Computer Software Innovations, Inc. (OTC:CSWI), CSI Technology Outfitters ("CSI") today announced its financial results for the fourth quarter and full year ended December 31, 2010. The stock last traded back on February 23, 2011 at $0.65 per share. The company has a market cap of $4 million and a 52-week range between $0.26 and $0.81 per share.Financial Highlights:
Revenues of $52.7 million for the 2010 fiscal year, an increase of $0.9 million over 2009;
Operating Income of $1.1 million for the 2010 fiscal year, an increase of 9% over 2009;
Gross Profit of $10.7 million for the 2010 fiscal year, a decrease of $0.6 million or 5% below 2009;
Net Income of $0.5 million for the 2010 fiscal year, an increase of $0.2 million or 56% over 2009.
For the quarter ended December 31, 2010, revenues totaled approximately $11.4 million, a slight increase of 0.2% from the fourth quarter of 2009.
CSI posted revenues of approximately $52.7 million for the 2010 fiscal year, an increase of $0.9 million or 2% over the 2009 fiscal year. The increase was driven by a $1.2 million or 3% increase in our Technology Solutions Segment and a $0.1 million increase in our Financial Management Applications Segment, partially offset by a $0.4 million or 28% decrease in our Cloud Services Segment.
Net income for the 2010 fiscal year was approximately $0.5 million or $0.07 per basic share and $0.03 per diluted share, as compared to net income of approximately $0.3 million, or $0.05 per basic share and $0.02 per diluted share for the 2009 fiscal year.
"I am pleased that CSI was able to hold our own and remain profitable during these trying economic times and that we are in an excellent position to grow our business in the years ahead," stated Nancy Hedrick, CEO. "During 2010 we launched our Cloud Services Segment, focusing on our CSI@K12 hosted email and hosted voice for the K-12 market. In 2011 we are continuing to develop these solutions for K-12 and are expanding them into higher education. Our Financial Management Applications Segment continued to do well in 2010 and we are seeing a significant uptick in new software sales in early 2011. And our Technology Solutions Segment remains focused on the 21st Century Connected Classroom while we have also expanded our offerings to include physical security, including IP-based surveillance. Operating system migrations and virtualization are growing components of this segment along with our core technologies, including on-premise IP telephony, network security, wireless technologies, and PC and laptop deployments."
The Company will host a conference call today, Thursday, March 24, 2011 at 4:15 p.m. Eastern Time to discuss the Company's financial and operational results for year ended December 31, 2010.
