LAVAL, QUE – 20-20 Technologies Inc., a producer of 3-D interior design and furniture manufacturing software, announced its results for the second quarter and six months ended April 30.
Revenues for the second quarter were up 24.8%, compared to the same period last year, to $21.9 million. For the first six months of fiscal 2008, revenues amounted to $38.7 million, representing a $5.5 million or 16.7% increase compared to a year ago.
During the second quarter the company incurred an operating loss of $231,000, compared to operating income of $2.5 million for the same period last year.
“Revenues were in line with management’s expectations. However, economic conditions in the U.S. market severely affected high margin license sales in the residential point-of-sale and manufacturing portions of the company’s business in North America, thereby adversely affecting our revenue composition,” said Jean Mignault, co-chairman of the Board and CEO. “Management considers our present profitability position to be unacceptable. Measures to restore profitability to acceptable levels include cost reductions as we have begun to execute on our commitment to align the company’s cost structure to the realities of current market conditions in North America and to benefit from cost synergies related to the integration of the Planit Fusion acquisition.”
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