Despite a 44% drop in net earnings for 2008's first quarter, VendTek Systems (TSX-V:VSI) reported that its revenue jumped by 83% to $30 million compared with $16.4 million for the same period the year before.
First-quarter net earnings for the Port Coquitlam-based transaction systems software provider dropped to $150,478 this year compared with $267,818 for 2007's first quarter. VendTek said it was the company's ninth consecutive profitable quarter.
Prepaid telecommunications revenue also increased by 85% to $29.8 million in 2008 compared with $16.1 million for the same period in 2007.
The company said revenue will grow exponentially once its sales from the U.S. and Africa are added.
VendTek's share price range during the past week: between $0.90 and $0.95; 52-week high: $1.30; 52-week low: $0.60.