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Sarin's 3Q Sales, Profit Rise on Strong Galaxy Revenue
Nov 4, 2013 7:50 AM
By Deena Taylor
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RAPAPORT... Sarin Technologies Inc. reported that its revenue improved 48 percent year on year to $17.3 million for the third quarter that ended on September 30. Profit rose 22 percent to $3.08 million.
Sarin explained that revenue increased across most of its geographic segments primarily due to an overall better business environment in addition to increased sales of its Galaxy products.
The company noted, however, that revenue decreased on a sequential basis when compared to the first two quarters of 2013, especially in India, due to the devaluation of the rupee and associated directives of the Reserve Bank of India (RBI), which impacted working capital credit lines available to many of the company's customers.
Sarin recorded recurring revenue growth of 30 percent year on year for its Galaxy systems during the first nine months of the year. The company delivered five Galaxy systems in the period, growing its services base to 127 systems worldwide.
For the first nine months of 2013, Sarin's profit rose 15 percent to $19.4 million, while revenue increased 21 percent to $59.7 million.
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Tags:
Deena Taylor, Sarin
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