarter 2010, evidence that end users find the service useful.
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