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LAVAL, Que. - Software company 20-20 Technologies Inc. (TSX:TWT) reported Tuesday that profits remained flat in the fourth quarter despite a slight increase in revenue.
The Quebec-based company, which provides computer-aided design, business and manufacturing software tailored for the interior design and furniture industries, said it earned US$700,000 or four cents per share in the three months ended Oct. 31. Both figures were unchanged from the comparable 2009 period.
Revenue increase three per cent to US$16.7 million from $16.2 million. Except for the negative, $500,000 impact of exchange rates, quarterly revenues would have increased by 6.4 per cent.
For the full year, revenues increased 3.4 per cent to US$65.2 million, compared with $63.1 million a year ago, with exchange rates not having a significant impact, the company said.
Home sector revenues grew in all geographic regions while revenues from the manufacturing and office sectors declined.
Full-year net earnings were US$2.3 million, or 12 cents per share, compared with net earnings of US$2.6 million, or 14 cents, in fiscal 2009. The negative impact of exchange rates on earnings was US$1.8 million, or nine cents per share.
"As we look back on 2010, the recovery in our main market, the U.S., proved to be much softer than anticipated as indicated by stable North American revenues when compared to 2009," CEO Jean-Francois Grou said in a news release.
"This in no way reflects our competitive position, but rather a flatline U.S. economy," Grou said, adding that "the situation is brighter in new markets where we are investing for the future, such as China, Brazil and Russia."
"As for Europe, revenues have increased, reflecting strong momentum in central Europe, partially offset by southern Europe."
Stock in 20-20 Technologies, which reported after markets closed, was up four cents at $3.14 Tuesday on the Toronto Stock Exchange.
