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The company reported revenues for the first quarter of $567,521, a 75 percent increase over the first quarter of 2007 revenue of $324,947.
“We are very pleased with the direction of the company and with our revenue growth,” says Chris Ball XFormity’s CEO. There was also a significant improvement in net profit, with the first quarter net profit of $65,673 a 150 percent increase over the first quarter of 2007 net loss of $131,758.
As of October 23, 2008, the company entered into an agreement with its patent counsel in full settlement of its $1,575,000 obligation as reflected in the Company’s 8-K filing effective November 4, 2008. This will create a non-operating profit of $698,000 that will be recognized in the Company’s 2nd quarter results ending December 31, 2008. The Company is pleased to have resolved this matter that will not significantly impact its cash flow in the future. The Company believes it will continue operating profitability in its 2nd quarter.
“As the latter half of 2008 and the first half of 2009 unfolds, we believe that we will continue to see good demand for our services,” says Ball.