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NEW YORK -Revenue soared 91 percent at e-Sim Ltd., a provider of simulation technology for product design and Web-based product presentation.
The company notched revenue of $3 million for the third quarter ended Oct. 31, 2000, compared with $1.6 million in the same three months in 1999.
However, e-Sim still recorded a net loss for the third quarter of $937,678, although this was down from the $1.4 million recorded in the same quarter in 1999.
The company attributed the loss to continued investment in developing its Web-based simulation business, which e-Sim believes will contribute significantly to profitability down the road. The company still expects to break even in the first quarter this year.
"We are continuing to increase revenues, while keeping expenses in check in order to achieve profitability in the near future," said chairman/CEO Marc Belzberg. During a conference call in November last year, he said the third quarter had been solid, "with dramatic growth in sales and profitability."
The company said it had a continuing dramatic increase in profitability from its software tools division, which had an operating profit of $848,494 in the third quarter, compared with a loss of $261,658 for the same three-month period in 1999. This is also a substantial increase over the $594,725 earned by the division during its 2000 second quarter.
For the nine months, e-Sim revenue more than doubled to $8 million, compared with $3.7 million in the 1999 nine months. The loss for the period inched up to $3.8 million, from $3.7 million in the same nine months in 1999.
Belzberg said e-Sim has secured $4.2 million in long-term bank credit, which will allow the company "to take advantage of opportunities that may present themselves." Also, the company said, it continues to build strategic relationships with leading brand names, including Sony and Brother.
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