Software Firm’s Revenue Zooms: Accounting software developer...
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Software Firm’s Revenue Zooms: Accounting software developer State of the Art Inc. reported Wednesday that its revenues for the second quarter increased 41%.
The Irvine-based company’s revenue jumped to $7 million in the second quarter, which ended June 30, compared with $4.9 million in revenue reported in the comparable period of 1992.
In addition, earnings for the quarter increased 33% to 16 cents per share, compared with a reported 12 cents per share for the second quarter of 1992.
David S. Samuels, chairman and chief executive of State of the Art, said at least a third of the increase was because of strong sales of the company’s main product, M.A.S. 90 Evolution/2, an accounting software line. New software products also contributed to the company’s revenues.
The company’s stock closed on NASDAQ at $9 per share on Wednesday, up $1.
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