Inova Revenue Increased 90% to $7.6 Million for Quarter
September 19 2013 - 6:00AM
Inova Technology (OTCBB:INVA), announced that its revenue increased
by $3.6 million from $4 million for the preceding quarter to $7.6
million in the quarter ending July 2013 representing an increase of
90%.
Inova CEO, Adam Radly, said, "$7.6 million of revenue in one
quarter is obviously an excellent result for us. We were close to
full capacity for the entire quarter and our team did a great job
of getting projects completed on time and on budget for our
customers."
The Company previously announced that it has as a backlog of
awarded contracts worth $42 million. More information regarding the
backlog can be found in the press release dated July 2, 2013. Inova
CEO, Adam Radly, said, "We will commence the new sales season in
October and will look to add to the current backlog. The Company's
current contract backlog is very healthy and gives us and our
stakeholders a lot of visibility into our future revenue."
Mr. Radly also said, "We will continue to provide updates
regarding the commencement and completion of the major projects
that we have previously announced over time as they occur."
The majority of the projects in the current backlog are network
solutions projects for government customers in the Texas area. The
backlog includes more than 15 customers and consists of a
combination of both new and previous customers. The larger projects
are network solutions projects for Ft Worth and Dallas School
Districts. These projects do not represent all of Inova's revenue
for any given period. They only reflect a portion of the revenue
generated by Desert Communications and exclude revenue from its
other subsidiary, Trakkers.
About Inova Technology
Inova Technology, Inc. (INVA) is an enterprise level Information
Technology solutions provider specializing in providing proprietary
RFID solutions, wireless networking, storage and security
technology solutions and IT professional services. For more
information please visit the company website at:
http://www.inovatechnology.com. Contact: Adam Radly,
info@inovatechnology.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: Except for historical
information, the forward-looking matters discussed in this news
release are subject to certain risks and uncertainties which could
cause the Company's actual results and financial condition to
differ materially from those anticipated by the forward-looking
statements including, but not limited to, the Company's liquidity
and the ability to obtain financing, the timing of regulatory
approvals, uncertainties related to corporate partners or
third-parties, product liability, the dependence on third parties
for manufacturing and marketing, patent risk, copyright risk,
competition, and the early stage of products being marketed or
under development, as well as other risks indicated from time to
time in the Company's filings with the Securities and Exchange
Commission. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
Innoviva (NASDAQ:INVA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Innoviva (NASDAQ:INVA)
Historical Stock Chart
From Sep 2023 to Sep 2024