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4Q LIFTS SERENIC RESULTS

Serenic Corp., which markets the Navigator NFP accounting line, turned in a fourth-quarter that redeemed its performance for the year ended Feb. 28. The company earned $409,923 for the fourth quarter, compared to a loss of $154,260 a year earlier. (All figures in Canadian dollars). Revenue for the final period was $3.1 million, up 26.4 percent from $2.4 million for the prior year’s corresponding period. The company ended fiscal 2011 with $82,806 in net income, down 72.1 percent from $297,689 for fiscal 2010.

But obviously because of that solid performance at year’s end, it avoided a loss. Revenue slipped to $10.55 million in the most recently ended year, off 1.7 percent from $10.7 million. That strong finish came as software license sales for the fourth quarter were 70.5 percent higher than a year earlier while there was a 14.1 percent increase recurring maintenance revenue which the company said stemmed from a larger client base and high retention rates of those clients. The company pointed to its addition of several resellers this year, all outside the United States, and I presume that having more bodies selling helped the results. Serenic continues to mull its future. Its year-end report noted that several alternatives to maximize shareholder value were investigated and considered during Fiscal 2011 but all proposals were rejected because management believes they did not reflect adequate fair value for Serenic shareholders. Initiatives in this regard will continue.

 

 

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