Revenue reached $31.9 million, a 20-percent increase from $26.6 million in last year's corresponding quarter. CFO Timothy Oakes noted that the first quarter is usually software than others. "We are an expense-heavy organization in the first half of the year," he said. In this week's earnings webcast, Oakes said "service revenue was the sole driver" for the increase in revenue and most of that was from acquisitions last year. Overall, service revenue was $28.2 million, an increase of 24 percent from $22.7 million a year earlier. However, he said organic revenue grew by 2 percent. Software did not fare so well with revenue from that area—primarily Microsoft Dynamics AX—coming in at $2 million, a decrease of 9.1 percent from $2.2 million.
SERVICE BOOSTS EDGEWATER RESULTS Featured
Executives of Edgewater Technology, which owns the Fullscope reselling business, said this week they were happy with the results for the first quarter ended March 31. The loss was down and acquisitions brought increased service revenue that hiked the top line. A loss of $763,000 in the most recently ended quarter was better than the $940,000 in red ink a year ago.
