Burgeoning sales of prepaid telecommunication services resulted in VendTek Systems Inc. (TSX-V:VSI) almost doubling its third quarter revenue for the period ending July 31, 2007.
Revenue rose 89% for the Port Coquitlam-based company to $28.1 million, up from $14.9 million during the same period last year. The bulk of the increase was from the 88% increase in revenue from prepaid telecommunication services to $27.9 million from $14.8 million. Software licence revenue also rose to $210,318 from $36,232 in 2006's third quarter.
The revenue growth helped the company achieve its seventh consecutive profitable quarter. VendTek reported quarterly net earnings of $266,735, a slight drop from net earnings of $320,033 in 2006's third quarter.
The company had a strong outlook for the next few quarters and expects revenue to grow as it expands its products and services in the U.S.
VendTek's share price range during the past week: between $0.75 and $0.80; 52-week high: $1.10; 52-week low: $0.20.