20-20 Technologies third-quarter profit drops to $403,000, revenue up

LAVAL, Que. – 20-20 Technologies Inc. (TSX:TWT) says its net earnings dropped to US$403,000 in the third quarter.

The maker of design and manufacturing software for the furniture industry said Monday that the results were equal to two cents per share.

That’s a slide from $840,000, or four cents per share, a year earlier.

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Revenues increased 17.6 per cent to $17.4 million, from $14.8 million, partly helped by $900,000 in benefits from the currency exchange rate.

Recurring licence revenues rose 9.6 per cent.

“In the context of continuing difficult overall market conditions, we are pleased by third-quarter revenue growth and by the performance of all three of the company’s sectors,” said chief executive Jean-Francois Grou in a release.

“Despite recent events in the U.S. and some signs of deteriorating economic conditions, we have not perceived any negative impact on our customer base or sales pipeline at this stage.”

Shares in 20-20 were unchanged at $2.75 in early trading on the Toronto Stock Exchange.